0001781755-23-000042 | 10-Q | XBRL Viewer

Contract Assets and Liabilities (Notes)

9 Months Ended

Sep. 30, 2023

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Contract assets arise when the Company recognizes (i) revenue for amounts which have not yet been billed and (ii) receivables for premiums to be collected on behalf of Insurance Company Partners. Contract liabilities relate to payments received in advance of performance under the contract before the transfer of a good or service to the customer. Contract assets are included in premiums, commissions and fees receivable, net and contract liabilities are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The balances of contract assets and liabilities arising from contracts with customers were as follows:


(in thousands)	September 30, 2023		December 31, 2022
Contract assets	$	327,999	$	278,023
Contract liabilities	27,094		30,981

During the nine months ended September 30, 2023, the Company recognized revenue of $30.6 million related to the contract liabilities balance at December 31, 2022.

Earnings (Loss) Per Share - Schedule of Antidilutive Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Unvested RSAs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation (in shares)	3,880,052	3,626,931	3,880,052	0
Shares of Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation (in shares)	52,486,094	54,611,484	52,486,094	54,611,484

Contract Assets and Liabilities - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 327,999	$ 278,023
Contract liabilities	$ 27,094	$ 30,981

Accrued Expenses and Other Current Liabilities (Notes)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current LiabilitiesAccrued expenses and other current liabilities consist of the following:


(in thousands)	September 30, 2023		December 31, 2022
Accrued compensation and benefits	$	48,782	$	44,903
Contract liabilities	27,094		30,981
Current portion of operating lease liabilities	16,064		14,043
Accrued expenses	13,070		13,101
Current portion of long-term debt	10,243		8,509
Deferred consideration payments	3,471		6,840
Other	12,694		7,366
Accrued expenses and other current liabilities	$	131,418	$	125,743

Revenue (Notes)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

The following table provides disaggregated commissions and fees revenue by major source:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Commission revenue(1)	$	237,103	$	204,264	$	737,815	$	591,650
Profit-sharing revenue(2)	25,959		15,044		75,877		49,422
Consulting and service fee revenue(3)	21,735		19,084		57,947		47,417
Policy fee and installment fee revenue(4)	17,071		18,367		49,907		37,834
Other income(5)	4,402		2,609		12,361		8,353
Total commissions and fees	$	306,270	$	259,368	$	933,907	$	734,676

__________

(1) Commission revenue is earned by providing insurance placement services to Clients under direct bill and agency bill arrangements with Insurance Company Partners for private risk management, commercial risk management, wealth management, employee benefits and Medicare insurance types.

(2) Profit-sharing revenue represents bonus-type revenue that is earned by the Company as a sales incentive provided by certain Insurance Company Partners.

(3) Service fee revenue is earned for providing insurance placement services to Clients for a negotiated fee and consulting revenue is earned by providing specialty insurance consulting.

(4) Policy fee revenue represents revenue earned for acting in the capacity of an MGA on behalf of the Insurance Company Partner and fulfilling certain services including delivery of policy documents, processing payments and other administrative functions. Installment fee revenue represents revenue earned by the Company for providing payment processing services on behalf of the Insurance Company Partner related to policy premiums paid on an installment basis.

(5) Other income includes other ancillary income, premium financing income and investment income, as well as marketing income that is based on agreed-upon cost reimbursement for fulfilling specific targeted Medicare marketing campaigns.

The application of Topic 606 requires the use of management judgment. The following are the areas of most significant judgment as it relates to Topic 606:

•The Company considers the policyholders as representative of its customers in the majority of contractual relationships, with the exception of Medicare contracts in its Mainstreet Insurance Solutions Operating Group, where the Insurance Company Partner is considered its customer.

