SLDE 10-Q Quarterly Report Sept. 30, 2025

SLIDE INSURANCE HOLDINGS, INC.

10-Qs

10-Q	Quarter ended Sept. 30, 2025
10-Q	Quarter ended June 30, 2025

10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-42707

Slide Insurance Holdings, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware	87-1554861
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
4221 W. Boy Scout Blvd. , Suite 200 Tampa , FL	33607
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: ( 813 ) 748-2030

Securities registered pursuant to Section 12(b) of the Act:

      
         Title of each class
        
         Trading
        
         Symbol(s)
        
         Name of each exchange on which registered

      
           Common Stock, par value $0.01 per share
          
           SLDE
          
           Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ 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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 5, 2025 , the registrant had 124,289,799 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION	1

Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets September 30, 2025 (unaudited) and December 31, 2024:	1
	Condensed Consolidated Statements of Operations three and nine months ended September 30, 2025 and 2024 (unaudited):	2
	Condensed Consolidated Statements of Comprehensive Income three and nine months ended September 30, 2025 and 2024 (unaudited):	3
	Condensed Consolidated Statements of Shareholders’ Equity three and nine months ended September 30, 2025 and 2024 (unaudited):	4
	Condensed Consolidated Statements of Cash Flows nine months ended September 30, 2025 and 2024 (unaudited):	6
	Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	51

PART II.	OTHER INFORMATION	52

Item 1.	Legal Proceedings	52
Item 1A.	Risk Factors	52
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults Upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	53
Signatures		54

PART I—FIN ANCIAL INFORMATION

Ite m 1. Financial Statements.

Slide Insurance Holdings, Inc.

Condensed Co nsolidated Balance Sheets

(Dollar amounts in thousands, except per share and par value amounts)


	September 30, 2025		December 31, 2024
	(Unaudited)
ASSETS
Invested assets:
Fixed-maturity securities, available-for-sale, at estimated fair value (amortized costs: $ 465,454 and $ 464,585 , respectively and allowance for credit losses: $ 0 and $ 0 respectively)	$	474,603	$	464,966
Other investments, net		4,044		4,548
Total invested assets	$	478,647	$	469,514
Cash and cash equivalents		861,558		493,409
Restricted cash		779		631
Restricted cash - variable interest entity		539,855		295,802
Accrued interest income		6,984		5,569
Assumed premiums receivable		—		10,284
Premiums receivable, net of allowance for credit loss of $ 2,295 and $ 1,048 , respectively		105,713		47,642
Reinsurance recoverable on paid losses, net of allowance for credit loss: $ 0 and $ 0 , respectively		32,197		—
Reinsurance recoverable on unpaid losses, net of allowance for credit loss: $ 0 and $ 0 , respectively		207,939		341,051
Prepaid reinsurance premiums		312,924		148,288
Deferred income tax assets, net		11,436		17,371
Deferred policy acquisition costs		92,333		65,046
Advanced payments of premium tax liability		27		—
Property and equipment, net		12,399		13,578
Right-of-use lease assets, operating		8,913		8,390
Intangibles, net		1,999		7,692
Goodwill		2,603		2,603
Prepaid expenses		9,715		4,192
Other assets		834		865
Total assets	$	2,686,855	$	1,931,927
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Loss and loss adjustment expense reserves	$	523,959	$	595,487
Unearned premiums		824,425		696,310
Commissions payable		19,458		8,254
Advanced recoveries on reinsurance		—		4,844
Assumed premiums payable		1,758		—
Deferred revenue		90		90
Reinsurance premiums payable		204,689		70,452
Long-term debt, net		34,983		39,190
Interest rate swap liability		91		117
Income taxes payable		35,029		43,943
Advanced premiums		41,840		12,051
Premium tax liabilities		—		1,206
Accounts payable and accrued expenses		21,603		13,858
Lease liabilities, operating		9,975		9,063
Other liabilities		4,735		3,903
Total liabilities	$	1,722,635	$	1,498,768
Shareholders’ equity:
Common Stock (par value $ 0.01 , 1,500,000,000 shares authorized, 124,241,773 and 56,224,168 issued and outstanding at September 30, 2025 and December 31, 2024, respectively)		1,242		562
Preferred stock (par value $ 0.01 , 150,000,000 shares authorized, 0 and 51,374,125 issued and outstanding at September 30, 2025 and December 31, 2024, respectively)		—		514
Additional paid-in capital		373,461		122,607
Accumulated other comprehensive income, net of taxes		6,754		285
Retained earnings		582,763		309,191
Total shareholders’ equity	$	964,220	$	433,159
Total liabilities and shareholders’ equity	$	2,686,855	$	1,931,927

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Slide Insurance Holdings, Inc.

Condensed Consolidated Sta tements of Operations (Unaudited)

(Dollar amounts in thousands, except per share amounts)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues:
Gross premiums written	$	463,394		$	346,293		$	1,177,027		$	939,257
Change in unearned premiums		( 104,031	)		( 71,140	)		( 128,115	)		( 166,176	)
Gross premiums earned		359,363			275,153			1,048,912			773,081
Ceded premiums earned		( 116,309	)		( 90,384	)		( 295,958	)		( 205,238	)
Net premiums earned		243,054			184,769			752,954			567,843
Net investment income		19,093			12,786			47,941			34,500
Policy fees		2,440			2,133			6,428			5,053
Other income		1,106			416			1,571			965
Total revenue	$	265,693		$	200,104		$	808,894		$	608,361
Expenses:
Losses and loss adjustment expenses incurred, net		33,240			111,664			208,370			280,205
Policy acquisition and other underwriting expenses		36,393			22,018			97,062			56,880
General and administrative expenses		45,005			38,007			124,318			91,840
Interest expense		909			1,378			2,739			2,965
Depreciation expense		1,230			707			3,493			1,387
Amortization expense		1,901			1,962			5,693			5,908
Total expenses	$	118,678		$	175,736		$	441,675		$	439,185
Net income before income tax expense		147,015			24,368			367,219			169,176
Income tax expense		36,018			6,791			93,647			43,144
Net income	$	110,997		$	17,577		$	273,572		$	126,032
Weighted average shares outstanding (in thousands)
Basic		125,249			56,224			83,126			56,224
Diluted		140,113			119,520			129,916			119,610
Earnings per share
Basic	$	0.89		$	0.31		$	3.29		$	2.24
Diluted	$	0.79		$	0.15		$	2.11		$	1.05

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Slide Insurance Holdings, Inc.

Condensed Consolidated Statemen ts of Comprehensive Income (Unaudited)

(Dollar amounts in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	110,997	$	17,577	$	273,572	$	126,032
Other comprehensive income:
Unrealized gains (losses) on securities		2,034		11,284		8,768		7,389
Other comprehensive gain (loss), before tax		2,034		11,284		8,768		7,389
Income tax expense on other comprehensive gain (loss) on investments		591		2,832		2,299		1,846
Income tax expense on other comprehensive gain (loss)		591		2,832		2,299		1,846
Other comprehensive gain (loss)		1,443		8,452		6,469		5,543
Comprehensive income	$	112,440	$	26,029	$	280,041	$	131,575

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Slide Insurance Holdings, Inc.

Condensed Consolidated State ments of Shareholders’ Equity (Unaudited)

(Dollar amounts in thousands)


	Common Stock						Preferred Stock				Additional Paid-in			Retained		Accumulated Other Comprehensive			Total Shareholders’
	Shares			Amount			Shares		Amount		Capital			Earnings		Income			Equity
Balance as of June 30, 2025		125,243,157		$	1,252			—	$	-	$	389,731		$	471,766	$	5,311		$	868,060
Exercise of vested common stock options		261,250			3			—		—		357			—		—			360
Other financing activities		—						—		—		404			—		—			404
Vesting of RSUs		144,078			1			—		—		( 1	)		—		—			—
Stock-based compensation		—			—			—		—		2,956					—			2,956
Repurchase and retirement of common stock		( 1,406,712	)		( 14	)		—		—		( 19,986	)		—		—			( 20,000	)
Net income		—			—			—		—		—			110,997		—			110,997
Other comprehensive income		—			—			—		—		—			—		1,443			1,443
Balance as of September 30, 2025		124,241,773		$	1,242			—	$	-	$	373,461		$	582,763	$	6,754		$	964,220

Balance as of June 30, 2024		56,224,168		$	562			50,833,288	$	508	$	126,413		$	216,521	$	( 317	)	$	343,687
Repurchase and retirement of common stock		—			—			—		—		( 540	)		—		—			( 540	)
Stock-based compensation		—			—			—		—		260			—		—			260
Net income		—			—			—		—		—			17,577		—			17,577
Other comprehensive gain (loss)		—			—			—		—		—			—		8,452			8,452
Balance as of September 30, 2024		56,224,168		$	562			50,833,288	$	508	$	126,133		$	234,098	$	8,135		$	369,436

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements


	Common Stock (a)						Preferred Stock (a)						Additional Paid-in			Retained		Accumulated Other Comprehensive		Total Shareholders’
	Shares			Amount			Shares			Amount			Capital (a)			Earnings		Income		Equity
Balance as of December 31, 2024		56,224,168		$	562			51,374,125		$	514		$	122,607		$	309,191	$	285	$	433,159
Exercise of vested common stock options		951,291			10			—			—			1,003			—		—		1,013
Other financing activities		—			—			—			—			( 2,463	)		—		—		( 2,463	)
Vesting of RSUs		432,234			3			—			—			( 3	)		—		—		—
Stock-based compensation		—			—			—			—			8,970			—		—		8,970
Repurchase and retirement of common stock		( 1,406,712	)		( 14	)		—			—			( 19,986	)		—		—		( 20,000	)
Net income		—			—			—			—			—			273,572		—		273,572
Other comprehensive income		—			—			—			—			—			—		6,469		6,469
Conversion of Preferred Stock to Common Stock as part of IPO		51,374,125			514			( 51,374,125	)		( 514	)		—			—		—		—
Initial Public Offering		16,666,667			167			—			—			263,333			—		—		263,500
Balance as of September 30, 2025		124,241,773		$	1,242			—		$	-		$	373,461		$	582,763	$	6,754	$	964,220

Balance as of December 31, 2023		56,224,168		$	562			50,833,288		$	508		$	125,870		$	108,066	$	2,592	$	237,598
Repurchase and retirement of common stock		—			—			—			—			( 540	)		—		—		( 540	)
Stock-based compensation		—			—			—			—			803			—		—		803
Net income		—			—			—			—			—			126,032		—		126,032
Other comprehensive gain (loss)		—			—			—			—			—			—		5,543		5,543
Balance as of September 30, 2024		56,224,168		$	562			50,833,288		$	508		$	126,133		$	234,098	$	8,135	$	369,436

(a) All Common Stock share and related dollar information, all Preferred Stock share and related dollar information and Additional Paid-in Capital has been adjusted to reflect the 5.5-for-1 stock split effective June 18, 2025 as discussed in Note 1.

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Slide Insurance Holdings, Inc.

Condensed Consolidated St atements of Cash Flows (Unaudited)

(Dollar amounts in thousands)


	Nine Months Ended September 30,
	2025			2024
Cash flows from operating activities:
Net income	$	273,572		$	126,032
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for depreciation and amortization		9,186			7,481
Deferred income tax expense		3,637			( 1,313	)
Stock-based compensation		8,970			802
Amortization of deferred loan costs		589			—
Gain on sale of investments		( 6	)		( 9	)
Net amortization of premiums on investments in fixed-maturity securities		( 2,068	)		( 2,432	)
Change in value of interest rate swap		( 26	)		44
Purchase of transferable tax credits		( 65,360	)		—
Change in operating assets and liabilities:
Accrued interest income		( 1,415	)		( 3,111	)
Premiums receivable		( 46,029	)		18,845
Reinsurance recoverable on paid losses		( 37,041	)		( 735	)
Reinsurance recoverable on unpaid losses		133,112			26,383
Prepaid reinsurance premiums		( 164,636	)		( 162,425	)
Prepaid expenses		( 5,523	)		( 3,748	)
Deferred policy acquisition costs		( 27,287	)		( 31,597	)
Other assets		31			( 432	)
Loss and loss adjustment expense reserves		( 71,528	)		106,994
Unearned premiums		128,115			166,176
Advanced premiums		29,789			24,542
Income taxes payable		56,446			( 14,257	)
Premium taxes payable		( 1,233	)		9,581
Commissions payable		11,204			5,645
Reinsurance premiums payable		134,237			107,514
Accounts payable and accrued expenses		7,745			13,736
Net lease liability, net		389			( 10	)
Other liabilities		832			1,775
Net cash provided by operating activities	$	375,702		$	395,481
Cash flows from investing activities:
Purchase of fixed-maturity securities available-for-sale		( 75,745	)		( 214,602	)
Proceeds from maturities and redemptions of fixed-maturity securities available -for-sale		76,950			29,344
Proceeds from redemption of other investments		504			504
Purchase of property and equipment		( 2,314	)		( 9,318	)
Net cash used in investing activities	$	( 605	)	$	( 194,072	)
Cash flows from financing activities:
Proceeds from issuance of common stock		1,012			—
Proceeds from issuance of preferred stock stock		—			1
Other financing costs		( 2,463	)		—
Issuance of long-term debt		—			40,000
Payment of debt issuance costs		( 296	)		( 3,692	)
Repayment of long-term debt		( 4,500	)		( 31,081	)
Repurchase and retirement of preferred stock		—			( 540	)
Repurchase and retirement of common stock		( 20,000	)		—
Proceeds from issuance of initial public offering		263,500			—
Net cash provided by financing activities	$	237,253		$	4,688
Net increase in cash, cash equivalents and restricted cash		612,350			206,097
Cash, cash equivalents and restricted cash, beginning of period		789,842			442,362
Cash, cash equivalents and restricted cash, end of period	$	1,402,192		$	648,459
Supplemental disclosures of cash flow information
Cash paid during the year for:
Interest paid	$	1,659		$	2,282
Income taxes paid	$	33,525		$	58,519

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

Nature of Business and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. As of September 30, 2025, there were no changes in the nature of our significant accounting policies or the application of those policies from those reported in our annual report for the year then ended December 31, 2024. These unaudited consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes for the year ended December 31, 2024, included in the Company's final prospectus to its registration statement on Form S-1 filed with the Securities and Exchange Commission ("SEC") on June 18, 2025.

In preparing these interim financial statements, management has made judgments and estimates about the future, including climate-related risks and opportunities, that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statement.

Nature of Business

Slide Insurance Holdings, Inc. (“SIH” or the “Company”) is a Delaware holding company incorporated on March 2, 2021. The Company was organized for the purpose of holding investments in operating subsidiaries engaged in property and casualty insurance activities. Subsidiaries include:

Slide Insurance Company (“SIC”) – a wholly owned property casualty insurance company currently writing homeowners insurance policies in Florida and South Carolina.

Slide MGA, LLC (“SMGA”) – a wholly owned managing general agent that performs policy processing and claims administration for SIC.

Stat Claims Company (“STAT”) – a wholly owned claims administrator.

Trusted Mitigation Contractors (“TMC”) – a wholly owned broker of contractors and loss mitigation service providers.

Slide Reinsurance Holdings, LLC (“Slide Re”) – a wholly owned reinsurance company and owner of the segregated cell (White Rock Insurance, Ltd., account T104).

Slide Technologies, LLC (“Slide Tech”) – a wholly owned subsidiary that will license software developed by the Company. This entity has not begun operations.

SJIG Target, LLC (“SJIG”) – a wholly owned non operating entity that holds contractual renewal rights to a portion of the policies issued by SIC.

Clegg Insurance Advisors, LLC (“Homefront”) – a wholly owned insurance agency acquired by the Company during 2022.

SIH Technologies, LLP (“Slide India”) – a wholly owned non-operating entity that is in the process of being dissolved.

Slide Specialty Insurance Company (f/k/a Pawtucket Insurance Company) (“Slide Specialty”) – a wholly owned property casualty insurance company licensed in New York, New Jersey, Rhode Island and South Carolina. Slide Specialty was acquired in February 2025 and had no assets, liabilities or capital and had not written any insurance policies. The license for Slide Specialty was acquired in FY2021, and the Company recorded the associated intangible assets in 2021. The Rhode Island Department of Business Regulation; Division of Insurance approved the acquisition in February of 2025, which is when Slide Specialty legally became a wholly owned subsidiary of the Company. On July 24, 2025, the Company changed the name of Slide Specialty from Pawtucket Insurance Company to Slide Specialty Insurance Company.

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

SIC is domiciled in the state of Florida and is a wholly owned subsidiary of SIH. The insurance subsidiary was incorporated on February 17, 2022, and commenced operations on March 1, 2022, after receiving its Certificate of Authority from the Florida Department of Financial Services, Office of Insurance Regulation (the “FLOIR”). SIC provides homeowners insurance coverage to policyholders in Florida and South Carolina, with Florida policyholders representing 99% of direct written premiums written for the three months ended September 30, 2025.