•Medicare contracts in the Mainstreet Insurance Solutions Operating Group are multi-year arrangements in which the Company is entitled to renewal commissions. However, the Company has applied a constraint to renewal commissions that limits revenue recognized on new policies to the policy year in effect, and revenue recognized on renewed policies to the receipt of periodic cash, when a risk of significant reversals exists based on: (i) insufficient history; and (ii) the influence of external factors outside of the Company’s control, including policyholder discretion over plans and Insurance Company Partner relationship, political influence, and a contractual provision, which limits the Company’s right to receive renewal commissions to ongoing compliance and regulatory approval of the relevant Insurance Company Partner and compliance with the Centers for Medicare and Medicaid Services.

•The Company recognizes separately contracted commission revenue at the effective date of insurance placement and considers any ongoing interaction with the customer to be insignificant in the context of the obligations of the contract.

•Variable consideration includes estimates of direct bill commissions, reserves for policy cancellations and accruals for profit-sharing income.

•Costs to obtain a contract are deferred and recognized over five years, which represents management’s estimate of the average period over which a Client maintains its initial coverage relationship with the original Insurance Company Partner.

•Due to the relatively short time period between the information gathering phase and binding insurance coverage, the Company has determined that costs to fulfill contracts are not significant. Therefore, costs to fulfill a contract are expensed as incurred.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Deferred Commission Expense - Rollforward of Deferred Commission Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Deferred Commission Expense [Roll Forward]
Balance at beginning of period	$ 24,840	$ 16,198	$ 21,669	$ 11,336
Costs capitalized	2,666	3,641	9,170	10,509
Amortization	(1,847)	(1,206)	(5,180)	(3,212)
Balance at end of period	$ 25,659	$ 18,633	$ 25,659	$ 18,633

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (101,523)	$ 14,725
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	73,755	63,221
Change in fair value of contingent consideration	55,065	(10,809)
Share-based compensation expense	46,637	26,065
(Gain) loss on interest rate caps	489	(25,420)
Payment of contingent earnout consideration in excess of purchase price accrual	(22,639)	(48,943)
Amortization of deferred financing costs	3,577	3,894
Other loss	797	369
Changes in operating assets and liabilities:
Premiums, commissions and fees receivable, net	(63,367)	(97,126)
Prepaid expenses and other current assets	(6,294)	(11,087)
Right-of-use assets	7,671	(15,076)
Accounts payable, accrued expenses and other current liabilities	32,793	70,282
Operating lease liabilities	(4,162)	16,992
Other liabilities	0	(3,740)
Net cash provided by (used in) operating activities	22,799	(16,653)
Cash flows from investing activities:
Capital expenditures	(14,157)	(15,400)
Cash consideration paid for asset acquisitions	(2,118)	(3,356)
Investment in business ventures	(673)	(791)
Cash consideration paid for business combinations, net of cash received	0	(387,919)
Net cash used in investing activities	(16,948)	(407,466)
Cash flows from financing activities:
Payment of contingent earnout consideration up to amount of purchase price accrual	(26,808)	(47,218)
Proceeds from revolving line of credit	88,000	512,000
Payments on revolving line of credit	(269,000)	(20,000)
Proceeds from issuance of long-term debt	170,000	0
Payments on long-term debt	(6,815)	(6,382)
Payments of debt issuance costs	(4,447)	(1,751)
Proceeds from the sale and settlement of interest rate caps	7,893	19,587
Tax distributions to BRP LLC members	(408)	(9,393)
Proceeds from repayment of stockholder notes receivable	42	156
Distributions to VIEs	(385)	0
Net cash provided by (used in) financing activities	(41,928)	446,999
Net increase (decrease) in cash and cash equivalents and restricted cash	(36,077)	22,880
Cash and cash equivalents and restricted cash at beginning of period	230,471	227,737
Cash and cash equivalents and restricted cash at end of period	194,394	250,617
Supplemental schedule of cash flow information:
Cash paid during the period for interest	77,455	41,225
Cash paid during the period for income taxes	1,208	1,056
Disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	4,391	23,444
Contingent earnout liabilities recognized in business combinations and asset acquisitions	723	16,495
Capital expenditures incurred but not yet paid	699	1,198
Right-of-use assets increased through lease modifications and reassessments	697	4,732
Noncash debt issuance costs incurred	245	0
Increase (decrease) in goodwill resulting from measurement period adjustments for prior year business combinations	(211)	3,455
Equity issued in business combinations	0	4,819
Equity issued in satisfaction of a liability	$ 0	$ 711

Subsequent Events (Details) - Subsequent Event - Forecast $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
One-time retirement costs	$ 8.0
Severance compensation	5.1
Bonus compensation	$ 2.9

Deferred Commission Expense (Notes)

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Commission Expense

The Company pays an incremental amount of compensation in the form of producer commissions on new business. In accordance with ASC Topic 340, Other Assets and Deferred Costs, these incremental costs are deferred and amortized over five years, which represents management’s estimate of the average benefit period for new business. Deferred commission expense represents producer commissions that are capitalized and not yet expensed and are included in other assets on the condensed consolidated balance sheets. The table below provides a rollforward of deferred commission expense:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	24,840	$	16,198	$	21,669	$	11,336
Costs capitalized	2,666		3,641		9,170		10,509
Amortization	(1,847)		(1,206)		(5,180)		(3,212)
Balance at end of period	$	25,659	$	18,633	$	25,659	$	18,633

Long-term Debt (Notes)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

As of December 31, 2022, the JPM Credit Agreement, as amended, provided for senior secured credit facilities in an aggregate principal amount of $1.45 billion, which consisted of (i) a term loan facility in the principal amount of $850.0 million maturing in October 2027 (the “Term Loan B”) and (ii) a revolving credit facility with commitments in an aggregate principal amount of $600.0 million maturing in April 2027 (the “Revolving Facility”). The Term Loan B bore interest at LIBOR plus 350 bps, subject to a LIBOR floor of 50 bps. At December 31, 2022, the outstanding borrowings on the Term Loan B of $838.1 million, which are presented net of unamortized debt issuance costs of $19.7 million on the condensed consolidated balance sheet, had an applicable interest rate of 7.79%.

On June 27, 2023, the Company entered into Amendment No. 6 to the JPM Credit Agreement, under which, effective July 1, 2023, the interest rate on the Term Loan B changed to term SOFR plus a credit spread adjustment between 11 bps and 43 bps based on the term SOFR rate plus an applicable margin of 350 bps, subject to a term SOFR floor of 50 bps.

On September 15, 2023, the Company entered into Amendment No. 7 to the JPM Credit Agreement to provide for a new senior secured first lien incremental term loan facility in an aggregate principal amount of $170.0 million (the “Incremental Term Loan B”), which represents an increase in the aggregate principal amount of the Term Loan B from $850.0 million to $1.02 billion. The Company used a portion of the proceeds from the Incremental Term Loan B to partially repay outstanding amounts under the Revolving Facility. The Company incurred $4.7 million in debt issuance costs in connection with this amendment.

At September 30, 2023, the outstanding borrowings on the Term Loan B of $1.0 billion had an applicable interest rate of 8.94%. The outstanding borrowings on the Term Loan B are presented net of unamortized debt issuance costs of $21.3 million on the condensed consolidated balance sheet at September 30, 2023.

Future annual maturities of the Term Loan B are as follows as of September 30, 2023:


(in thousands)	Amount
Payments for the years ending December 31,
2023	$	2,561
2024	10,243
2025	10,243
2026	10,243
2027	968,008
Total long-term debt	1,001,298
Less: unamortized debt issuance costs	(21,344)
Net long-term debt	$	979,954

Borrowings under the Revolving Facility accrue interest at SOFR plus 210 bps to SOFR plus 310 bps based on total net leverage ratio. The outstanding borrowings on the Revolving Facility of $324.0 million at September 30, 2023 had an applicable interest rate of 8.42%. Comparatively, the outstanding borrowings on the Revolving Facility of $505.0 million at December 31, 2022 had an applicable interest rate of 7.41%. The Revolving Facility is also subject to a commitment fee of 0.40% on the unused capacity at September 30, 2023.