SIC is subject to the broad administrative powers of the FLOIR, which include, but are not limited to, limitation of dividends distributable, modification of management services and tax-sharing agreements, limitations on new and renewal business, and requirements for capital and surplus.

SIH filed its original certificate of incorporation with the Secretary of State of the State of Delaware on March 2, 2021, and was authorized to issue 40.0 million shares of common stock at par value of $ 0.01 per share and 20.0 million shares of preferred stock at par value of $ 0.01 per share. The Company issued and had outstanding 10.2 million shares of common stock as of December 31, 2024 . The Company issued and had outstanding 9.3 million shares of preferred stock as of December 31, 2024, pre stock split.

The Company amended and restated its articles of incorporation on June 18, 2025, authorizing capital stock of 1.5 billion shares of common stock, par value $ 0.01 per share, and 150.0 million shares of preferred stock, par value $ 0.01 per share. As of September 30, 2025 , there were 124.2 million shares of common stock outstanding and 0 shares of preferred shares outstanding.

Stock Split

On June 18 , 2025, the Company effected a 5.5-for-1 stock split of the common stock and preferred stock, respectively. All common stock and preferred stock and per share information included in the accompanying condensed consolidated financial statements and footnotes has been retroactively adjusted to reflect this unit split for all periods presented.

Completion of Initial Public Offering

On June 18, 2025, the Company closed its initial public offering ("IPO") of 24.0 million shares of its common stock, of which 16.7 million shares were sold by the Company and 7.3 million shares were sold by certain selling stockholders, at an initial public offering price of $ 17.00 per share for gross proceeds of $ 408.0 million. The Company received net proceeds of approximately $ 263.5 million, net of approximately $ 19.8 million of underwriting discounts and commissions. The Company did no t receive any proceeds from the sale of shares of its common stock by selling stockholders. The Company recorded the transaction within common stock and additional paid-in capital in the condensed consolidated balance sheets as of September 30, 2025. All preferred stock was converted to common stock upon the completion of the IPO.

On June 25, 2025, the underwriters fully exercised their option to purchase an additional 3.6 million shares of common stock from certain selling stockholders of the Company. The purchase of the additional shares brought the gross proceeds from the IPO to $ 469.2 million. The Company did not receive any proceeds from the sale by such selling stockholders of the additional shares.

Stock Repurchase Program

On August 26, 2025, the Company's Board of Directors ("Board") authorized the 2025 Stock Repurchase Program ("repurchase program"), which allows the Company to repurchase, from time to time, up to $ 75.0 million of common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors . The Company has repurchased 1,406,712 shares of common stock for $ 20.0 million as of September 30, 2025. Upon repurchase, the Company retired the shares of common stock. The repurchase plan has no time deadline and will continue until all authorized shares have been repurchased or otherwise modified or terminated by the Board.

Assumed Business

From time to time, the Company may participate in a “take-out program” through which the Company assumes insurance policies held by Citizens Property Insurance Corporation (“Citizens”), a Florida state-supported insurer. The take-out program is a legislatively mandated program designed to reduce the state’s risk exposure by encouraging private companies to assume policies from Citizens. For the three and nine months ended September 30, 2025 , the Company was approved by the FLOIR to assume a total of 15,000 and 281,150 policies. The approval date noted is based on the actual take-out date and not the date the

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

Company received approval to participate from the FLOIR. For the three and nine months ended September 30, 2025 , the Company assumed approximately 13,711 and 40,082 policies, representing $ 33.1 million and $ 138.0 million in annualized gross premiums.

For the three and nine months ended September 30, 2024 , the Company was approved by the FLOIR to assume a total of 0 and 110,000 policies. The approval date noted is based on the actual take-out date and not the date the Company received approval to participate from the FLOIR. For the three and nine months ended September 30, 2024 , the Company assumed approximately 0 and 64,600 policies, representing $ 0 million and $ 207.6 million in annualized gross premiums. For the year ended December 31, 2024 , the Company was approved by the FLOIR to assume a total of 275,600 policies from Citizens. In 2024, approximately 136,000 policies were assumed from Citizens, representing approximately $ 484.1 million in annualized gross written premiums related to these transactions.

Adoption of New Accounting Standard

In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-01 Leases (Topic 842): Common Control Arrangements. For public entities, this update amends the required amortization period for leasehold improvements associated with common control leases to be over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the asset through a lease. In addition, if the lessor is sub-leasing the asset while simultaneously leasing the asset from an entity not within the same common control group, the amortization period may not exceed the amortization period of the common control group. Once the lessee no longer controls the use of the asset, the asset will be accounted for as a transfer between entities under common control through an adjustment to equity. ASU 2023-01 was adopted by the Company effective January 1, 2024 and does not have a material impact on its financial position.

Consolidation Policy

The Financial Statements include the accounts of the Company, its wholly owned subsidiaries and Variable Interest Entities (“VIEs”) in which the Company is determined to be the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued, and the Company’s involvement with the entity. When assessing the need to consolidate a VIE, the Company evaluates the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the Company’s decision making ability and its ability to influence activities that significantly affect the economic performance of the VIE.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.

Segment Information

The insurance segment derives revenues from direct and assumed premiums written and premiums are earned pro rata over the terms of the policies, or remaining term of the policy for policies assumed post their origination date. Revenue is earned from policies from homeowners, which are annual policies. The accounting policies of the insurance segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker (“CODM”) assesses performance for the insurance segment and decides how to allocate resources based on net income that also is reported on the income statement as consolidated net income and EBITDA. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM uses net income and EBITDA to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the insurance segment or into other parts of the entity, such as for acquisitions. The significant expenses reviewed by the CODM, which are used to assess performance of the company, are not disaggregated at a level lower than the captions disclosed within the Consolidated Statement of Operations. Net income is used to monitor budget versus actual results. The CODM also uses net income and EBITDA in competitive analysis by benchmarking to the Company’s

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The Company has one reportable segment: insurance. The insurance segment provides residential homeowners insurance. The Company derives all revenue in the United States of America and manages the business activities on a consolidated basis. The Company’s CODM is the Chief Executive Officer.

Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update enhances income tax disclosures by requiring public entities to report income tax expense disaggregated by federal, state and foreign taxes, with further detail on specific jurisdictions over a quantitative threshold. In addition, public entities must also separately disclose reconciling items equal to or greater than five percent of pretax income from operations by the applicable federal statutory rate. ASU 2023-09 is effective for all public entities for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating its impact on income tax disclosure.

In November 2024, the FASB issued ASU 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses,” which requires additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The update modifies the accounting for internal-use software development costs by eliminating the stage-based model and establishing new capitalization criteria that apply once a project is authorized, funded, and it is probable the software will be completed and used as intended. The new guidance also introduces the concept of significant development uncertainty to help entities determine the appropriate timing of capitalization and integrates prior website development guidance into Accounting Standards Codification (“ASC”) 350-40. The update is effective for annual periods beginning after December 15, 2026, with early adoption permitted. The Company is currently assessing the impact of adopting this guidance and does not expect the adoption to have a material effect on its financial position or results of operations.

The Company does not believe any of these accounting pronouncements have or will have a material impact on its consolidated financial statements.

Basic and Diluted Earnings Per Share (shares reported in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic earnings per share:
Net income attributable to common stockholders	$	110,997	$	17,577	$	273,572	$	126,032
Weighted average shares outstanding		125,249		56,224		83,126		56,224
Basic earnings per share	$	0.89	$	0.31	$	3.29	$	2.24
Diluted earnings per share:
Net income attributable to common stockholders	$	110,997	$	17,577	$	273,572	$	126,032
Weighted average shares outstanding		125,249		56,224		83,126		56,224
Add effect of dilutive securities
Impact of convertible preferred stock		—		50,801		31,615		50,823
Impact of vested and unvested common stock options		13,104		11,855		13,230		11,908
Impact of RSU awards		1,760		—		1,945		—
Impact of convertible preferred stock warrants		—		640		—		655
Diluted weighted average common shares outstanding		140,113		119,520		129,916		119,610
Diluted earnings per share	$	0.79	$	0.15	$	2.11	$	1.05

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

The Company does not have any anti-dilutive shares for the three and nine months ended September 30, 2025 and 2024 , respectively.

Fixed-Maturity Securities Available-For-Sale

The amortized cost, gross unrealized gains and losses, and estimated fair value of investments in fixed-maturity securities available-for-sale at September 30, 2025 and December 31, 2024, are as follows:


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government and agencies	$	145,066	$	1,941	$	( 14	)	$	146,993
States, municipalities and political subdivisions		166,703		3,423		( 144	)	$	169,982
Corporate Bonds		129,982		3,823		( 7	)	$	133,798
Asset-Backed Securities		23,703		145		( 18	)	$	23,830
	$	465,454	$	9,332	$	( 183	)	$	474,603


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. government and agencies	$	166,641	$	418	$	( 776	)	$	166,283
U.S. states, territories and possessions		17,344		71		( 193	)		17,222
Industrial and miscellaneous		149,104		1,350		( 429	)		150,025
Special Revenue		106,681		527		( 622	)		106,586
Political subdivisions		23,061		187		( 151	)		23,097
Hybrid securities		1,754		—		( 1	)		1,753
	$	464,585	$	2,553	$	( 2,172	)	$	464,966

The amortized cost and estimated fair value of investments in fixed-maturity securities at September 30, 2025 and December 31, 2024, by contractual maturity, are shown below.


	September 30, 2025				December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
In one year or less	$	41,456	$	41,609	$	56,574	$	56,666
After one year through five years		273,751		279,568		286,584		287,703
After five years through 10 years		122,082		125,209		112,702		112,117
After 10 years		28,165		28,217		8,725		8,480
	$	465,454	$	474,603	$	464,585	$	464,966

Actual maturities may differ from contractual maturities, as the issuers of the securities may have the right to call or prepay obligations with or without penalty.

The following tables show the Company’s investments estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2025.

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)


	September 30, 2025
	Less than 12 months					More than 12 months					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
U.S. government and agencies	$	2,030	$	—		$	1,724	$	( 14	)	$	3,754	$	( 14	)
States, municipalities and political subdivisions		10,011		( 102	)		2,436		( 42	)		12,447		( 144	)
Corporate Bonds		445		( 1	)		1,984		( 6	)		2,429		( 7	)
Asset-Backed Securities		15,909		( 18	)		—		—			15,909		( 18	)
	$	28,395	$	( 121	)	$	6,144	$	( 62	)	$	34,539	$	( 183	)

A total of 29 securities had unrealized losses at September 30, 2025. The Company’s unrealized losses relate to its portfolio of fixed-maturity securities. The Company’s unrealized losses on its fixed maturity securities were caused by interest rate changes. The Company regularly reviews its individual investment securities for credit impairment. The Company considers various factors in determining whether a credit loss exists for each individual security, including:

•

the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or earnings;

•

the extent to which the market value of the security has been below its cost or amortized cost;

•

general market conditions and industry or sector specific factors and other qualitative factors;

•

nonpayment by the issuer of its contractually obligated interest and principal payments; and

•

the Company’s intent and ability to hold the investment for a period of time sufficient to allow for the recovery of costs.

For the nine months ended September 30, 2025 , the Company recognized $ 0 credit loss expense related to fixed-maturity securities in the consolidated statements of income.


	December 31, 2024
	Less than 12 months					More than 12 months					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
U.S. government and agencies	$	93,063	$	( 729	)	$	2,975	$	( 47	)	$	96,038	$	( 776	)
U.S. states, territories and possessions		9,169		( 193	)		502		—			9,671		( 193	)
Industrial and miscellaneous		69,745		( 389	)		3,417		( 40	)		73,162		( 429	)
Special revenue		43,829		( 604	)		2,693		( 17	)		46,522		( 621	)
Political subdivisions		4,477		( 151	)		503		( 1	)		4,980		( 152	)
Hybrid securities		1,754		( 1	)		—		—			1,754		( 1	)
	$	222,037	$	( 2,067	)	$	10,090	$	( 105	)	$	232,127	$	( 2,172	)

A total of 125 securities had unrealized losses at December 31, 2024. The Company’s unrealized losses relate to its portfolio of fixed-maturity securities. The Company’s unrealized losses on its fixed-maturity securities were caused by interest rate changes. The Company regularly reviews its individual investment securities for credit impairment. The Company considers various factors in determining whether a credit loss exists for each individual security, including:

•

the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or earnings;

•

the extent to which the market value of the security has been below its cost or amortized cost;

•

general market conditions and industry or sector specific factors and other qualitative factors;

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

•

nonpayment by the issuer of its contractually obligated interest and principal payments; and

•

the Company’s intent and ability to hold the investment for a period of time sufficient to allow for the recovery of costs.

For the year ended December 31, 2024, the Company recognized $ 0 credit loss expense related to fixed-maturity securities in the consolidated statements of income.

Proceeds from maturities, and redemptions of fixed-maturities securities were $ 75,745 and $ 25,059 for the nine months ended September 30, 2025 and 2024 , respectively, with realized gross gains of $ 6 and $ 8 on these sales, maturities, and redemptions respectively.

At September 30, 2025 and December 31, 2024 , the Company had restricted cash of $ 540,634 and $ 296,433 , respectively, consisting of funds on deposit with regulatory authorities, as required by law and funds held in trust by the VIE where the Company is the primary beneficiary.

Major categories of net investment income, excluding realized gains, are summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Income:
Available-for-sale fixed-maturity securities	$	5,666	$	5,346	$	16,551	$	13,988
Cash and cash equivalents		13,542	$	7,513		31,704		20,629
Other investments		106	$	134		339		432
Total investment income	$	19,314	$	12,993	$	48,594	$	35,049
Investment expenses		221	$	207		653		549
Net investment income	$	19,093	$	12,786	$	47,941	$	34,500

Fair Value of Financial Assets and Liabilities

Valuation Hierarchy

The FASB established a valuation hierarchy for disclosure of the inputs used to measure estimated fair value. This hierarchy categorizes the inputs into three broad levels as follows:

•

Level 1 inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets or liabilities.

•

Level 2 inputs to the valuation methodology are quoted prices for similar assets or liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.

•

Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the entity’s assumptions about the assumptions that market participants would use in pricing the asset or liability.

The following table presents by level the financial assets carried at estimated fair value measured on a recurring basis as of September 30, 2025 and December 31, 2024. The table does not include assets which are measured at historical cost or any basis other than estimated fair value.

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)


	September 30, 2025
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Assets:
Cash and cash equivalents	$	861,558	$	861,558	$	—	$	—	$	861,558
Restricted cash		779		779		—		—		779
Restricted cash - variable interest entity		539,855		539,855		—		—		539,855
Fixed-maturity securities		465,454		277,789		196,814		—		474,603
	$	1,867,646	$	1,679,981	$	196,814	$	—	$	1,876,795
Liabilities:
Interest rate swap	$	91	$	—	$	—	$	91	$	91


	December 31, 2024
	Carrying Value		Level 1		Level 2		Level 3		Estimated Fair Value
Assets:
Cash and cash equivalents	$	493,409	$	493,409	$	—	$	—	$	493,409
Restricted cash		631		631		—		—		631
Restricted cash - variable interest entity		295,802		295,802		—		—		295,802
Fixed-maturity securities		464,585		323,749		141,217		—		464,966
	$	1,254,427	$	1,113,591	$	141,217	$	—	$	1,254,808
Liabilities:
Interest rate swap	$	117	$	—	$	—	$	117	$	117

A financial instrument’s classification within the valuation hierarchy is based upon the lowest level of input that is significant to the estimated fair value measurement; consequently, if there are multiple significant valuation inputs that are categorized in different levels of the hierarchy, the instrument’s hierarchy level is the lowest level within which any significant input falls.

The Level 1 category includes cash and cash equivalents, restricted cash, money market securities, certificates of deposit, U.S. treasury bonds, and corporate bonds.

The Level 2 category generally includes municipal bonds and asset-backed securities. The estimated fair value of fixed-maturity investments included in the Level 2 category was based on the market values obtained from pricing services.

When observable inputs are not available, the market standard valuation methodologies for determining the estimated fair value of certain types of securities that trade infrequently, and therefore have little or no price transparency, rely on inputs that are significant to the estimated fair value that are not observable in the market, or which cannot be derived principally from or corroborated by observable market data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference or market activity. Generally, these investments are classified as Level 3.

Other Financial Instruments

The Company uses various financial instruments in the normal course of its business. In the measurement of the estimated fair value of certain financial instruments, other valuation techniques were utilized if quoted market prices were not available. These derived fair value estimates are significantly affected by the assumptions used. Additionally, excluded from the scope of financial instruments are certain financial instruments, including those related to insurance contracts, pension and other postretirement benefits, and equity method investments.

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

In estimating the fair value of the financial instruments presented, the Company used the following methods and assumptions:

Cash and Cash equivalents

The carrying amount is a reasonable estimate of fair value, due to the short-term maturity of these investments. These assets are considered to be Level 1 assets.