The JPM Credit Agreement requires the Company to meet certain financial covenants and comply with customary affirmative and negative covenants as listed in the underlying agreement. The Company was in compliance with these covenants at September 30, 2023.

Interest Rate Caps

The Company uses interest rate caps to mitigate its exposure to interest rate risk on its debt by limiting the impact of interest rate changes on cash flows. The interest rate caps limit the variability of the applicable base rate to the amount of the cap. The interest rate caps, which are included as a component of other assets on the condensed consolidated balance sheets, are recorded at an aggregate fair value of $6.8 million and $15.2 million at September 30, 2023 and December 31, 2022, respectively. The Company recognized a loss on interest rate caps of $0.8 million and $0.5 million for the three and nine months ended September 30, 2023, respectively, and a gain of $4.2 million and $25.4 million for the three and nine months ended September 30, 2022, respectively. The gain or loss on interest rate caps is included as a component of other income, net in the condensed consolidated statements of comprehensive income (loss).

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	64,229,313	61,447,368
Common stock, shares outstanding	64,229,313	61,447,368
Common Class B
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	52,486,094	54,504,918
Common stock, shares outstanding	52,486,094	54,504,918

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands, except per share data)	2023		2022		2023		2022
Basic earnings (loss) per share:
Net income (loss) attributable to BRP Group	$	(17,629)	$	(24,793)	$	(55,658)	$	6,718
Shares used for basic earnings (loss) per share:
Weighted-average shares of Class A common stock outstanding - basic	60,549		57,282		59,791		56,430
Basic earnings (loss) per share	$	(0.29)	$	(0.43)	$	(0.93)	$	0.12

Diluted earnings (loss) per share:
Net income (loss) attributable to BRP Group	$	(17,629)	$	(24,793)	$	(55,658)	$	6,718
Shares used for diluted earnings (loss) per share:
Weighted-average shares of Class A common stock outstanding - basic	60,549		57,282		59,791		56,430
Dilutive effect of unvested stock awards	—		—		—		3,465
Weighted-average shares of Class A common stock outstanding - diluted	60,549		57,282		59,791		59,895
Diluted earnings (loss) per share	$	(0.29)	$	(0.43)	$	(0.93)	$	0.11

Schedule of Antidilutive Securities Excluded from Diluted Weighted Average Number of Shares Outstanding Calculation

The following potentially dilutive securities were excluded from the Company's diluted weighted-average number of shares outstanding calculation for the periods presented as their inclusion would have been anti-dilutive.


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2022	2023	2022
Unvested RSAs and PSUs	3,880,052	3,626,931	3,880,052	—
Shares of Class B common stock	52,486,094	54,611,484	52,486,094	54,611,484

Business and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Date of incorporation	Jul. 01, 2019