Restricted cash

Restricted cash represents cash held by state authorities and the carrying value approximates fair value. Restricted cash also includes cash held in trust by the VIE where the Company is the primary beneficiary and the carrying value approximates fair value.

Fixed-Maturity Securities

Fixed-Maturity securities represent investments held at fair value in U.S. government and agencies, municipalities and political subdivisions, corporate bonds, states, and asset-backed securities. U.S government and agencies bonds and corporate bonds are considered to be Level 1 assets due to readily available pricing. Municipalities and political subdivisions, corporate bonds, states, and asset-backed securities are considered to be Level 2 assets due to valuations based on observable inputs.

Long-Term Debt

The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values:


	Maturity Date	Valuation Methodology
Promissory Notes, 0.00 %	2027	Discounted cash flow method, Level 3 inputs
Commercial Loan, variable rate of interest	2029	Discounted cash flow method, Level 3 inputs

The following tables present fair value information for liabilities that are carried on the consolidated balance sheets at amounts other than fair value as of September 30, 2025 and December 31, 2024:


	Fair Value Measurements Using
As of September 30, 2025	Carrying Value			Level 1		Level 2		Level 3			Estimated Fair Value
Financial Liabilities:
Long-Term debt:
0.00 % Promissory notes	$	3,000		$	—	$	—	$	2,771		$	2,771
Commercial Loan		35,000			—		—		32,017			32,017
Less: unamortized issuance costs		( 3,017	)		—		—		( 3,017	)		( 3,017	)
	$	34,983		$	—	$	—	$	31,771		$	31,771


	Fair Value Measurements Using
As of December 31, 2024	Carrying Value			Level 1		Level 2		Level 3			Estimated Fair Value
Financial Liabilities:
Long-Term debt:
0.00 % Promissory notes	$	4,500		$	—	$	—	$	3,992		$	3,992
Commercial Loan		38,000			—		—		37,192			37,192
Less: unamortized issuance costs		( 3,310	)		—		—		( 3,310	)		( 3,310	)
	$	39,190		$	—	$	—	$	37,874		$	37,874

Deferred Policy Acquisition Costs

Deferred policy acquisition costs consist of amounts paid for commissions and premium taxes that relate directly to and vary directly with the production of new and renewal business.

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

The policy acquisition costs that the Company has capitalized and is amortizing over the effective periods of the related policies are as follows for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,						Nine Months Ended September 30,
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Beginning balance	$	71,458		$	60,111		$	65,046		$	42,995
Policy acquisition costs deferred		57,268			36,499			124,349			88,477
Less: Amortization		( 36,393	)		( 22,018	)		( 97,062	)		( 56,880	)
Ending balance	$	92,333		$	74,592		$	92,333		$	74,592

Loss and Loss Adjustment Expenses

The Company establishes reserves for the estimated total unpaid costs of Loss and loss adjustment expenses (“LAE”). Loss and LAE reserves reflect management’s best estimate of the total cost of (i) claims that have been incurred, but not yet paid in full, and (ii) claims that have been incurred but not yet reported to the Company (“IBNR”). Reserves established by management represent an estimate of the outcome of future events and, as such, cannot be considered an exact calculation of our liability. Rather, loss and LAE reserves represent management’s best estimate of the Company’s liability based on the application of actuarial techniques and other projection methodologies and taking into consideration other facts and circumstances known at the balance sheet date. The process of establishing loss and LAE reserves is complex and inherently imprecise, as it involves the estimation of the outcome of future uncertain events. The impact of both internal and external variables on ultimate losses and LAE costs is difficult to estimate. In determining loss and LAE reserves, the Company gives careful consideration to all available data and actuarial analyses.

The Company primarily writes insurance in states which could be exposed to hurricanes or other natural catastrophes. The occurrence of a major catastrophe could have a significant effect on the Company’s results and cause a temporary disruption of the normal operations of the Company. However, the Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter.

Activity related to the loss and LAE reserves are summarized as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025			2024
Balances, beginning of period	$	571,812		$	293,687	$	595,487		$	249,567
Less reinsurance recoverables		240,241			78,360		341,051			105,092
Net balances, beginning of period		331,571			215,327		254,436			144,475
Incurred related to:
Current year		66,755			110,255		263,505			279,169
Prior years		( 33,515	)		1,409		( 55,135	)		1,036
Total incurred	$	33,240		$	111,664	$	208,370		$	280,205
Paid related to:
Current year		36,191			42,433		72,140			91,586
Prior years		12,600			6,599		74,646			55,135
Total paid	$	48,791		$	49,032	$	146,786		$	146,721
Net balances, end of period		316,020			277,959		316,020			277,959
Plus reinsurance recoverables		207,939			78,709		207,939			78,709
Balances at September 30	$	523,959		$	356,668	$	523,959		$	356,668

The establishment of loss and LAE reserves is an inherently uncertain process and changes in loss and LAE reserve estimates are expected as these estimates are subject to the outcome of future events. Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such adjustments are adjusted. During the three and nine months ended September 30, 2025 , the Company recognized favorable development of losses related to prior years of approximately $ 33,515 and $ 55,135 primarily to reduce non-catastrophe reserves in response to lower than

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

expected payments. During the three and nine months ended September 30, 2024 , the Company recognized (unfavorable) of losses related to prior years of approximately $( 1,409 ) and ( 1,036 ) primarily to increase non-catastrophe reserves in response to higher than expected payments.

Income Taxes

The Company recorded income tax expense of approximately $ 36,018 and $ 93,647 for the three and nine months ended September 30, 2025 , and $ 6,791 and $ 43,144 for the three and nine months ended September 30, 2024 , respectively. The income tax expense resulted in an effective tax rate of 24.5 % and 25.5 % for the three and nine months ended September 30, 2025 , and 27.9 % and 25.5 % for the three and nine months ended September 30, 2024, respectively. The tax rate was decreased as compared to the corresponding period in the prior year due primarily to the purchase of transferable Section 45x advanced manufacturing production credits in the current period. The Company’s estimated annual effective tax rate differs from the statutory federal tax rate due to state income taxes as well as certain nondeductible and tax-exempt items.

In September of 2025, the Company purchased $ 67.9 million of transferable Section 45x advanced manufacturing production tax credits for $ 65.4 million to reduce our federal tax liability. All tax credits other than approximately $ 0.6 have been applied to prior year tax returns.

On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (“OBBBA”), which, among other provisions, permanently restores 100% bonus depreciation and modifies the limitation on business-interest expense under §163(j) to be based on taxable income before interest, amortization, and depreciation. Based on preliminary analysis, management expects OBBBA to reduce U.S. cash income-tax payments. There is not expected to be any impact on the effective tax rate. The Company is continuing to evaluate the Act’s impacts, including potential effects on deferred-tax balances, and will refine these estimates as additional guidance becomes available.

Reinsurance

Certain premiums and losses are ceded to other insurance companies under various excess of loss reinsurance agreements. The ceded reinsurance agreements are intended to provide the Company with the ability to maintain its exposure to losses within its capital resources.

These reinsurance agreements do not relieve the Company from its primary obligation to policyholders, as it remains liable to its policyholders to the extent that any reinsurer does not meet its obligations for reinsurance ceded to it under reinsurance contracts. Therefore, the Company is subject to credit risk with respect to the obligations of its reinsurers, and any failure on the part of these reinsurers could have a material adverse effect on the Company’s business, financial condition and results of operations.

Effective June 1, 2025, the Company entered into a per risk excess of loss treaty for its personal residential property business retaining $ 0.7 million on each property risk and ceding the next $ 4.3 million of loss. The per risk excess of loss treaties cover 100 % of all losses except those related to named storms. These treaties are effective until May 31, 2026 .

Effective June 1, 2025, the Company entered into a facultative excess of loss reinsurance contract for its personal residential property business which provides $ 7 million of coverage in excess of $ 5 million for each loss, each risk. The reinsurer’s total liability is capped at $ 14 million.

Effective October 29, 2024, the Company entered into a per risk excess of loss treaty for its commercial residential property business retaining $ 1 million on each risk and ceding the next $ 9 million of loss. The per risk excess of loss treaties cover 100 % of all losses except those related to named storms. These treaties are effective until November 1, 2025 .

Effective October 29, 2024, the Company entered into a facultative excess of loss reinsurance contract for its commercial residential property business which provides $ 50 million of coverage in excess of $ 10 million for each loss, each risk. Like the per risk treaty, the facultative contract does not cover losses related to named storms.

To minimize the Company’s exposure to losses from catastrophes, primarily hurricanes, the Company has entered into a catastrophe excess of loss agreement, as well as the mandatory participation in the Florida Hurricane Catastrophe Fund (“FHCF”).

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

For the treaty period June 1, 2025 through May 31, 2026, the catastrophe excess of loss reinsurance agreement has the following retention and limits:


	1st Event
	Coverage		In Excess of		Reinsurer Participation
1st Layer	$	50 million	$	50 million		48.00	%
2nd Layer	$	65 million	$	100 million		100.00	%
3rd Layer	$	100 million	$	165 million		98.35	%
4th Layer	$	250 million	$	265 million		100.00	%
5th Layer	$	92 million	$	515 million		100.00	%
Purple Re 2023-1 Cat Bond	$	100 million	$	607 million		100.00	%
Purple Re 2023-2 Cat Bond	$	100 million	$	607 million		100.00	%
Purple Re 2024-1 Cat Bond	$	300 million	$	607 million		70.00	%
6th Layer	$	150 million	$	607 million		30.00	%
7th Layer	$	150 million	$	607 million		30.00	%
Purple Re 2025-1 Class B Cat Bond	$	250 million	$	607 million		50.00	%
8th Layer	$	150 million	$	607 million		50.00	%
9th Layer	$	100 million	$	607 million		50.00	%
Purple Re 2025-1 Class A Cat Bond	$	257 million	$	607 million		48.64	%
10th Layer	$	257 million	$	607 million		51.36	%

The catastrophe excess of loss agreement has a corridor through it, whereby the FHCF picks up 90 % of losses and the catastrophe layers pick up the remaining 10 %. The mandatory FHCF layer is estimated to be 90 % of $ 991.9 million, excess of $ 557.2 million. Premium for this coverage is estimated to be $ 71,345 . The ultimate net loss for each of the above layers will include any recoveries from the FHCF or so deemed. The FHCF provides catastrophe coverage for named hurricanes up to a maximum limit of 90 % of the amount of ultimate losses in the layer, as determined by a premium formula. The Company’s maximum projected payout from the FHCF is estimated to be $ 892.7 million, with a retention of $ 557.2 million.

Effective June 1, 2024, the Company entered into a per risk excess of loss treaty retaining $ 0.7 million on each property risk and ceding the next $ 4.3 million of loss. The per risk excess of loss treaties cover 100 % of all losses except those related to named storms. These treaties are effective until May 31, 2025 .

Effective June 1, 2024, the Company entered into a facultative excess of loss reinsurance contract which provides $ 7 million of coverage in excess of $ 5 million for each loss, each risk. The reinsurer’s total liability is capped at $ 14 million.

For the treaty period June 1, 2024 through May 31, 2025, the primary homeowners’ catastrophe excess of loss reinsurance agreement has the following retention and limits:

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)


	1st Event
	Coverage		In Excess of		Reinsurer Participation
1st Layer	$	35 million	$	35 million		80.00	%
2nd Layer	$	60 million	$	70 million		95.33	%
3rd Layer	$	85 million	$	130 million		100.00	%
4th Layer	$	170 million	$	215 million		100.00	%
5th Layer	$	85 million	$	385 million		100.00	%
6th Layer	$	35 million	$	470 million		100.00	%
Purple Re 2023-1 Cat Bond	$	100 million	$	505 million		100.00	%
Purple Re 2023-2 Cat Bond	$	100 million	$	505 million		100.00	%
Purple Re 2024-1 Cat Bond	$	300 million	$	505 million		70.00	%
7th Layer	$	150 million	$	505 million		30.00	%
8th Layer	$	150 million	$	505 million		30.00	%
9th Layer	$	115 million	$	505 million		93.31	%
10th Layer	$	28 million	$	505 million		100.00	%

The catastrophic excess of loss agreement has a corridor through it, whereby the FHCF picks up 90 % of losses and the catastrophe layers pick up the remaining 10 %. The mandatory FHCF layer is 90 % of $ 791.7 million, excess of $ 379.3 million. Premium for this coverage is $ 60,077 . The ultimate net loss for each of the above layers will include any recoveries from the FHCF or so deemed. The FHCF provides catastrophe coverage for named hurricanes up to a maximum limit of 90 % of the amount of ultimate losses in the layer, as determined by a premium formula. The Company’s maximum projected payout from the FHCF is $ 712.5 million, with a retention of $ 379.3 million.

Revolving Credit Facility

The Company has a secured revolving credit agreement (“Credit Agreement”) with Regions Bank that originally provided borrowing capacity of up to $ 10 million and expires on June 25, 2029 . The Credit Agreement, secured by the Company’s properties, was executed June 25, 2024. The Company amended the Credit Agreement with Regions Bank on March 20, 2025. The amended Credit Agreement provides a borrowing capacity of $ 45 million and expires June 25, 2029 .

On June 25, 2024, the Company entered into an amended and restated credit agreement with Regions Bank for a $ 10 million revolving credit facility, which was amended to a $ 45 million revolving credit facility on March 20, 2025, a term loan in an aggregate principal amount of $ 40 million and one or more delayed draw term loans in an aggregate principal amount not to exceed $ 125 million (together, the “Credit Facility”). Under the terms of the Credit Facility, borrowings bear interest at an annual rate equal to the three-month Secured Overnight Financing Rate (“SOFR”) based on the consolidated leverage ratio as defined in the agreement. The interest payment is due quarterly in arrears on the last business day of each quarter. The Credit Facility contains affirmative and negative covenants as well as customary events of default. In addition, the Company must comply with certain financial and non-financial covenants and agree to pay a fee equal to the product of the unused line fee rate and the average of the daily unused available credit balances of the revolving credit facility. The unused line fee rate is 0.5 %. The Credit Facility matures on June 25, 2029 .

At September 30, 2025 , the Company had no borrowings outstanding under the revolving credit facility. At September 30, 2025 , the Company was in compliance with all required covenants and had available borrowing capacity of $ 45 million.

At September 30, 2025 , the Company had no borrowings outstanding under the delayed draw term loan credit facility. At September 30, 2025 , the Company was in compliance with all required covenants and had available borrowing capacity of $ 125 million.

10.

Long-Term Debt

On June 25, 2024, the Company entered into a $ 40 million 5-year commercial loan agreement with a commercial bank. The loan is fully collateralized by assets of the Company. The Company may make voluntary prepayments of principal at any time, in whole or in part. Under the terms of the Credit Agreement, borrowings bear interest at an annual rate equal to the one- or three-month Secured Overnight Financing Rate (“SOFR”) plus a margin based on the debt-to-capital ratio. The interest payment is due quarterly in arrears on the last business day of each quarter. The Credit Agreement contains affirmative and negative covenants

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

as well as customary events of default. In addition, the Company must comply with certain financial and non-financial covenants. At September 30, 2025, the Company was in compliance with all covenants.

On June 25, 2024, in connection with the issuance of the credit facility, the Company incurred loan costs and debt discount of $ 3,692 . The Company amortizes these costs over the life of the facility using the interest method. Amortization of deferred loan costs is included in Interest expense in the Consolidated Statements of Operations. In connection with the issuance of the credit facility, the Company refinanced the credit facility that was issued on May 3, 2023 , including the remaining term loan balance of $ 27,750 that was repaid in full. The Company recognized an extinguishment loss within interest expense on the statement of operations of the remaining deferred loan costs associated with the refinanced credit facility totaling $ 589 in June 2024.


	Issue Date	Interest Rate			Original Principal		Outstanding Principal at September 30, 2025			Outstanding Principal at December 31, 2024
Promissory Notes	3/31/2022		0.00	%	$	10,000	$	3,000		$	4,500
Commercial Loan 4	6/25/2024	Variable				40,000		35,000			38,000
Less: Deferred loan costs and debt discount								( 3,017	)		( 3,310	)
							$	34,983		$	39,190

The following summarizes future maturities of long-term debt principal as September 30, 2025:


	Promissory Notes		Commercial Term Loan		Total
2025	$	500	$	1,000	$	1,500
2026		2,000		4,000	$	6,000
2027		500		4,000	$	4,500
2028		—		4,000	$	4,000
2029		—		22,000	$	22,000
	$	3,000	$	35,000	$	38,000

11.

Affiliate Transactions

The Company had no transactions with affiliates that have not been fully eliminated in consolidation in the nine months ended September 30, 2025 and 2024 .

12.

Leases

The Company has entered into operating leases primarily for real estate. The Company will determine whether an arrangement is a lease at inception of the agreement. The operating leases have terms of one to eight years, and often include one or more options to renew. These renewal terms can extend the lease term from two to 10 years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The Company considers these options in determining the lease term used in establishing our right-of-use assets and lease obligations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

Because the rate implicit in each operating lease is not readily determinable, the Company uses its incremental borrowing rate to determine present value of the lease payments.