Business and Basis of Presentation (Notes)	9 Months Ended
Business and Basis of Presentation (Notes)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation BRP Group, Inc. (“BRP Group” or the “Company”) was incorporated in the state of Delaware on July 1, 2019. BRP Group is a diversified insurance agency and services organization that markets and sells insurance products and services to its customers throughout the U.S. A significant portion of the Company’s business is concentrated in the Southeastern U.S., with several other regional concentrations. BRP Group and its subsidiaries operate through three reportable segments (“Operating Groups”), including Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions and Mainstreet Insurance Solutions, which are discussed in more detail in Note 13. Principles of Consolidation The consolidated financial statements include the accounts of BRP Group and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As the sole manager of Baldwin Risk Partners, LLC (“BRP”), BRP Group operates and controls all the business and affairs of BRP, and has the sole voting interest in, and controls the management of, BRP. Accordingly, BRP Group consolidates BRP in its consolidated financial statements, resulting in a noncontrolling interest related to the membership interests of BRP (the “LLC Units”) held by BRP’s members in its consolidated financial statements. The Company has prepared these condensed consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“Topic 810”). Topic 810 requires that if an enterprise is the primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity should be included in the consolidated financial statements of the enterprise. The Company has recognized certain entities as variable interest entities of which the Company is the primary beneficiary and has included the accounts of these entities in the consolidated financial statements. Refer to Note 2 for additional information regarding the Company’s variable interest entities. Topic 810 also requires that the equity of a noncontrolling interest shall be reported on the condensed consolidated balance sheets within total equity of the Company. Certain redeemable noncontrolling interests are reported on the condensed consolidated balance sheets as mezzanine equity. Topic 810 also requires revenues, expenses, gains, losses, net income or loss, and other comprehensive income or loss to be reported in the consolidated financial statements at consolidated amounts, which include amounts attributable to the owners of the parent and the noncontrolling interests. Unaudited Interim Financial Reporting The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and related notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting of recurring accruals, considered necessary for fair statement have been included. The accompanying balance sheet for the year ended December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by GAAP. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2023 and the Company’s Current Report on Form 8-K (relating to the Company’s reclassification of historical segment information) filed with the SEC on May 9, 2023. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant accounting policies and estimates underlying the accompanying condensed consolidated financial statements include the application of guidance for revenue recognition; the valuation of acquired relationships and contingent consideration; impairment of long-lived assets and goodwill; share-based compensation related to performance-based restricted stock unit awards; and the valuation allowance for deferred tax assets. Changes in Presentation As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, beginning in January 2023, the Company’s MainStreet and Medicare businesses were combined under one Operating Group, Mainstreet Insurance Solutions. In addition, the Middle Market and Specialty Operating Groups were rebranded as Insurance Advisory Solutions and Underwriting, Capacity & Technology Solutions, respectively. Prior year segment reporting information in Note 13 has been recast to conform to the current organizational structure. Certain prior period amounts have been reclassified to conform to current period presentation. The Company made changes to the classification of revenue in the disaggregated revenue table, including (i) the combination of direct bill revenue and agency bill revenue lines into one commission revenue line and (ii) the reclassification of certain revenue streams between profit-sharing revenue, consulting and service fee revenue, policy fee and installment fee revenue, and other income. Prior period amounts in the disaggregated revenue table in Note 3 have been reclassified to conform to current period presentation. In addition, amounts due from related parties and the change therein has been combined with prepaid expenses and other current assets within the condensed consolidated balance sheets and the condensed consolidated statements of cash flows. Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (i) the recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 requires that, at the acquisition date, an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) as if it had originated the contracts, while also taking into account how the acquiree applied Topic 606. The Company adopted ASU 2021-08 effective January 1, 2023. The adoption did not have any impact on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (“Topic 848”)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which established optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform to provide temporary relief during the transition period of Topic 848 and ease the potential burden of accounting for, or recognizing the effects of, reference rate reform on financial reporting. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024 as a result of the extension of the intended cessation of USD LIBOR to June 30, 2023. The Company has adopted the optional expedient within ASU 2020-04 to account for modifications of contracts within the scope of ASC Topic 470, Debt, including Amendment No. 6 to the JPM Credit Agreement dated June 27, 2023 discussed in Note 7. The adoption did not have any impact on our consolidated financial statements.

Earnings (Loss) Per Share (Notes)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (Loss) Per ShareBasic earnings (loss) per share is computed by dividing net income (loss) attributable to BRP Group by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per share is computed giving effect to all potentially dilutive shares of common stock.

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands, except per share data)	2023		2022		2023		2022
Basic earnings (loss) per share:
Net income (loss) attributable to BRP Group	$	(17,629)	$	(24,793)	$	(55,658)	$	6,718
Shares used for basic earnings (loss) per share:
Weighted-average shares of Class A common stock outstanding - basic	60,549		57,282		59,791		56,430
Basic earnings (loss) per share	$	(0.29)	$	(0.43)	$	(0.93)	$	0.12

Diluted earnings (loss) per share:
Net income (loss) attributable to BRP Group	$	(17,629)	$	(24,793)	$	(55,658)	$	6,718
Shares used for diluted earnings (loss) per share:
Weighted-average shares of Class A common stock outstanding - basic	60,549		57,282		59,791		56,430
Dilutive effect of unvested stock awards	—		—		—		3,465
Weighted-average shares of Class A common stock outstanding - diluted	60,549		57,282		59,791		59,895
Diluted earnings (loss) per share	$	(0.29)	$	(0.43)	$	(0.93)	$	0.11

Potentially dilutive securities consist of unvested stock awards, including RSAs and PSUs, in addition to shares of Class B common stock, which can be exchanged (together with a corresponding number of LLC Units) for shares of Class A common stock on a one-for-one basis. The following potentially dilutive securities were excluded from the Company's diluted weighted-average number of shares outstanding calculation for the periods presented as their inclusion would have been anti-dilutive.


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2022	2023	2022
Unvested RSAs and PSUs	3,880,052	3,626,931	3,880,052	—
Shares of Class B common stock	52,486,094	54,611,484	52,486,094	54,611,484

The shares of Class B common stock do not share in the earnings or losses attributable to BRP Group, and therefore, are not participating securities. Accordingly, a separate presentation of basic and diluted earnings (loss) per share of Class B common stock under the two-class method has not been included.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within each level of the fair value hierarchy:


(in thousands)	September 30, 2023		December 31, 2022
Level 2
Interest rate caps	$	6,768	$	15,150
Level 2 Assets	$	6,768	$	15,150
Level 3
Contingent earnout liabilities	$	273,277	$	266,936
Level 3 Liabilities	$	273,277	$	266,936

Schedule of Changes in Fair Value of Liabilities Measured at Fair Value on a Recurring Basis Utilizing Level 3 Assumptions

The following table sets forth a summary of the changes in the fair value of the Company’s contingent earnout liabilities, which are measured at fair value on a recurring basis utilizing Level 3 assumptions in their valuation:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	294,312	$	209,996	$	266,936	$	258,589
Change in fair value of contingent consideration	13,914		21,695		55,065		(10,809)
Fair value of contingent consideration issuances	723		3,097		723		16,495
Settlement of contingent consideration(1)	(35,672)		(5,174)		(49,447)		(34,661)
Balance at end of period	$	273,277	$	229,614	$	273,277	$	229,614

__________

(1) During 2021, the Company settled $61.5 million of its contingent earnout liabilities through the issuance of related party notes payable, which was subsequently paid in April 2022 and included as payments of contingent earnout consideration in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022. This amount has been excluded from the settlement of contingent consideration in the table above for the nine months ended September 30, 2022.

Schedule of Financial Instruments Not Measured at Fair Value

The carrying amount and estimated fair value of long-term debt and the revolving line of credit were as follows:


	Fair Value Hierarchy	September 30, 2023				December 31, 2022
(in thousands)		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt(1)	Level 2	$	1,001,298	$	991,286	$	838,114	$	816,155
Revolving line of credit	Level 2	324,000		314,966		505,000		476,304

__________

(1) The carrying amount of long-term debt reflects outstanding borrowings on the Term Loan B, which are presented net of unamortized debt issuance costs of $21.3 million and $19.7 million at September 30, 2023 and December 31, 2022, respectively, on the condensed consolidated balance sheets.