The components of lease costs were as follows for the respective years:


	September 30, 2025			September 30, 2024
Operating lease cost, include in General and Administrative expenses on the Consolidated Statements of Operations	$	1,629		$	1,175
Right-of-use lease asset and Lease liability was as follows:
Right-of-use asset		8,913			5,853
Lease liability		9,975			6,522
Supplemental cash flow information related to our operating leases as follows:
Right-of-use asset		( 522	)		688
Lease liability		911			( 698	)
Weighted-average lease term and discount rate for our operating lease was as follows:
Weighted-average remaining lease term
Operating lease	4.54 years			5.48 years
Weighted-average discount rate
Operating lease		5.51	%		5.08	%

Future lease payments for the operating lease were as follows as of September 30, 2025:


2025 (remaining)	$	461
2026		2,273
2027		2,467
2028		2,537
2029		2,608
Thereafter		1,028
Total lease payments		11,374
Less: imputed interest		1,399
Present value of lease liability	$	9,975

13.

Regulatory Matters

The Company has no restrictions on the payment of dividends to its shareholders except those restrictions imposed by the General Corporation Law of the State of Delaware and those restrictions imposed by insurance statutes and regulations applicable to the Company’s insurance subsidiaries.

SIC can only pay dividends to SIH out of its available and accumulated surplus funds, which are derived from realized net operating profits on its business and net unrealized capital gains. Dividend payments without prior written approval of the FLOIR shall not exceed the greater of:

•

The lesser of 10 % of surplus or net income, not including realized capital gains, plus a two-year carryforward;

•

Ten percent of surplus, with dividends payable constrained to unassigned funds, minus 25 % of unrealized capital gains; or

•

The lesser of 10 % of surplus or net investment income plus a three-year carryforward with dividends payable constrained to unassigned funds minus 25 % of unrealized capital gains

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

In lieu of the above computations, the maximum dividend allowed by the SIC may be up to the greater of 10% of surplus derived from realized net operating profits and realized capital gains or net operating profits and net realized capital gains from the immediately preceding calendar year, limited to 115% of minimum required surplus after dividends. The maximum dividend allowable by the Company pursuant to this provision is $ 6,073 .

No dividends were paid by SIC in 2025 and 2024. Florida Statute Section 624.408 requires SIC to maintain a minimum level of surplus of not less than the greater of 10 % of the Company’s total liabilities, or $ 15,000 . Based on this requirement, SIC was required to maintain capital and surplus of $ 84,141 and $ 70,837 as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024 , SIC’s statutory-basis surplus totaled $ 316,648 and $ 207,967 , meeting the minimum surplus requirements.

SIC is required to comply with the NAIC risk-based capital (“RBC”) requirements. RBC is a method of measuring the amount of capital appropriate for an insurance company to support its overall business operations in light of its size and risk profile. At September 30, 2025 and December 31, 2024, SIC’s total adjusted capital exceeded the RBC company-action level.

U.S. GAAP differs in certain respects from the accounting practices prescribed or permitted by insurance regulatory authorities (statutory-basis). These entities’ statutory-basis financial statements are presented on the basis of accounting practices prescribed or permitted by the FLOIR. The FLOIR has adopted the National Association of Insurance Commissioners (“NAIC”) Accounting Practices and Procedures Manual as the basis of its statutory accounting practices. Statutory-basis surplus differs from shareholders’ equity reported in accordance with U.S. GAAP primarily because policy acquisition costs are expensed when incurred and because of different timing of recognizing the brokerage income for reinsurance recoverables. In addition, the recognition of deferred tax assets is based on different recoverability assumptions and material differences may also arise from the differing treatment of non-admitted assets and unrealized gains and losses from investments.

14.

Commitments and Contingencies

Various lawsuits against the Company have arisen in the course of the Company’s business. Management does not consider contingent liabilities arising from litigation and other matters material in relation to the financial position of the Company .

15.

Guaranty Fund and Other Assessments

SIC is subject to guaranty fund and other assessments in both Florida and in South Carolina, states in which the SIC underwrites policies. Guaranty fund assessments should be accrued when (i) an assessment has been imposed or information available prior to issuance of the statutory-basis financial statements indicates that it is probable that an assessment will be imposed; (ii) the event obligating an entity to pay an imposed or probable assessment has occurred on or before the date of the consolidated financial statements; and (iii) the amount of the assessment can be reasonably estimated at the time of the event triggering the accrual.

SIC is subject to assessments by guaranty funds in the states in which it conducts business, a residual market pool, and a state catastrophe reinsurance pool. The activities of these funds and pools include collecting funds from solvent insurance companies to cover losses resulting from the insolvency or rehabilitation of other insurance companies, or deficits generated by Citizens Property Insurance Corporation, and the FHCF. SIC is allowed to recover these assessments through premiums collected from policyholders. As of September 30, 2025, and December 31, 2024 , SIC had payables relating to these assessments totaling $ 4,193 and $ 2,148 , respectively. The payable is included within other liabilities on the balance sheet.

16.

Shareholders’ Equity

The Company was authorized to issue one class of common stock (par value of $ 0.01 per share) to its shareholders. The Company had 40.0 million shares of common stock authorized at December 31, 2024 , of which 10.2 million shares were issued and outstanding at December 31, 2024, respectively, pre stock split.

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

The Company was authorized to issue one class of preferred stock (par value of $ 0.01 per share) to its shareholders. The Company had 20.0 million shares of preferred stock authorized December 31, 2024 , of which 9.3 million shares were issued and outstanding at December 31, 2024 , respectively, pre stock split. All preferred shares have a liquidation preference equal to $ 13.64 per share and are convertible to common shares at the election of the holder on a one-for-one basis. The conversion price is decreased if the Company issues shares of its common stock at less than $ 13.64 per share. At December 31, 2024 , the conversion price remained $ 13.64 per share. The preferred stock is automatically converted to common stock of the Company if either (1) there is an initial public offering of the Company’s common shares resulting in a listing of such shares on a national stock exchange, or (2) holders of at least a majority of the outstanding shares of preferred stock vote to require all preferred stock holders to convert their shares held to common shares of the Company. The preferred stock has no required redemption or expiration. Preferred shareholders have voting rights on an if-converted basis to common shares of the Company. Dividends cannot be declared for other stock classes (such as the Company’s common shares) unless the preferred shareholders also receive an equivalent dividend per share. There otherwise are no dividends or distribution requirement for the preferred stock.

The Company had issued 120,334 preferred stock warrants with a strike price of $ 0.01 . The warrants were all exercised within 2024.

On June 18, 2025, the company completed its IPO in which it issued and sold 24.0 million shares of common stock, of which 16.7 million shares were sold by the Company and 7.3 million shares were sold by certain selling stockholders, at a par value of $ 0.01 , at a public offering price of $ 17.00 per share.

In connection with the IPO, the company effectuated an approximately 5.5 -for-one stock split of its common stock, preferred stock, vested and unvested stock options and vested and unvested restricted share units. Subsequent to the stock split, and prior to the completion of the IPO, all shares of preferred stock, 9.3 million shares, were converted into common stock at a price of $ 2.48 .

No distributions or dividends were declared or paid during the period ended September 30, 2025 or December 31, 2024 .

17.

Stock-based Compensation

On September 30, 2025 and 2024, the Company has two share-based compensation plans and one share-based compensation plan, respectively.

The 2021 Equity Compensation Plan (“The Stock Plan”): The compensation cost that has been charged against income for those plans was $ 2,956 and $ 8,970 for the three and nine months ended September 30, 2025 , and $ 260 and $ 803 for the three and nine months ended September 30, 2024 , respectively. The total income tax benefit recognized in the income statement for share-based compensation arrangements was $ 724 and $ 2,287 for the three and nine months ended September 30, 2025 , and $ 72 and $ 205 for the three and nine months ended September 30, 2024.

The Stock Plan permits the awarding of common stock share options to its employees and strategic advisors for up to 16,985,293 shares. The Company believes that such awards better align the interests of its employees with those of its shareholders. Option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vest based on three - to five -year vesting schedules. The fair value of each option award is estimated on the grant date using a Black-Scholes model. The compensation expense for the shares is recognized over the requisite service period for the employee. There were no options granted during the nine months ended September 30, 2025 and 2024.

As part of the IPO, the Company issued the 2025 Omnibus Incentive Plan (the “2025 Plan”), effective as of June 18, 2025. The principal purpose of the 2025 Plan is to attract, retain and motivate selected employees, consultants and directors through the grant of equity-based and cash-based incentive awards to employees, consultants, service providers and non-employee directors of the Company and its affiliates. The 2025 Plan permits for the awarding of common stock share options and restricted stock units for up to 12.0 million shares. There have been 10.0 thousand restricted shares issued as of September 30, 2025.

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

A summary of option activity under the employee share option plan as of September 30, 2025 and September 30, 2024, respectively, and changes during the year then ended is presented below:


Options	Shares (in thousands)		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2025		14,828	$	0.84
Granted		—		—
Exercised		674		0.97
Forfeited or expired		61		1.06
Outstanding at March 31, 2025		14,093	$	0.84		7.45	$	136,256
Granted		—		—
Exercised		28		0.00
Forfeited or expired		—		—
Outstanding at June 30, 2025		14,065	$	0.84		7.20	$	289,296
Granted		—		—
Exercised		262		1.38
Forfeited or expired		41		1.38
Outstanding at September 30, 2025		13,762	$	0.83		6.95	$	207,638
Vested or expected to vest at September 30, 2025		10,930	$	0.74		6.85	$	148,262
Exercisable at September 30, 2025		10,930	$	0.74		6.85	$	148,262


Options	Shares (in thousands)		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2024		15,400	$	0.86
Granted		—		—
Exercised		—		—
Forfeited or expired		179		0.73
Outstanding at March 31, 2024		15,221	$	0.86		8.46	$	76,657
Granted		—		—
Exercised		—		—
Forfeited or expired		55		0.67
Outstanding at June 30, 2024		15,166	$	0.86		8.21	$	76,657
Granted		—		—
Exercised		—		—
Forfeited or expired		110		0.73
Outstanding at September 30, 2024		15,056	$	0.86		7.96	$	76,657
Vested or expected to vest at September 30, 2024		7,562	$	0.60		7.06	$	35,649
Exercisable at September 30, 2024		7,562	$	0.60		7.06	$	35,649

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

A summary of the status of the Company’s nonvested shares as of September 30, 2025 and 2024, and changes during the nine months ended September 30, 2025, is presented below:


Nonvested Shares	Shares (in thousands)		Weighted- Average Grant-Date
Nonvested at January 1, 2024		10,621		0.75
Granted		—		—
Vested		596		0.71
Forfeited or expired		179		0.73
Nonvested at March 31, 2024		9,846		0.75
Granted		—		—
Vested		225		0.80
Forfeited or expired		55		0.67
Nonvested at June 30, 2024		9,566		0.75
Granted		—		—
Vested		941		0.56
Forfeited or expired		110		0.73
Nonvested at September 30, 2024		8,515		0.77
Nonvested at January 1, 2025		4,269		0.73
Granted		—		—
Vested		392		1.19
Forfeited or expired		61		1.06
Nonvested at March 31, 2025		3,816		0.68
Granted		—		—
Vested		192		1.17
Forfeited or expired		—		—
Nonvested at June 30, 2025		3,624		0.66
Granted		—		—
Vested		1,126		0.74
Forfeited or expired		41		1.38
Nonvested at September 30, 2025		2,457		0.61

For the nine months ended September 30, 2025 and 2024 , there was $ 1,254 and $ 3,604 of total unrecognized compensation cost related to nonvested share-based compensation arrangement granted under the employee share option plan, respectively. The total value of shares vested during the nine months ended September 30, 2025 and 2024 was $ 833 and $ 527 , respectively.

Included in the tables above are 4.4 million shares of performance-based option shares and 2.2 million shares of performance-based option shares issued by the Company during 2023 and 2021, respectively. These shares vest based upon performance conditions including the date the board approves that the Company has achieved specific revenue and EBITDA targets. During the nine months ended September 30, 2025 and 2024 , 5.2 million and 3.3 million shares vested or expected to vest from the performance-based shares based on performance conditions, respectively. The total fair value of the performance shares vested or expected to vest during the months ended September 30, 2025 and 2024 were $ 3,673 and $ 2,080 , respectively. As of September 30, 2025 and 2024, 1.4 million and 3.3 million of the performance-based options were unvested and had not yet had performance conditions met, with a total value of $ 1,067 and $ 2,660 , respectively. The Company has recorded compensation expense, included in general and administrative expense in the Consolidated Statements of Operations and additional paid-in capital in the Consolidated Balance Sheets, several of the revenue and EBITDA performance conditions as vested for the nine months ended September 30, 2025 and 2024. The Company believes that it is probable this amount will be paid out, based upon Company performance.

Restricted Stock Awards

From time to time, the Company has granted and may grant restricted stock awards to certain executive officers, other employees and nonemployee directors in connection with their service to the Company. The terms of the Company’s outstanding restricted

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

stock grant include service conditions. The determination of fair value with respect to the awards containing only service-based conditions is based on the option pricing method of determining the fair value of the Company’s stock on the grant date. Information with respect to the activity of unvested restricted stock awards during the nine months ended September 30, 2025 and September 30, 2024 is as follows:


Nonvested Shares	Shares (in thousands)		Weighted- Average Grant-Date
Nonvested at January 1, 2024		—		—
Granted		—		—
Vested		—		—
Forfeited or expired		—		—
Nonvested at March 31, 2024		—		—
Granted		—		—
Vested		—		—
Forfeited or expired		—		—
Nonvested at June 30, 2024		—		—
Granted		—		—
Vested		—		—
Forfeited or expired		—		—
Nonvested at September 30, 2024		—		—
Nonvested at January 1, 2025		2,127		10.64
Granted		—		—
Vested		6		10.64
Forfeited or expired		—		—
Nonvested at March 31, 2025		2,121		10.64
Granted		—		—
Vested		282		10.64
Forfeited or expired		17		10.64
Nonvested at June 30, 2025		1,822		10.64
Granted		10		14.72
Vested		144		10.64
Forfeited or expired		17		10.64
Nonvested at September 30, 2025		1,671		10.66

The Company recognized compensation expense related to restricted stock, which is included in general and administrative personnel expenses, of $ 2,696 and $ 8,167 for the three and nine months ended September 30, 2025 , and $ 0 and $ 0 for the three and nine months ended September 30, 2024, respectively. At September 30, 2025 and September 30, 2024 , there was approximately $ 13,584 and $ 0 , respectively, of total unrecognized compensation expense related to nonvested restricted stock arrangements. The Company expects to recognize the remaining compensation expense over a weighted-average period of 1.2 years.

The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to stock-based compensation for the nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Deferred tax benefits recognized	$	724	$	72	$	2,287	$	205
Tax benefits realized for vested stock		938		147		1,899		300
Fair value of vested stock		172,481		44,669		172,481		44,669

Slide Insurance Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

18.

Variable Interest Entities

The Company entered into a reinsurance captive arrangement with White Rock Insurance (SAC) Ltd. acting in respect of “Separate Account T104—Slide,” a VIE in the normal course of business and consolidated the VIE since the Company is the primary beneficiary. See “Note 1 (Nature of Business and Significant Accounting Policies — Consolidation Policy)” for more information about the methodology and significant inputs used to consider to consolidate a VIE.

In 2023, SIC entered into reinsurance transactions whereby the VIE provided quota share and catastrophe reinsurance protection to the Insurance Entities for the period of June 1, 2023 through May 31, 2024.

In 2024, SIC entered into reinsurance transactions whereby the VIE provided quota share, per risk, and catastrophe reinsurance protection to the Insurance Entities for the period of June 1, 2024 through May 31, 2025.

In 2025, SIC entered into reinsurance transactions whereby the VIE provided quota share, per risk and catastrophe reinsurance protection to the Insurance Entities for the period of June 1, 2025 through May 31, 2026.

The following table presents, on a consolidated basis, the balance sheet classification and exposure of restricted cash held in a reinsurance trust account, which can be used only to settle specific reinsurance obligations of the VIE as of the dates presented.


	September 30, 2025		December 31, 2024
Restricted cash and cash equivalents	$	539,855	$	295,802

19.

Subsequent Events

The Company performed an evaluation of subsequent events through November 5, 2025, the date the consolidated financial statements were issued, and determined there were no recognized or unrecognized subsequent events, other than those listed below, that would require an adjustment or additional disclosure in the consolidated financial statements as of September 30, 2025.

On October 21, 2025, the Company was approved to assume approximately 175,000 residential policies from Citizens through its depopulation program across October 2025, November 2025, and December 2025. The Company assumed approximately 60,100 policies in October 2025. The policies maintained their original expiration date and totaled approximately $ 165.4 million of assumed premium written.

On November 4, 2025, the Board authorized an increase to the repurchase program to purchase an additional $ 45.0 million, for a total of $ 100.0 million remaining, of common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors .