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total assets	$ 3,423,498		$ 3,423,498		$ 3,462,182
Total liabilities	2,349,618		2,349,618		2,322,143
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Revenues	400	$ 500	1,400	$ 1,300
Expenses	300	$ 200	800	$ 800
Total assets	800		800		400
Total liabilities	$ 200		$ 200		$ 100

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

DEI Statement - shares	9 Months Ended
DEI Statement - shares	Sep. 30, 2023	Nov. 01, 2023
Document Information [Line Items]
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001781755
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39095
Entity Registrant Name	BRP GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1937225
Entity Address, Address Line One	4211 W. Boy Scout Blvd.
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33607
City Area Code	866
Local Phone Number	279-0698
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	BRP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		64,318,059
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		52,430,994

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of BRP Group and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As the sole manager of Baldwin Risk Partners, LLC (“BRP”), BRP Group operates and controls all the business and affairs of BRP, and has the sole voting interest in, and controls the management of, BRP. Accordingly, BRP Group consolidates BRP in its consolidated financial statements, resulting in a noncontrolling interest related to the membership interests of BRP (the “LLC Units”) held by BRP’s members in its consolidated financial statements. The Company has prepared these condensed consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“Topic 810”). Topic 810 requires that if an enterprise is the primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity should be included in the consolidated financial statements of the enterprise. The Company has recognized certain entities as variable interest entities of which the Company is the primary beneficiary and has included the accounts of these entities in the consolidated financial statements. Refer to Note 2 for additional information regarding the Company’s variable interest entities. Topic 810 also requires that the equity of a noncontrolling interest shall be reported on the condensed consolidated balance sheets within total equity of the Company. Certain redeemable noncontrolling interests are reported on the condensed consolidated balance sheets as mezzanine equity. Topic 810 also requires revenues, expenses, gains, losses, net income or loss, and other comprehensive income or loss to be reported in the consolidated financial statements at consolidated amounts, which include amounts attributable to the owners of the parent and the noncontrolling interests.
Use of Estimates	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant accounting policies and estimates underlying the accompanying condensed consolidated financial statements include the application of guidance for revenue recognition; the valuation of acquired relationships and contingent consideration; impairment of long-lived assets and goodwill; share-based compensation related to performance-based restricted stock unit awards; and the valuation allowance for deferred tax assets.
Recently Adopted Accounting Standards	In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (i) the recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 requires that, at the acquisition date, an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) as if it had originated the contracts, while also taking into account how the acquiree applied Topic 606. The Company adopted ASU 2021-08 effective January 1, 2023. The adoption did not have any impact on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (“Topic 848”)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which established optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform to provide temporary relief during the transition period of Topic 848 and ease the potential burden of accounting for, or recognizing the effects of, reference rate reform on financial reporting. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024 as a result of the extension of the intended cessation of USD LIBOR to June 30, 2023. The Company has adopted the optional expedient within ASU 2020-04 to account for modifications of contracts within the scope of ASC Topic 470, Debt, including Amendment No. 6 to the JPM Credit Agreement dated June 27, 2023 discussed in Note 7. The adoption did not have any impact on our consolidated financial statements.

Contract Assets and Liabilities - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Revenue recognized in current year related to contract liabilities at end of prior year	$ 30.6

Fair Value Measurements (Notes)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC Topic 820, Fair Value Measurement (“Topic 820”) established a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy under Topic 820 are described below:

Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2: Inputs to the valuation methodology are quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The fair value measurement level for assets and liabilities within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within each level of the fair value hierarchy:


(in thousands)	September 30, 2023		December 31, 2022
Level 2
Interest rate caps	$	6,768	$	15,150
Level 2 Assets	$	6,768	$	15,150
Level 3
Contingent earnout liabilities	$	273,277	$	266,936
Level 3 Liabilities	$	273,277	$	266,936

The fair value of interest rate caps is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the caps are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities.

Methodologies used for liabilities measured at fair value on a recurring basis within Level 3 of the fair value hierarchy at September 30, 2023 and December 31, 2022 are based on limited unobservable inputs. These methods may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The fair value of contingent earnout liabilities is based on sales projections for the acquired entities, which are reassessed each reporting period. Based on the Company’s ongoing assessment of the fair value of its contingent earnout liabilities, the Company recorded a net increase in the estimated fair value of such liabilities of $13.9 million and $55.1 million for the three and nine months ended September 30, 2023, respectively. The Company has assessed the maximum estimated exposure to the contingent earnout liabilities to be $847.1 million at September 30, 2023.