Ite m 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s Discussion and Analysis

of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations is intended to help investors understand our business, results of operations, liquidity and capital resources and should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q (the "Quarterly Report"). This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions, described under the section titled “Risk Factors” and elsewhere in this Quarterly Report. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those which are not within our control. See “Special Note Regarding Forward-Looking Statements.”

Overview

Launched in 2021, we are a technology-enabled, fast-growing, coastal specialty insurer. We focus on profitable underwriting of single family and condominium policies in the P&C industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (“SIC”). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer (“DTC”) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries. We do not depend on any one key product or product line within the coastal specialty homeowners and commercial residential insurance market. We control all aspects of our value chain, including technology, underwriting, actuarial, distribution, claims and risk management which allows us to maximize profitability while maintaining disciplined underwriting standards.

Our goal is to deliver long-term value for stockholders by focusing on underserved, coastal specialty markets where market capacity is limited and demand for insurance products is high. Coastal specialty market demand for insurance products has increased over the last few years as the larger, national insurance carriers have reduced their underwriting capacity in such markets, creating a unique market opportunity for us to capitalize on the imbalance of supply and demand.

We have one reportable segment. See the below table for a summary of gross premiums written, policy fees, total revenue, consolidated combined ratio, return on equity, and return on tangible equity (1) for the three and nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024, and the total assets, shareholders' equity and tangible shareholders' equity (1 ) as of September 30, 2025 and December 31, 2024.


	Three Months Ended September 30, (in thousands)						Nine Months Ended September 30, (in thousands)						Year Ended December 31, 2024 (in thousands)
	2025			2024			2025			2024				2024
Gross premiums written	$	463,394		$	346,293		$	1,177,027		$	939,257		$		1,334,864
Policy fees		2,440			2,133			6,428			5,053				6,550
Total revenue		265,693			200,104			808,894			608,361				864,814
Net income		110,997			17,577			273,572			126,032				201,125
Combined ratio		48.5	%		94.3	%		58.3	%		76.8	%			72.3	%
Return on equity		12.1	%		4.9	%		39.2	%		41.5	%			60.0	%
Return on tangible equity (1)		12.2	%		5.1	%		39.6	%		43.7	%			62.6	%

	September 30, 2025 (in thousands)						December 31, 2024 (in thousands)
Total Assets	$				2,686,855		$				1,931,927
Shareholders' Equity					964,220						433,159
Tangible Shareholders' Equity (1)					959,618						422,864

(1)

Non-GAAP financial measure. See “ Results of Operations – Non-GAAP Financial Measures ” for a reconciliation of return on tangible equity to return on equity, the most directly comparable GAAP measure.

Key Components of Our Results of Operations

Revenue

Gross premiums written. Gross premiums written represent, with respect to a fiscal period, the sum of assumed premiums written from Citizens Property Insurance Corporation (“Citizens”) policy assumptions (net of opt-outs) plus direct premiums written (premiums from subsequent renewals of such Citizens policies and new and renewal policies written through independent agents and our DTC channel, net of any midterm cancellations), in each case prior to amounts ceded to reinsurers. Gross premiums written in any given fiscal period are affected by:

•

Amount of premiums assumed from Citizens acquisitions;

•

Block acquisitions from other third-party insurers;

•

Renewals of existing policies;

•

New business submissions and binding of new submissions into effective policies;

•

Average premium of new and renewal policies; and

•

Premium rates on new and renewal policies.

In addition, from time to time, we expand our policy base – for example, assuming 135,974 policies in 2024, representing approximately $290 million in assumed unearned premiums from Citizens. These policies carry no upfront acquisition costs and are captured in our current treaty year reinsurance program.

We believe recent legislative and regulatory changes, improvements in the data that is made available on Citizens policies and rate increases implemented by Citizens making pricing more comparable to what we charge for policies underwritten in other channels make the opportunity to assume policies from Citizens attractive.

Take-out opportunities, however, are subject to a number of market, timing and execution risks, and future take-out opportunities may or may not materialize.

Gross premiums earned. Gross premiums earned represent the portion of our gross premiums written earned during a fiscal period from assumed (including those assumed from Citizens), direct policies written and subsequent renewals of such policies. Gross premiums written associated with assumed policies from Citizens are earned ratably over the remaining term of the policy and gross premiums written associated with voluntary and renewal policies are earned ratably over the term of the policy. All such new and renewal policies currently have a term of 12 months from date of issuance.

Ceded premiums earned. Ceded premiums earned represent the earned portion of our gross premiums written ceded to reinsurers and other costs of our reinsurance during a fiscal period. We recognize the cost of our reinsurance program ratably over the term of the arrangement, which is typically 12 months. Our ceded premiums earned represent costs of reinsurance to cover losses from catastrophes that exceed the retention levels defined by our catastrophe excess of loss reinsurance contracts. The rates we pay for reinsurance are based primarily on policy exposures reflected in gross premiums earned.

Net premiums earned. Net premiums earned reflect gross premiums earned less ceded premiums earned during the fiscal period.

Net investment income . Net investment income represents interest earned from cash, cash equivalents, restricted cash, fixed-maturity securities, money market accounts and other investments and the realized gains or losses from the sale of investments. Factors affecting net investment income include the size of our investment portfolio and the yield generated by the underlying investments in our investment portfolio.

Policy fees. Florida law allows insurers to charge policyholders a $25 policy fee on each policy written. Policy fees represent such upfront policy fees. These fees are not subject to refund, and accordingly we recognize policy fees as income immediately when collected in accordance with ASC 606, which coincides with the completion of our service obligation when the policy is issued.

Other income. Other income represents all pay-plan fees and commission income earned by our retail agency subsidiary that sells on behalf of non-affiliated carriers. We charge pay-plan fees to policyholders that pay their premium in more than one installment and record the fees as income when collected.

Expenses

Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net reflect losses paid, expenses paid to resolve claims, such as fees paid to adjusters, attorneys and investigators, and changes in our reserves for unpaid losses and loss adjustment expenses incurred, net during the fiscal period, in each case net of losses ceded to reinsurers. Our reserves for unpaid losses and loss adjustment expenses incurred, net represent the estimated ultimate cost of resolving all reported claims plus all losses we incurred related to insured events that we assume have occurred as of the reporting date, but that policyholders have not yet reported to us (which are commonly referred to as “incurred but not reported,” or “IBNR”). We estimate our reserves for unpaid losses using individual case-based estimates for reported claims and actuarial estimates for IBNR losses. We continually review and adjust our estimated losses as necessary based on industry development trends, our evolving claims experience and new information obtained. If our unpaid losses and loss adjustment expenses incurred, net are considered deficient or redundant, we increase or decrease the liability in the period in which we identify the difference and reflect the change in our current period results of operations.

In general, our losses and loss adjustment expense reserves (“LAE”) are affected by:

•

the occurrence, frequency and severity of claims associated with the particular types of insurance contracts that we write;

•

the reinsurance agreements we have in place at the time of a loss;

•

the mix of business written by us;

•

changes in the legal or regulatory environment related to the business we write;

•

trends in legal defense costs; and

•

inflation in the cost of claims including inflation related to wages, medical costs and building materials.

Losses and LAE are based on actual paid losses and expenses, as well as an actuarial analysis of the estimated losses, including losses incurred during the period and changes in estimates from prior periods. Losses and LAE may be paid out over a period of years.

Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses consist of the following items: (i) commissions paid to outside agents at the time of policy issuance, (ii) premium taxes and (iii) inspection fees. We recognize policy acquisition and other underwriting expenses ratably over the term of the underlying policy. Until renewed, policies assumed from Citizens have no associated policy acquisition and other underwriting expenses.

General and administrative expenses. General and administrative expenses include compensation and related benefits, professional fees, office lease and related expenses, information system expenses, corporate insurance, and other general and administrative costs.

Interest expense . Interest expense consists of interest paid on our commercial loans and Credit Facility (as defined below), amortization of debt issuance costs, net settlements of interest rate swaps, and changes in market value of interest rate swaps.

Depreciation expense . Depreciation expense includes depreciation of property and equipment, including software developed for internal use.

Amortization expense . Amortization expense includes amortization of renewal rights and other intangible assets.

Other operating expense. Other operating expense includes other miscellaneous expenses.

Income tax expense . Income tax expense generally consists of income taxes payable by our subsidiaries that are taxed as corporations. We were incorporated as a corporation in the state of Delaware on March 2, 2021. As a corporation, we are subject to typical corporate U.S. federal and state income tax rates which we expect to result in a statutory tax rate of approximately 25% under current tax law.

Key Metrics & Ratios

We discuss certain key financial and operating metrics, described below, which provide useful information about our business and the operational factors underlying our financial performance.

Loss ratio , expressed as a percentage, is the ratio of losses and loss adjustment expenses incurred, net to net premiums earned.

Policy acquisition expense ratio is the ratio, expressed as a percentage, of policy acquisition expenses and other underwriting expenses to net premiums earned .

Expense ratio , expressed as a percentage, is the ratio of policy acquisition and other underwriting expenses, general and administrative expenses, and other operating expense to net premiums earned.

Combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.

Debt to capitalization ratio is the ratio, expressed as a percentage, of total outstanding debt to total capitalization.

Return on equity represents net income expressed on an annualized basis as a percentage of average beginning and ending shareholders’ equity during the period.

Return on tangible equity is a non-GAAP financial measure. We define tangible shareholders’ equity as shareholders’ equity less goodwill and other intangible assets. We define return on tangible equity as net income expressed on an annualized basis as a percentage of average beginning and ending tangible shareholders’ equity during the period. We regularly evaluate acquisition opportunities and have historically made acquisitions that affect shareholders’ equity. We use return on tangible equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. See “ Results of Operations-Non-GAAP Financial Measures ” for a reconciliation of return on tangible equity to return on equity, the most directly comparable U.S. GAAP measure.

Results of Operations

Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

The following table summarizes our results of operations for the three months ended September 30, 2024 and 2025:


	Three Months Ended September 30, (in thousands)
	2025			2024			Change			% Change
Gross premiums written	$	463,394		$	346,293		$	117,101			33.8	%
Change in unearned premiums		(104,031	)		(71,140	)		(32,891	)		46.2	%
Gross premiums earned		359,363			275,153			84,210			30.6	%
Ceded premiums earned		(116,309	)		(90,384	)		(25,925	)		28.7	%
Net premiums earned		243,054			184,769			58,285			31.5	%
Net investment income		19,093			12,786			6,307			49.3	%
Policy fees		2,440			2,133			307			14.4	%
Other income		1,106			416			690			165.9	%
Total revenue	$	265,693		$	200,104		$	65,589			32.8	%
Losses and loss adjustment expenses incurred, net		33,240			111,664			(78,424	)		(70.2	)%
Policy acquisition and other underwriting expenses		36,393			22,018			14,375			65.3	%
General and administrative expenses		45,005			38,007			6,998			18.4	%
Interest expense		909			1,378			(469	)		(34.0	)%
Depreciation expense		1,230			707			523			74.0	%
Amortization expense		1,901			1,962			(61	)		(3.1	)%
Total expense	$	118,678		$	175,736		$	(57,058	)		(32.5	)%
Net income before income tax expense	$	147,015		$	24,368		$	122,647			503.3	%
Income tax expense		36,018			6,791			29,227			430.4	%
Net income	$	110,997		$	17,577		$	93,420			531.5	%
Loss ratio		13.7	%		60.4	%		(46.7	)%
Expense ratio		34.8	%		33.9	%		0.9	%
Combined ratio		48.5	%		94.3	%		(45.8	)%
Policy acquisition expense ratio		15.0	%		11.9	%		3.1	%
Debt to capitalization ratio		3.5	%		9.9	%		(6.4	)%
Return on equity		12.1	%		4.9	%		7.2	%
Return on tangible equity (1)		12.2	%		5.1	%		7.1	%

(1)

Revenue

Gross premiums written. Gross premiums written increased from $346.3 million for the three months ended September 30, 2024 to $463.4 million for the three months ended September 30, 2025. The increase in net premiums written was primarily a result of policies assumed by Citizens, and increases in renewal rates of existing written policies, as well as new policies written resulting from acquired renewal rights of Florida homeowners’ policies with effective dates of February 2024 and later from Truck Insurance Exchange, a subsidiary of Farmers Insurance Company, Inc. ("Farmers"). We initially acquired policy renewal rights from Farmers in February 2024. These policies were originally written by Farmers, and were due to expire in February 2024 and later. In 2024, we wrote approximately 36% of the policies for which we acquired renewal rights from Farmers. We expect to continue to write new policies pursuant to our renewal rights agreement with Farmers as part of our diversified

approach to policy underwriting, subject to market conditions. The following table summarizes the sources of our written policies in force as of September 30, 2024 and 2025:


	St. Johns Insurance Company Policies			Citizens Policies			UPC Policies			Organic Policies (2)			Farmers Policies			Commercial Residential			Total
Policies in force as of July 1, 2024		71,298			135,376			35,545			22,930			10,029			—			275,178
Policies acquired	N/A				—		N/A			N/A			N/A			N/A				—
New policies written	N/A			N/A			N/A				6,415			8,124		N/A				14,539
Policies lapsed or cancelled (3)		19,942			44,905			14,194			3,600			456		N/A				83,097
Policies renewed		16,954			36,894			11,787			2,852			—		N/A				68,487
Policy renewal rate		90.0	%		86.9	%		88.3	%		93.1	%	N/A			N/A				88.1	%
Policies in force as of September 30, 2024		68,310			127,365			33,138			28,597			17,697			—			275,107

Policies in force as of July 1, 2025		60,813			199,156			29,411			37,778			20,799			482			348,439
Policies acquired	N/A				13,711		N/A			N/A			N/A				—			13,711
New policies written	N/A			N/A			N/A				7,505			50			218			7,773
Policies lapsed or cancelled (3)		17,374			62,793			11,487			9,571			7,644			135			109,004
Policies renewed		15,039			51,980			9,977			7,697			6,011			84			90,788
Policy renewal rate		91.8	%		86.9	%		90.1	%		89.1	%		84.5	%		62.2	%		88.0	%
Policies in force as of September 30, 2025		58,478			202,054			27,901			43,409			19,216			649			351,707

(2)

Refers to policies originated by Slide through its independent agents, as well as through its direct-to-consumer channel. For the periods presented, new policies written directly to customers represent less than 1% of policies written in the organic channel.

(3)

Includes all policies that expired during the period presented, including policies that were eventually renewed by customers during the period presented.

Our policies acquired during the three months ended September 30, 2025 increased by 13,771 policies, or 100%, compared to the prior year as a result of no policies acquired during the three months ended September 30, 2024. Our policies written during the three months ended September 30, 2025 decreased by 6,766 policies, or 46.5%, as a result of the completion of offers under the Farmers renewal rights agreement entered into February 2025. In addition, for the three months ended September 30, 2025, our policy renewals increased by 22,301 , or 32.6%, as a result of the renewal of policies acquired from Citizens as compared to the same period in 2024 and organic policy renewals. For the three months ended September 30, 2025, our policy renewal rate was 88.0%, a decrease from 88.1% for the same period in 2024 on a higher number of policies in force. Our average premium per residential policy decreased from $4,045 at September 30, 2024 to $3,966 at September 30, 2025 as a result of a decrease in average premium of Citizens policies assumed. Additionally, our average premium per commercial residential policy was $128,518 at September 30, 2025.

Gross premiums earned. Gross premiums earned increased from $275.2 million for the three months ended September 30, 2024 to $359.4 million for the three months ended September 30, 2025. Our policies in force as of September 30, 2024 and September 30, 2025 were approximately 275,107 and 351,707 respectively, and this increase in policies in force had a favorable impact on our gross premiums earned.

Ceded premiums earned. Ceded premiums for the three months ended September 30, 2024 and 2025 were approximately $90.4 million and $116.3 million, respectively, representing 32.8% and 32.4%, respectively, of gross premiums earned. The $25.9 million increase was primarily attributable to increased catastrophe reinsurance purchased due to increased policies in force.

Net premiums earned. Net premiums earned increased from $184.8 million for the three months ended September 30, 2024 to $243.1 million for the three months ended September 30, 2025. The increase in net premiums earned in the comparable periods was primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies in the third quarter 2025.

Net investment income. Net investment income, inclusive of realized investment gains and losses, increased from $12.8 million for the three months ended September 30, 2024 to $19.1 million for the three months ended September 30, 2025. Our

average investable assets increased from $1,053 million for the three months ended September 30, 2024 to $1,874 million for the three months ended September 30, 2025. The increase in net investment income was due to increased equity from retained earnings and increased policies in force.

Policy fees. Policy fees increased from $2.1 million for the three months ended September 30, 2024 to $2.4 million for the three months ended September 30, 2025. The increase in policy fees in the comparable periods was primarily attributable to increased renewals of existing policies.

Other income. Other income increased from $0.4 million for the three months ended September 30, 2024 to $1.1 million for the three months ended September 30, 2025. The increase in other income between the comparable periods was primarily attributable to an increase in commissionable premium produced for other insurance companies.

Total revenue. Total revenue increased from $200.1 million for the three months ended September 30, 2024 to $265.7 million for the three months ended September 30, 2025. The increase in total revenue was due primarily to an increase in net premiums earned in the comparable periods primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies in the third quarter 2025.

Expenses

Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net decreased from $111.7 million (inclusive of catastrophe losses of $55.8 million from Hurricane Debby and Hurricane Helene) for the three months ended September 30, 2024 to $33.2 million (there were no incurred losses from named storms during the period) for the three months ended September 30, 2025. The decrease in losses and loss adjustment expenses incurred, net resulted primarily from the release of non-catastrophe reserves in the current quarter due to lower than expected payments on losses incurred in earlier quarters of current and prior years. Losses and loss adjustment expenses incurred, net for the three months ended September 30, 2025 included losses paid of $48.8 million and a $15.6 million decrease in unpaid losses and loss adjustment expenses incurred, net, including the reduction of $19.3 million of IBNR reserves. As of September 30, 2025 we reported $316.0 million in unpaid losses and loss adjustment expenses incurred, net, which included $256.4 million attributable to IBNR, or 81.2% of total reserves for unpaid losses and loss adjustment expenses incurred, net.

Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the three months ended September 30, 2024 and 2025 were approximately $22.0 million and $36.4 million, respectively, representing 11.9% and 15.2%, respectively, of net premiums earned. The increase was primarily attributable to increased policies in force and fewer premiums earned on Citizens' policies in their assumption period, which had reduced policy acquisition costs in 2024.

General and administrative expenses. General and administrative expenses for the three months ended September 30, 2024 and 2025 were approximately $38.0 million and $45.0 million, respectively, representing 20.6% and 18.5%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing to support the Company’s increased policies in force. Payroll and related expenses increased from $18.4 million to $21.3 million for the three months ended September 30, 2024 and 2025, respectively. This increase is attributed to increased personnel needed to grow and service policies in force. Personnel count increased from 227 at July 1, 2024 to 309 at September 30, 2024 and from 422 at July 1, 2025 to 474 at September 30, 2025. Software and IT infrastructure expenses increased from $9.5 million to $9.9 million for the three months ended September 30, 2024 and 2025 respectively. This increase is attributed to increased software costs related to increased policies in force. Professional services expenses decreased from $3.6 million to $3.1 million for the three months ended September 30, 2024 and 2025 respectively. This decrease is attributed to reduced costs from third parties in servicing policies in force.

Interest expense. Interest expense decreased from $1.4 million for the three months ended September 30, 2024 to $0.9 million for the three months ended September 30, 2025. The decrease was due primarily to the decrease in outstanding debt.

Depreciation expense. Depreciation expense for the three months ended September 30, 2024 and 2025 were $0.7 and $1.1 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in 2024.

Amortization expense . Amortization expense for the three months ended September 30, 2024 and 2025 were $2.0 million and $1.9 million, respectively, representing 1.1% and 0.8%, respectively, of net premiums earned. The decrease was due primarily to an intangible asset being fully amortized at the end of 2024.

Income tax expense. Income tax expense was $6.8 million and $36.0 million for the three months ended September 30, 2024 and 2025, respectively. Our effective tax rate for the three months ended September 30, 2024 and 2025 was 27.9% and

24.5% for the respective periods. The decrease is due to the purchase of transferable Section 45x advanced manufacturing credits in the current period.

Ratios

Loss ratio . Our loss ratio decreased from 60.4% for the three months ended September 30, 2024 to 13.7% for the three months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force, a decrease in catastrophe losses from non-hurricane weather activity, and the release of reserves related to non-catastrophe events.

Expense ratio . Our expense ratio increased from 33.9% for the three months ended September 30, 2024 to 34.8% for the three months ended September 30, 2025, primarily due to a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition costs from 2024.

Combined ratio. Our combined ratio decreased from 94.3% for the three months ended September 30, 2024 to 48.5% for the three months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force, a decrease in catastrophe losses from non-hurricane weather activity, and the release of reserves related to non-catastrophe events.

Policy acquisition expense ratio . Our policy acquisition expense ratio increased from 11.9% for the three months ended September 30, 2024 to 15.0% for the three months ended September 30, 2025, primarily as a result of a reduction in premiums earned from Citizens' policies in the assumption period with reduced policy acquisition costs.

Debt to capitalization ratio . Our debt to capitalization ratio decreased from 9.9% for the three months ended September 30, 2024 to 3.5% for the three months ended September 30, 2025, primarily as a result of growth in retained earnings from net income and the IPO proceeds.

Return on equity. Our return on equity increased from 4.9% for the three months ended September 30, 2024 to 12.1 % for the three months ended September 30, 2025 as a result of an increase in earnings in the quarter due to reduction in losses incurred.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, (in thousands)
	2025			2024			Change			% Change
Gross premiums written	$	1,177,027		$	939,257		$	237,770			25.3	%
Change in unearned premiums		(128,115	)		(166,176	)		38,061			(22.9	)%
Gross premiums earned		1,048,912			773,081			275,831			35.7	%
Ceded premiums earned		(295,958	)		(205,238	)		(90,720	)		44.2	%
Net premiums earned		752,954			567,843			185,111			32.6	%
Net investment income		47,941			34,500			13,441			39.0	%
Policy fees		6,428			5,053			1,375			27.2	%
Other income		1,571			965			606			62.8	%
Total revenue	$	808,894		$	608,361		$	200,533			33.0	%
Losses and loss adjustment expenses incurred, net		208,370			280,205			(71,835	)		(25.6	)%
Policy acquisition and other underwriting expenses		97,062			56,880			40,182			70.6	%
General and administrative expenses		124,318			91,840			32,478			35.4	%
Interest expense		2,739			2,965			(226	)		(7.6	)%
Depreciation expense		3,493			1,387			2,106			151.8	%
Amortization expense		5,693			5,908			(215	)		(3.6	)%
Total expense	$	441,675		$	439,185		$	2,490			0.6	%
Net income before income tax expense	$	367,219		$	169,176		$	198,043			117.1	%
Income tax expense		93,647			43,144			50,503			117.1	%
Net income	$	273,572		$	126,032		$	147,540			117.1	%
Loss ratio		27.7	%		49.3	%		(21.6	)%
Expense ratio		30.6	%		27.5	%		3.1	%
Combined ratio		58.3	%		76.8	%		(18.5	)%
Policy acquisition expense ratio		12.9	%		10.0	%		2.9	%
Debt to capitalization ratio		3.5	%		9.9	%		(6.4	)%
Return on equity		39.2	%		41.5	%		(2.3	)%
Return on tangible equity (1)		39.6	%		43.7	%		(4.1	)%

(1)

Revenue

Gross premiums written. Gross premiums written increased from $939.3 million for the nine months ended September 30, 2024 to $1,177.0 million for the nine months ended September 30, 2025. The increase in net premiums written was primarily a result of policies assumed by Citizens, increases in renewal rates of existing written policies, as well as new policies written resulting from acquired renewal rights of Florida homeowners’ policies with effective dates of February 2024 and later from Truck Insurance Exchange, a subsidiary of Farmers. We initially acquired policy renewal rights from Farmers in February 2024. These policies were originally written by Farmers, and were due to expire in February 2024 and later. In 2024, we wrote approximately 36% of the policies for which we acquired renewal rights from Farmers. We expect to continue to write new

policies pursuant to our renewal rights agreement with Farmers as part of our diversified approach to policy underwriting, subject to market conditions.

The increase in net premiums written was primarily a result of policies assumed by Citizens, and increases in renewal rates of existing written policies. The following table summarizes the sources of our written policies in force as of September 30, 2024 and 2025:


	St. Johns Insurance Company Policies			Citizens Policies			UPC Policies			Organic Policies (2)			Farmers Policies			Commercial Residential			Total
Policies in force as of January 1, 2024		78,090			81,487			41,229			10,698			—			—			211,504
Policies acquired	N/A				64,585		N/A			N/A			N/A			N/A				64,585
New policies written	N/A			N/A			N/A				19,627			18,520		N/A				38,147
Policies lapsed or cancelled (3)		60,457			96,859			32,753			8,771			823		N/A				199,663
Policies renewed		50,677			78,152			24,662			7,043			—		N/A				160,534
Policy renewal rate		90.3	%		86.9	%		86.8	%		90.3	%	N/A			N/A				88.1	%
Policies in force as of September 30, 2024		68,310			127,365			33,138			28,597			17,697			—			275,107

Policies in force as of January 1, 2025		66,019			191,794			31,704			31,716			21,387			436			343,056
Policies acquired	N/A				39,951		N/A			N/A			N/A				130			40,081
New policies written	N/A			N/A			N/A				16,638			2,212			271			19,121
Policies lapsed or cancelled (3)		56,299			166,576			24,834			22,995			17,836			453			288,993
Policies renewed		48,758			136,885			21,031			18,050			13,453			265			238,442
Policy renewal rate		92.0	%		87.4	%		90.2	%		89.1	%		84.6	%		58.5	%		88.5	%
Policies in force as of September 30, 2025		58,478			202,054			27,901			43,409			19,216			649			351,707

(2)

(3)

Includes all policies that expired during the period presented, including policies that were eventually renewed by customers during the period presented.

Our policies acquired during the nine months ended September 30, 2025 decreased by 24,504 policies, or 37.9%, compared to the prior year as a result of a decrease in policies acquired from Citizens during the current period. Our policies written during the nine months ended September 30, 2024 decreased by 19,026 policies, or 49.9%, as a result of fewer Farmers and organic policies written. In addition, for the nine months ended September 30, 2025 and 2024, our policy renewals increased by 77,908, or 48.5%, as a result of the renewal of policies acquired from Citizens as compared to the same period in 2024, Farmers policy renewals and organic policy renewals. For the nine months ended September 30, 2025, our policy renewal rate was 88.5%, an increase from 88.1% for the same period in 2024. Our average premium per residential policy decreased from $4,045 at September 30, 2024 to $3,966 at September 30, 2025 as a result of a decrease in average premium of Citizens policies assumed. Additionally, our average premium per commercial residential policy was $128,518 at September 30, 2025.

Gross premiums earned. Gross premiums earned increased from $773.1 million for the nine months ended September 30, 2024 to $1,048.9 million for the nine months ended September 30, 2025. Our policies in force as of September 30, 2024 and September 30, 2025 were approximately 275,107 and 351,707 respectively, and this increase had a favorable impact on our gross premiums earned.

Ceded premiums earned. Ceded premiums for the nine months ended September 30, 2024 and 2025 were approximately $205.2 million and $296.0 million, respectively, representing 26.6% and 28.2%, respectively, of gross premiums earned. The $90.8 million increase was primarily attributable to increased catastrophe reinsurance purchased due to increased policies in force.

Net premiums earned. Net premiums earned increased from $567.8 million for the nine months ended September 30, 2024 to $753.0 million for the nine months ended September 30, 2025. The increase in net premiums earned in the comparable periods was primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies.

Net investment income. Net investment income, inclusive of realized investment gains and losses, increased from $34.5 million for the nine months ended September 30, 2024 to $47.9 million for the nine months ended September 30, 2025. Our average investable assets increased from $918 million for the nine months ended September 30, 2024 to $1,568 million for the nine months ended September 30, 2025. The increase in net investment income was due to increased equity from retained earnings and increased policies in force.

Policy fees. Policy fees increased from $5.1 million for the nine months ended September 30, 2024 to $6.4 million for the nine months ended September 30, 2025. The increase in policy fees in the comparable periods was primarily attributable to increased renewals of existing policies.

Other income. Other income for increased from $1.0 million for the nine months ended September 30, 2024 to $1.6 million for the nine months ended September 30, 2025. The increase in other income between the comparable periods was primarily attributable to an increase in commissionable premiums produced for other insurance companies.

Total revenue. Total revenue increased from $608.4 million for the nine months ended September 30, 2024 to $808.9 million for the nine months ended September 30, 2025. The increase in total revenue was due primarily to an increase in net premiums earned in the comparable periods primarily attributable to assumptions of policies from Citizens and increased renewals of existing policies.

Expenses

Losses and loss adjustment expenses incurred, net. Losses and loss adjustment expenses incurred, net decreased from $280.2 million (inclusive of catastrophe losses of $55.8 million from Hurricane Debby and Hurricane Helene) for the nine months ended September 30, 2024 to $208.4 million (there were no incurred losses from named storms during the period) for the nine months ended September 30, 2025. The decrease in losses and loss adjustment expenses incurred, net resulted primarily from the release of non-catastrophe reserve due to lower than expected payments. Losses and loss adjustment expenses incurred, net for the nine months ended September 30, 2025 included losses paid of $146.8 million and a $61.6 million increase in unpaid losses and loss adjustment expenses incurred, net, including the addition of $60.7 million of IBNR reserves. As of September 30, 2025, we reported $316.0 million in unpaid losses and loss adjustment expenses incurred, net, which included $256.4 million attributable to IBNR, or 81.2% of total reserves for unpaid losses and loss adjustment expenses incurred, net.

Policy acquisition and other underwriting expenses. Policy acquisition and other underwriting expenses for the nine months ended September 30, 2024 and 2025 were approximately $56.9 million and $97.1 million, respectively, representing 10.0% and 13.0%, respectively, of net premiums earned. The increase was primarily attributable to increased policies in force and fewer premiums earned on Citizens' policies in their assumption period, which had reduced policy acquisition costs in 2024.

General and administrative expenses. General and administrative expenses for the nine months ended September 30, 2024 and 2025 were approximately $91.8 million and $124.3 million, respectively, representing 16.2% and 16.5%, respectively, of net premiums earned. The increase was due primarily to the growth in staffing to support the Company’s increased policies in force. Payroll and related expenses increased from $43.3 million to $59.9 million for the nine months ended September 30, 2024 and 2025, respectively. This increase is attributed to increased personnel needed to grow and service policies in force. Personnel count increased from 204 at January 1, 2024 to 309 at September 30, 2024 and from 346 at January 1, 2025 to 474 at September 30, 2025. Software and IT infrastructure expenses increased from $18.8 million to $31.7 million for the nine months ended September 30, 2024 and 2025 respectively. This increase is attributed to increased software costs related to increased policies in force. Professional services expenses decreased from $11.8 million to $7.6 million for the nine months ended September 30, 2024 and 2025 respectively. This decrease is attributed to reduced costs from third parties in servicing policies in force.

Interest expense. Interest expense decreased from $2.9 million for the nine months ended September 30, 2024 to $2.7 million for the nine months ended September 30, 2025. The decrease was due primarily to the decrease in outstanding debt.

Depreciation expense. Depreciation expense for the nine months ended September 30, 2024 and 2025 were $1.3 and $3.5 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in 2024.

Amortization expense . Amortization expense for the nine months ended September 30, 2024 and 2025 were $5.9 million and $5.7 million, respectively, representing 1.0% and 0.8%, respectively, of net premiums earned. The decrease was due primarily to an intangible asset being fully amortized at the end of 2024.

Income tax expense. Income tax expense was $43.1 million and $93.6 million for the nine months ended September 30, 2024 and 2025, respectively. Our effective tax rate for each of the nine months ended September 30, 2024 and 2025 was 25.5%.

Ratios

Loss ratio . Our loss ratio decreased from 49.3% for the nine months ended September 30, 2024 to 27.7% for the nine months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force and a decrease in catastrophe losses from non-hurricane weather activity.

Expense ratio . Our expense ratio increased from 27.5% for the nine months ended September 30, 2024 to 30.6% for the nine months ended September 30, 2025, primarily due to a reduction in premiums earned from Citizens policies in the assumption period with reduced policy acquisition costs in 2024.

Combined ratio. Our combined ratio decreased from 76.8% for the nine months ended September 30, 2024 to 58.3% for the nine months ended September 30, 2025, primarily as a result of increased net premiums earned from increased policies in force and a decrease in catastrophe losses from non-hurricane weather activity.

Policy acquisition expense ratio . Our policy acquisition expense ratio increased from 10.0% for the nine months ended September 30, 2024 to 12.9% for the nine months ended September 30, 2025, primarily as a result of a reduction in premiums earned from Citizens' policies in the assumption period with reduced policy acquisition costs.

Debt to capitalization ratio . Our debt to capitalization ratio decreased from 9.9% for the nine months ended September 30, 2024 to 3.5% for the nine months ended September 30, 2025, primarily as a result of growth in retained earnings from net income and the IPO proceeds.

Return on equity. Our return on equity decreased from 41.5% for the nine months ended September 30, 2024 to 39.2% for the nine months ended September 30, 2025 as a result of growth in equity due to retained earnings and the IPO proceeds.

Non-GAAP Financial Measures

We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements are not required by, or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) under SEC rules and regulations. We refer to these measures as “non-GAAP financial measures.” For example, in this Quarterly Report, we present return on tangible equity, which is a non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. We believe that non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of our non-GAAP financial measures to the most comparable GAAP figures, for the periods presented follows:

Return on tangible equity

The following table sets forth a reconciliation of return on tangible equity to return on equity, the most directly comparable GAAP measure:


	Three Months Ended September 30, (in thousands)						Year Ended December 31,
	2025			2024			2024
Numerator: Net Income	$	110,997		$	17,577		$	201,125
Denominator:
Average shareholders' equity		916,140			356,562			335,379
Less: Average goodwill and other intangible assets		(5,553	)		(14,216	)		(14,229	)
Average tangible shareholders' equity		910,587			342,346			321,150
Return on tangible equity		12.2	%		5.1	%		62.6	%
Return on equity		12.1	%		4.9	%		60.0	%


	Nine Months Ended September 30, (in thousands)						Year Ended December 31,
	2025			2024			2024
Numerator: Net Income	$	273,572		$	126,032		$	201,125
Denominator:
Average shareholders' equity		698,690			303,517			335,379
Less: Average goodwill and other intangible assets		(7,449	)		(15,209	)		(14,229	)
Average tangible shareholders' equity		691,241			288,308			321,150
Return on tangible equity		39.6	%		43.7	%		62.6	%
Return on equity		39.2	%		41.5	%		60.0	%

Our return on tangible equity increased from 5.1% for the three months ended September 30, 2024 to 12.2% for the three months ended September 30, 2025 as a result of growth in equity due to retained earnings due to net income.

Our return on tangible equity decreased from 43.7% for the nine months ended September 30, 2024 to 39.6% for the nine months ended September 30, 2025 as a result of growth in equity due to an increase in retained earnings and the IPO proceeds.

Liquidity and Capital Resources

We are organized as a Delaware holding company with our operations primarily conducted by our wholly owned insurance company subsidiaries, SIC (domiciled in the State of Florida), Slide Reinsurance Holdings, LLC (a holding company which owns 100% of shares of segregated cell T104 of White Rock Insurance (SAC) LTD.) and our services companies Slide MGA, LLC, Clegg Insurance Advisors, LLC D/B/A Homefront, STAT Claims Co., and Trusted Mitigation Contractors.

The holding company may receive cash through (i) capital contributions or issuance of equity and debt securities, (ii) dividends from our insurance company subsidiaries and (iii) distributions from our services companies. We may use these proceeds to contribute funds to our insurance company subsidiaries to support growth, pay dividends, pay taxes, or for other corporate purposes.

SIC can only pay dividends to the holding company out of its available and accumulated surplus funds, which are derived from realized net operating profits on its business and net unrealized capital gains. Dividend payments without prior written approval of the FLOIR shall not exceed the larger of:

•

The lesser of 10% of surplus or net income, not including realized capital gains, plus a two-year carryforward;

•

Ten percent of surplus, with dividends payable constrained to unassigned funds, minus 25% of unrealized capital gains;

•

The lesser of 10% of surplus or net investment income plus a three-year carryforward with dividends payable constrained to unassigned funds minus 25% of unrealized capital gains; and

•

In lieu of the above computations, the maximum dividend allowed by SIC may be up to the greater of 10% of surplus derived from realized net operating profits and realized capital gains or net operating profits and net realized capital gains from the immediately preceding calendar year, limited to 115% of minimum required surplus after dividends. The maximum dividend allowable by SIC is $6.1 million.

No dividends were paid by SIC in 2024. Florida Statute Section 624.408 requires SIC to maintain a minimum level of surplus of not less than the greater of 10% of its total liabilities, or $15.0 million. Based on this requirement, SIC was required to maintain capital and surplus of $84.1 million and $70.8 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, SIC’s statutory-basis surplus totaled $316.6 million and $208.0 million, meeting the minimum surplus requirements.

As of September 30, 2025 and December 31, 2024 we had $1.402 billion and $789.8 million, respectively, in cash, cash equivalents and restricted cash, which primarily consisted of cash, money market accounts and U.S. Treasury bills. We intend to maintain substantial cash or cash equivalent balances during hurricane season to meet seasonal liquidity needs relating to potential catastrophic losses.

Our insurance subsidiaries generate cash through premium collections, investment income and the sale or maturity of invested assets. During our start-up phase, we funded our working capital requirements primarily through private sales of equity. We received net proceeds of approximately $123.5 million primarily from equity issuances through December 31, 2024 and $263.3 million from the IPO proceeds. See “ —Equity Issuances ” in this quarterly report. We use our cash to pay reinsurance premiums, losses and loss adjustment expenses incurred, net, policy acquisition and other underwriting expenses, salaries and employee benefits and other expenses, as well as to purchase investments.

Although we can provide no assurances, we believe that the net proceeds from our IPO, together with our available cash, cash equivalents, and restricted cash balance and cash generated from operations, should be sufficient to meet our working capital requirements and other capital expenditures for the next 12 months.

Cash Flows

Our most significant source of cash is from premiums received from insureds, net of the related commission amount for the policies. Our most significant cash outflows are for claims that arise when a policyholder incurs an insured loss and for catastrophe excess of loss reinsurance. Because the payment of claims occurs after the receipt of the premium, often years later, we invest the cash in various investment securities that generally earn interest and dividends. The table below summarizes our net cash flow.


	Nine Months Ended September 30, (in thousands)
	2025			2024			Change			% Change
Cash Flows provided by (used in):
Operating activities		375,702			395,481			(19,779	)		(5.0	)%
Investing activities		(605	)		(194,072	)		193,467			(99.7	)%
Financing activities		237,253			4,688			232,565			4960.9	%
Net increase in cash, cash equivalents and restricted cash		612,350			206,097			406,253			197.1	%

For the nine months ended September 30, 2025, cash flows provided by operating activities was $375.7 million, a decrease of $19.8 million from the nine months ended September 30, 2024, driven by a change in net income and purchase of transferable tax credits. For the nine months ended September 30, 2025, cash flows provided by investing activities was $0.6 million, an increase of $193.5 million from the nine months ended September 30, 2024, driven by the reduced purchases of fixed-maturity securities available-for-sale. For the nine months ended September 30, 2025, cash flows used by financing activities was $237.3 million, an increase of $232.6 million from the nine months ended September 30, 2024, driven by the IPO proceeds.

Seasonality of Our Business

Our insurance business is seasonal as hurricanes typically occur during the period from June 1 through November 30 each year. With our catastrophe reinsurance program effective on June 1 each year, any variation in the cost of our reinsurance, whether due to changes to reinsurance rates or changes in the total insured value of our policy base, will occur and be reflected in our financial results beginning June 1 of each year, subject to certain adjustments.

Credit Facility

On June 25, 2024, we entered into an amended and restated credit agreement with Regions Bank for a $10.0 million revolving credit facility, which was increased to $45.0 million pursuant to the accordion feature on March 20, 2025, a term loan in an aggregate principal amount of $40.0 million and one or more delayed draw term loans in an aggregate principal amount not to exceed $125.0 million (together, the “Credit Facility”). The Credit Facility contains covenants that, among other things, restrict our ability to make certain restricted payments, incur additional debt, engage in certain asset sales, mergers, acquisitions or similar transactions, create liens on assets, engage in certain transactions with affiliates, change our business or make investments and require us to comply with certain financial covenants. Pursuant to the terms of the Credit Facility, we may from time to time establish one or more additional term loans subject to certain conditions precedent contained therein. The Credit Facility is guaranteed by certain of our subsidiaries and is secured by certain of our cash and deposit account balances. The Credit Facility matures on June 25, 2029. At September 30, 2025, the Company had no borrowings outstanding under the revolving credit facility and an outstanding balance of $36.0 million on the term loan. At September 30, 2025, the Company was in compliance with all required covenants and had available borrowing capacity of $170.0 million.

The Credit Facility accrues interest at (i) for base rate loans, the highest of (a) the prime rate, (b) the federal funds rate, as in effect from time to time, plus 0.50% per annum, (c) the term secured overnight financing rate (“SOFR”) in effect on such day for a forward-looking interest period of one month commencing on such day, plus 1.00% per annum, and (d) the floor of 0.00% per annum, in each case plus an applicable margin of (x) if the consolidated total leverage ratio, as defined in the Credit Facility, is less than 1.00:1.00, 2.25%, (y) if the consolidated total leverage ratio is greater than or equal to 1.00:1.00 but less than 1.50:1.00, 2.50% or (z) if the consolidated total leverage ratio is greater than or equal to 1.50:1.00, 2.75%, and (ii) for SOFR based loans, the rate per annum equal to the SOFR reference rate for a forward-looking tenor comparable to the then applicable or selected (as applicable) interest period, determined as of a periodic term

SOFR determination date, or the floor of 0.00% per annum, if applicable, plus an applicable margin of (x) if the consolidated total leverage ratio is less than 1.00:1.00, 3.25%, (y) if the consolidated total leverage ratio is greater than or equal to 1.00:1.00 but less than 1.50:1.00, 3.50% or (z) if the consolidated total leverage ratio is greater than or equal to 1.50:1.00, 3.75%.

Corporate Taxes

As a corporation, we are subject to typical corporate U.S. federal and state income tax rates which we expect to result in a statutory tax rate of approximately 25.4% under current tax law.

Off-Balance Sheet Arrangements

We do not maintain any other off-balance sheet arrangements. Please see Note 14, Commitments and Contingencies, in the notes to our financial statements for more information.

Contractual Obligations and Commitments

The following table illustrates our contractual obligations and commercial commitments by due date as of September 30, 2025:


	Payments Due by Period
	Total		Less Than One Year		One Year to Less Than Three Years		Three Years to Less Than Five Years		More Than Five Years
Debt securities and credit agreements	$	38,000	$	6,000	$	9,000	$	23,000	$	-
Interest payable (1)		7,652		2,456		4,006		1,190		-
Opearting lease obligations		11,374		2,130		4,970		4,274		-
Total	$	57,026	$	10,586	$	17,976	$	28,464	$	-

1) Interest on the Credit Facility is calculated using 7.56% in effect at September 30, 2025 with the assumption that interest rates remain flat over the remainder of the period that the Credit Facility is outstanding. At our option, we may prepay the Credit Facility, in whole or in part, without premium or penalty.

Financial Condition

Stockholders’ Equity

As of September 30, 2025, stockholders’ equity was $964.2 million. As of December 31, 2024, total stockholders’ equity was $433.2 million. The increase was primarily due to increased retained earnings and the IPO proceeds.

Investment Portfolio

Our primary investment objectives are to maintain liquidity, preserve capital and generate a stable level of investment income. We purchase securities that we believe are attractive on a relative value basis and seek to generate returns in excess of predetermined benchmarks. Our Board determines our investment guidelines in compliance with applicable regulatory restrictions on asset type, quality and concentration.

Our cash and invested assets consist of cash and cash equivalents, fixed maturity securities and equity securities. As of September 30, 2025, the majority of our investments, or $473.1 million, was comprised of fixed income securities rated BBB- or better. Our investments also include $4.0 million of other securities. In addition, we maintained a non-restricted cash and cash equivalent balance of $861.6 million and a restricted cash balance of $540.6 million as of September 30, 2025.

As of December 31, 2024, the majority of our investments, or $464.8 million, was comprised of fixed income securities rated BBB- or better. Also included in our investments were $4.5 million of other investments. In addition, we maintained a non-restricted cash and cash equivalent balance of $493.4 million and a restricted cash balance of $296.4 million as of December 31, 2024.

As of September 30, 2025, and December 31, 2024, the amortized cost and fair value on available for sale securities were as follows:


	As of September 30, 2025
Fixed Maturity Securities:	Amortized Cost		Fair Value		% of Total Fair Value
	($ in thousands)
Obligations of the U.S. Treasury and U.S. Government agencies	$	145,066	$	146,993		31.0	%
Obligations of state and political subdivisions		166,703		169,982		35.8	%
Corporate securities		129,982		133,798		28.2	%
Asset-backed securities		23,703		23,830		5.0	%
Total available for sale investments	$	465,454	$	474,603		100	%


	As of December 31, 2024
Fixed Maturity Securities:	Amortized Cost		Fair Value		% of Total Fair Value
	($ in thousands)
Obligations of the U.S. Treasury and U.S. Government agencies	$	166,641	$	166,283		35.7	%
Obligations of state and political subdivisions		17,344		17,222		3.7	%
Corporate securities		149,104		150,025		32.3	%
Asset-backed securities		106,681		106,586		22.9	%
Certificate of deposits		23,061		23,097		5.0	%
Obligations of foreign governments		1,754		1,753		0.4	%
Total available for sale investments	$	464,585	$	464,966		100.0	%

The following tables provide the credit quality of available for sale investments as of September 30, 2025 and December 31, 2024:


	As of September 30, 2025
Rating:	Amortized Cost		Fair Value		% of Total Fair Value
	($ in thousands)
AAA	$	40,255	$	40,880		8.6	%
AA+		205,219		208,073		43.8	%
AA		43,365		44,036		9.3	%
AA-		32,306		33,146		7.0	%
A+		31,220		31,876		6.7	%
A		22,982		23,592		5.0	%
A-		27,359		28,096		5.9	%
BBB+		32,816		34,030		7.2	%
BBB		19,768		20,342		4.3	%
BBB-		8,755		9,063		1.9	%
Not Rated		1,411		1,467		0.3	%
Total available for sale investments	$	465,454	$	474,603		100.0	%


	As of December 31, 2024
Rating:	Amortized Cost		Fair Value		% of Total Fair Value
	($ in thousands)
AAA	$	210,924	$	210,577		45.3	%
AA+		28,231		28,222		6.1	%
AA		24,871		24,792		5.3	%
AA-		37,501		37,378		8.0	%
A+		38,250		38,228		8.2	%
A		26,798		26,992		5.8	%
A-		33,969		34,131		7.3	%
BBB+		24,297		24,612		5.3	%
BBB		31,894		32,171		6.9	%
BBB-		7,686		7,699		1.7	%
Not Rated		164		164		0.1	%
Total available for sale investments	$	464,585	$	464,966		100.0	%

The amortized cost and fair value of our available for sale investments in fixed maturity securities summarized by contractual maturity as of September 30, 2025 and December 31, 2024 are displayed in the tables below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations.


	As of September 30, 2025
	Amortized Cost		Fair Value		% of Total Fair Value
	($ in thousands)
Due in one year or less	$	41,456	$	41,609		8.8	%
Due after one year through five years		273,751		279,568		58.9	%
Due after five years through 10 years		122,082		125,209		26.4	%
Due after 10 years		28,165		28,217		5.9	%
Total available for sale investments	$	465,454	$	474,603		100.0	%


	As of December 31, 2024
	Amortized Cost		Fair Value		% of Total Fair Value
	($ in thousands)
Due in one year or less	$	56,574	$	56,666		12.2	%
Due after one year through five years		286,584		287,703		61.9	%
Due after five years through 10 years		112,702		112,117		24.1	%
Due after 10 years		8,725		8,480		1.8	%
Total available for sale investments	$	464,585	$	464,966		100.0	%

Critical Accounting Policies and Estimates

Preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenues and expenses. We believe that the accounting estimates discussed below represent the accounting estimates requiring the exercise of judgment where a different set of judgments could result in the greatest changes to reported results. Our current critical accounting policies and estimates are as follows:

Premiums . We record direct and assumed written premiums as revenue, net of ceded amounts on a daily pro rata basis over the contract period of the related policies that are in force. For any portion of premiums not earned at the end of the reporting period, we record an unearned premium liability.

Premiums receivable represents amounts due from our policyholders for billed premiums and related policy fees. We perform a policy level evaluation to determine the extent to which the balance of the premiums receivable exceeds the balance of

the unearned premiums. We then age any resulting exposure based on the last date the policy was billed to the policyholder, and we establish an allowance account for credit losses for any amounts outstanding for more than 90 days. When we receive payments on amounts previously charged off, we credit bad debt expense in the period we receive the payment. Balances in premiums receivable and the associated allowance account are removed upon cancellation of the policy due to non-payment. We recorded an allowance for uncollectible premiums of $1.0 and $2.3 million at December 31, 2024 and September 30, 2025.

When we receive premium payments from policyholders prior to the effective date of the related policy, we record an advance premium liability. On the policy effective date, we reduce the advance premium liability and record the premiums as described above.

Reserves for unpaid losses and loss adjustment expenses incurred, net . Reserves for unpaid losses and loss adjustment expenses incurred, net, also referred to as loss reserves, represent the most significant accounting estimate inherent in the preparation of our financial statements. These reserves represent management’s best estimate of the amount we will ultimately pay for losses and loss adjustment expenses incurred, net and we base the amount upon the application of various actuarial reserve estimation techniques as well as considering other material facts and circumstances known at the balance sheet date.

We establish two categories of loss reserves as follows:

•

Case reserves—When a claim is reported, we establish an initial estimate of the losses that will ultimately be paid on the reported claim. Our initial estimate for each claim is based upon the judgment of our claims professionals who are familiar with property and liability losses associated with the coverage offered by our policies. Then, our claims personnel perform an evaluation of the type of claim involved, the circumstances surrounding each claim and the policy provisions relating to the loss and adjust the reserve as necessary. As claims mature, we increase or decrease the reserve estimates as deemed necessary by our claims department based upon additional information we receive regarding the loss, the results of on-site reviews and any other information we gather while reviewing the claims.

•

IBNR reserves—Our IBNR reserves include true IBNR reserves plus “bulk” reserves. True IBNR reserves represent amounts related to claims for which a loss occurred on or before the date of the financial statements but which have not yet been reported to us. Bulk reserves represent additional amounts that cannot be allocated to particular claims, but which are necessary to estimate ultimate losses on known claims. We estimate our IBNR reserves by projecting our ultimate losses using industry accepted actuarial methods and then deducting actual loss payments and case reserves from the projected ultimate losses. We review and adjust our IBNR reserves on a quarterly basis based on information available to us at the balance sheet date.

When we establish our reserves, we analyze various factors such as the evolving historical loss experience of the insurance industry as well as our experience, claims frequency and severity, our business mix, our claims processing procedures, legislative enactments, judicial decisions and legal developments in imposition of damages, and general economic conditions, including inflation. A change in any of these factors from the assumptions implicit in our estimates will cause our ultimate loss experience to be better or worse than indicated by our reserves, and the difference could be material. Due to the interaction of the foregoing factors, there is no precise method for evaluating the impact of any one specific factor in isolation, and an element of judgment is ultimately required. Due to the uncertain nature of any projection of the future, the ultimate amount we will pay for losses will be different from the reserves we record.

We determine our ultimate loss reserves by selecting a point estimate within a relevant range of indications that we calculate using generally accepted actuarial techniques. Our selection of the point estimate is influenced by the analysis of our paid losses and incurred losses since inception, as well as industry information relevant to the population of exposures drawn from Citizens. At our current level of experience, industry information strongly influences the basis for estimates of claims related factors. We expect that our loss experience will be of growing significance in future periods.

Our reserves as of December 31, 2024 were in excess of the reserves estimated and evaluated by our Chief Actuarial Officer to be necessary to meet the requirements of the insurance laws of Florida, be consistent with reserves computed in accordance with accepted loss reserving standards and principles, and make a reasonable provision for all unpaid loss and loss adjustment expense obligations under the terms of our contracts and agreements. In addition to $111.7 million of recorded case reserves, we recorded $483.8 million of IBNR reserves as of December 31, 2024 to achieve overall reserves of $595.5 million.

The process of establishing our reserves is complex and necessarily imprecise, as it involves using judgment that is affected by many variables. We believe a reasonably likely change in almost any of the factors we evaluate as part of our loss reserve analysis could have an impact on our reported results, financial position and liquidity.

The following table quantifies the impact of changes in our loss reserves on our net income, stockholders’ equity and liquidity as of and for the year ended December 31, 2024:


	Actual		Low Estimate		% Change from Actual			High Estimate		% Change from Actual
	(dollars in thousands)
Loss Reserves	$	595,487	$	424,462		(28.7	)%	$	636,096		6.8	%
Impact on:
Net income		201,125		328,727		63.4	%		170,827		(15.1	)%
Shareholders’ equity		433,159		560,761		29.5	%		402,861		(7.0	)%
Adjusted cash, cash equivalents and investments (1)		789,842		917,444		16.2	%		759,544		(3.8	)%

(1)

Adjusted cash, cash equivalents and investments is intended to present a measure of future liquidity and consists of cash, cash equivalents and investments, less loss reserves, net of taxes, assuming a 25.39% tax rate.

Policy acquisition and other underwriting expenses. We incur policy acquisition and other underwriting expenses that vary with, and are directly related to, the production of new business. Policy acquisition and other underwriting expenses consist of the following three items: (i) commissions paid to outside agents at the time of policy issuance, (ii) premium taxes and (iii) inspection fees. We capitalize policy acquisition and other underwriting expenses to the extent recoverable, then we amortize those costs over the contract period of the related policy.

At each reporting date, we determine whether we have a premium deficiency. A premium deficiency would result if the sum of our expected losses, deferred policy acquisition and other underwriting expenses and policy maintenance costs (such as costs to store records and costs incurred to collect premiums and pay commissions) exceeded our related unearned premiums plus investment income. Should we determine that a premium deficiency exists, we would write off the unrecoverable portion of deferred policy acquisition and other underwriting expenses.

Reinsurance. We follow industry practice of reinsuring a portion of our risks. Reinsurance involves transferring, or “ceding,” all or a portion of the risk exposure on policies we write to another insurer, known as a reinsurer. To the extent that our reinsurers are unable to meet the obligations they assume under our reinsurance agreements, we remain liable for the entire insured loss.

Our reinsurance agreements are short-term, prospective contracts. We record an asset, prepaid reinsurance premiums, and a liability, reinsurance payable, for the entire contract amount upon commencement of our new reinsurance agreements. We amortize our prepaid reinsurance premiums over the applicable contract period.

In the event that we incur losses recoverable under our reinsurance program, we record amounts recoverable from our reinsurers on paid losses plus an estimate of amounts recoverable on unpaid losses. The estimate of amounts recoverable on unpaid losses is a function of our liability for unpaid losses associated with the reinsured policies; therefore, the amount changes in conjunction with any changes to our estimate of unpaid losses. Though an estimate of amounts recoverable from reinsurers on unpaid losses may change at any point in the future because of its relation to our reserves for unpaid losses, a reasonable probability exists that an estimated recovery may change significantly in the near term from the amounts included in our consolidated financial statements.

We estimate uncollectible amounts receivable from reinsurers based on an assessment of factors including the creditworthiness of the reinsurers and the adequacy of collateral obtained, where applicable. We recorded no amounts uncollectible under our reinsurance program or bad debt expense related to reinsurance during the year ended December 31, 2024, or the nine months ended September 30, 2025.

Investments. We currently classify all of our investments in fixed-maturity securities as available-for-sale and report them at fair value. Subsequent to our acquisition of available-for-sale securities, we record changes in value through the date of disposition as unrealized holding gains and losses, net of tax effects, and include them as a component of other comprehensive income. We include realized gains and losses, which we calculate using the specific-identification method for determining the cost of securities sold, in net income. We amortize any premium or discount on investments over the remaining maturity period of the related investments using the effective interest method, and we report the amortization in net investment income. We recognize dividends and interest income when earned.

A large portion of our investment portfolio consists of fixed-maturity securities, which may be adversely affected by changes in interest rates as a result of governmental monetary policies, domestic and international economic and political conditions and other factors beyond our control. A rise in interest rates would decrease the net unrealized holding gains of our investment portfolio, offset by our ability to earn higher rates of return on funds reinvested. Conversely, a decline in interest rates would increase the net unrealized holding gains of our investment portfolio, offset by lower rates of return on funds reinvested.

Fair Value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price). When reporting the fair values of our financial instruments, we prioritize those fair value measurements into one of three levels based on the nature of the inputs, as follows:

•

Level 1—Valuations based on quoted prices in active markets for identical assets and liabilities;

•

Level 2—Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar, but not identical instruments; and

•

Level 3—Valuations based on unobservable inputs, which are based upon the best available information when external market data is limited or unavailable.

We estimate the fair value of our investments using the closing prices on the last business day of the reporting period, obtained from active markets. For securities for which quoted prices in active markets are unavailable, we use observable inputs such as quoted prices in inactive markets, quoted prices in active markets for similar instruments, benchmark interest rates, broker quotes and other relevant inputs. We do not have any investments in our portfolio which require us to use unobservable inputs. Our estimates of fair value reflect the interest rate environment that existed as of the close of business on December 31, 2024 and the nine months ended September 30, 2025. Changes in interest rates subsequent to December 31, 2024 or the nine months ended September 30, 2025 may affect the fair value of our investments.

The carrying amounts for the following financial instruments approximate their fair values at December 31, 2024, and the nine months ended September 30, 2025 because of their short-term nature: cash and cash equivalents, accrued investment income, premiums receivable, reinsurance payable, and accounts payable and accrued expenses.

Stock-based compensation . We account for stock-based compensation under the fair value recognition provisions of U.S. GAAP, which requires the measurement and recognition of compensation for all stock-based awards made to employees and directors based on estimated fair values. Prior to the IPO, the valuation of our common stock required us to make highly complex and subjective estimates because our shares were not publicly traded. We do not currently need these estimates to determine the fair value of new stock-based compensation awards since our underlying shares are trading publicly. In accordance with U.S. GAAP, the fair value of stock based awards is amortized over the requisite service period, which is defined as the period during which an employee is required to provide service in exchange for an award. We use a straight-line attribution method for all grants that include only a service condition.

Income taxes . We file as a corporation and thus are subject to United States income tax on our worldwide income as a U.S. corporation.

We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect to recover or settle those temporary differences. Should a change in tax rates occur, we recognize the effect on deferred tax assets and liabilities in operations in the period that includes the enactment date. Realization of our deferred income tax assets depends upon our generation of sufficient future taxable income.

We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant taxing authority.

We record any income tax penalties and income tax-related interest as income tax expense in the period incurred. We incurred underestimated tax penalties and interest of $1.2 million during year ended December 31, 2024.

Recent Accounting Pronouncements

We determined that all recently issued accounting pronouncements will not have a material impact on our consolidated financial position, results of operations and cash flows, or do not apply to our operations.

Emerging Growth Company Status

We are an emerging growth company, as defined in the JOBS Act. For as long as we are an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies,” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, exemptions from the requirements of holding advisory “say-on-pay” votes on executive compensation and stockholder advisory votes on golden parachute compensation.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes forward-looking statements within the meaning of the federal securities laws. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “aim,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed in Part II, Item 1A “Risk Factors” in this Quarterly Report and in other reports we file with the SEC.

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 and completeness of any of these forward-looking statements. We are under no duty to update any of these forward-looking statements after the date of this Quarterly Report to conform our prior statements to actual results or revised expectations.

The following are some important factors that could cause our actual results to differ from our expectations in any forward-looking statements:

•

our limited operating history, which make our business and future prospects difficult to evaluate;

•

whether our “Slide” brand becomes as widely known as incumbents’ brands or becomes tarnished;

•

the impact of macroeconomic conditions, including declining consumer confidence, inflation, high unemployment and the read of recession;

•

the success of the Company's underwriting and profitability initiatives;

•

failure to establish accurate reserves, failure to adjust claims accurately, the denial of claims or our failure to accurately and timely pay claims;

•

ability to expand within the United States and additional costs and risks we will be subject to as a result;

•

intense competition in the segments of the insurance industry in which we operate;

•

if reinsurance is unavailable at current levels and prices, and the counterparty risk we are subject to as a result;

•

examinations we are periodically subject to by our state insurance regulators, which could result in adverse examination findings and necessitate remedial actions;

•

the historically cyclical nature of the insurance business, including the market for homeowners and commercial residential insurance, which may result in us experiencing periods with excess underwriting capacity and unfavorable premium rates;

•

weather conditions (including severity and frequency of storms, hurricanes, tornadoes, wildfires and hail);

•

the highly regulated environment we operate in and the variety of complex federal and state laws and regulations we are subject to; and

•

significantly increased costs we will incur and substantial management time we will devote as a result of operating as a public company.

For further discussion of certain of these factors, see the risk factors disclosed in the section entitled “Risk Factors” this Quarterly Report and in our prospectus included in the Registration Statement on Form S-1 (File No. 333-287556) (the “Registration Statement”) relating to your IPO, as filed June 18, 2025.

Ite m 3. Quantitative and Qualitative Disclosures About Market Risk.

Our investment portfolios include fixed-maturity securities, the purposes of which are not for trading or speculation. Our main objective is to maximize after-tax investment income and maintain sufficient liquidity to meet policyholder obligations while minimizing market risk, which is the potential economic loss from adverse fluctuations in securities’ prices. We consider many factors including credit ratings, investment concentrations, regulatory requirements, anticipated fluctuation of interest rates, durations and market conditions in developing investment strategies. Investment securities are managed by BlackRock and are overseen by the investment committee appointed by the board of directors of SIC. Our investment portfolios are primarily exposed to interest rate risk and credit risk. We classify our fixed-maturity securities as available-for-sale and report any unrealized gains or losses, net of deferred income taxes, as a component of other comprehensive income within our shareholders’ equity. As such, any material temporary changes in their fair value can adversely impact the carrying value of our shareholders’ equity.

Interest Rate Risk

Our fixed-maturity securities are sensitive to potential losses resulting from unfavorable changes in interest rates. We manage the risk by analyzing anticipated movement in interest rates and considering our future capital needs.

The following table illustrates the impact of hypothetical changes in interest rates to the fair value of our fixed-maturity securities at September 30, 2025 ($ in thousands):


Hypothetical Change in Interest Rates	Estimated Fair Value After Change		Change in Estimated Fair Value			Percentage Increase (Decrease) in Estimated Fair Value
300 basis point increase	$	425,552	$	(49,051	)		(10.3	)%
200 basis point increase		442,057		(32,545	)		(6.9	)%
100 basis point increase		458,408		(16,195	)		(3.4	)%
100 basis point decrease		490,642		16,040			3.4	%
200 basis point decrease		506,527		31,924			6.7	%
300 basis point decrease		522,254		47,651			10.0	%

Credit Risk

Credit risk can expose us to potential losses arising principally from adverse changes in the financial condition of the issuers of our fixed-maturity securities. We mitigate the risk by primarily investing in fixed-maturity securities that are rated “BBB” or higher and diversifying our investment portfolio to avoid concentrations in any single issuer or business sector. Pursuant to our investment policy, only $1.0 million may be invested in below investment grade bonds. The duration of the financial instruments held in our portfolio that are subject to interest rate risk was 3.28 years and 3.29 years at September 30, 2025 and December 31, 2024, respectively. To the extent interest rates decrease during 2025, we anticipate the fair value of our fixed rate debt securities to be subject to increase. Credit risk results from uncertainty in a counterparty’s ability to meet its obligations. Credit risk is managed by maintaining a high credit quality fixed maturity securities portfolio. As of September 30, 2025, the estimated weighted average credit quality rating of the fixed maturity securities portfolio was AA-, at fair value, consistent with the average rating at December 31, 2024. For more information regarding the composition of our fixed-maturity securities portfolio, see “ —Financial Condition—Investment Portfolio ” within Item 2.

Foreign Currency Exchange Risk

At September 30, 2025, we did not have any material exposure to foreign currency related risk.

Ite m 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) that are designed to assure that information required to be disclosed in our Exchange Act reports are recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. As required by Exchange Act Rule 13a-15(b), as of the end of the period covered by this Quarterly Report, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025.

Changes in Internal Control over Financial Reporting

During the three months ended September 30, 2025, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHE R INFORMATION

Ite m 1. Legal Proceedings.

We are subject to routine legal proceedings in the ordinary course of business. We believe that the ultimate resolution of these matters will not have a material adverse effect on our business, financial condition or results of operations.

Ite m 1A. Risk Factors.

The Company documented its risk factors in the prospectus included in the Registration Statement relating to our IPO, as filed June 18, 2025. As of the date of this Quarterly Report, there have been no material changes to the Company’s risk factors since the filing of that final prospectus.

Ite m 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

The following table presents information related to our repurchases of common stock during the third quarter of 2025:


Period	Total number of shares purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
7/1/2025 - 7/31/2025		—	$	-		—	$	-
8/1/2025 - 8/31/2025		—	$	-		—	$	75,000
9/1/2025 - 9/30/2025		1,406,712	$	14.22		1,406,712	$	55,000
Total		1,406,712	$	14.22		1,406,712	$	55,000

(1)

On August 26, 2025, the Board authorized the repurchase program, which allows the Company to repurchase, from time to time, up to $75.0 million of common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. The Company has repurchased 1,406,712 shares of common stock for $20.0 million as of September 30, 2025. Upon repurchase, the Company retired the shares of common stock. The repurchase plan has no time deadline and will continue until all authorized shares have been repurchased or otherwise modified or terminated by the Board.

Ite m 3. Defaults Upon Senior Securities.

None.

Ite m 4. Mine Safety Disclosures.

None.

Ite m 5. Other Information.

During the three months ended September 30, 2025 , no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Ite m 6. Exhibits.


Exhibit Number		Description


31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

** Furnished herewith.

SIG NATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Company Name

Date: November 5, 2025		/s/ Bruce Lucas
	By:	Bruce Lucas
	Its:	Chief Executive Officer (Duly Authorized Officer)

Date: November 5, 2025		/s/ Jesse Schalk
	By:	Jesse Schalk
	Its:	Chief Financial Officer (Principal Financial Officer)

TABLE OF CONTENTS

Part I Fin Item 1. Financial Statements Item 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II Other Information Part II Othe Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits

Exhibits

31.1* Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2* Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1** Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2** Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SLDE 10-Q Quarter ended Sept. 30, 2025

Exhibits