The Company measures contingent earnout liabilities at fair value each reporting period using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The Company uses a probability weighted value analysis as a valuation technique to convert future estimated cash flows to a single present value amount. The significant unobservable inputs used in the fair value measurements are sales projections over the earnout period, and the probability outcome percentages assigned to each scenario. Significant increases or decreases to either of these inputs would result in a significantly higher or lower liability with a higher liability capped by the contractual maximum of the contingent earnout liabilities. Ultimately, the liability will be equivalent to the amount settled, and the difference between the fair value estimate and amount settled will be recorded in earnings for business combinations, or as a change in the cost of the assets acquired for asset acquisitions.

The fair value of the contingent earnout liabilities is based on Monte Carlo simulations that measure the present value of the expected future payments to be made to Partners in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, the Company estimates the Partner’s future performance using financial projections developed by management for the Partner and market participant assumptions that were derived for revenue growth, the number of rental units tracked or the insured value of sourced homeowners insurance. Revenue growth rates generally ranged from 9% to 35% at September 30, 2023 and from 8% to 35% at December 31, 2022. The Company estimates future payments using the earnout formula and performance targets specified in each purchase agreement and these financial projections. These payments are discounted to present value using a risk-adjusted rate that takes into consideration market-based rates of return that reflect the ability of the Partner to achieve the targets. These discount rates generally ranged from 8.25% to 14.50% at September 30, 2023 and from 6.50% to 18.00% at December 31, 2022. Changes in financial projections, market participant assumptions for revenue growth, or the risk-adjusted discount rate, would result in a change in the fair value of contingent consideration.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	294,312	$	209,996	$	266,936	$	258,589
Change in fair value of contingent consideration	13,914		21,695		55,065		(10,809)
Fair value of contingent consideration issuances	723		3,097		723		16,495
Settlement of contingent consideration(1)	(35,672)		(5,174)		(49,447)		(34,661)
Balance at end of period	$	273,277	$	229,614	$	273,277	$	229,614

__________

Fair Value of Other Financial Instruments

The fair value of long-term debt and the revolving line of credit is based on an estimate using a discounted cash flow analysis and current borrowing rates for similar types of borrowing arrangements. The carrying amount and estimated fair value of long-term debt and the revolving line of credit were as follows:


	Fair Value Hierarchy	September 30, 2023				December 31, 2022
(in thousands)		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt(1)	Level 2	$	1,001,298	$	991,286	$	838,114	$	816,155
Revolving line of credit	Level 2	324,000		314,966		505,000		476,304

__________

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Information (Notes)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

The Company completed a strategic review of its organizational structure in January 2023 and determined that the chief operating decision maker, the chief executive officer, would change the way he manages and operates the Company’s MainStreet and Medicare businesses. Effective in the first quarter of 2023, the chief executive officer reviews the Medicare and Mainstreet businesses on a combined basis as one operating segment, also determined to be an Operating Group, Mainstreet Insurance Solutions, which is used by the chief executive officer to make decisions about the resources to be allocated to the Operating Group and to assess its performance. In addition, the Middle Market and Specialty Operating Groups were rebranded as Insurance Advisory Solutions and Underwriting, Capacity & Technology Solutions, respectively, effective in the first quarter of 2023.

Effective in the first quarter of 2023, BRP Group’s business is divided into three Operating Groups: Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions, and Mainstreet Insurance Solutions.

•The Insurance Advisory Solutions Operating Group provides expertly-designed commercial risk management, employee benefits solutions and private risk management for mid-to-large size businesses and high net worth individuals, as well as their families.

•The Underwriting, Capacity & Technology Solutions (“UCTS”) Operating Group consists of two distinct businesses. Our specialty wholesale broker business delivers specialty insurers, professionals, individuals and niche industry businesses expanded access to exclusive specialty markets, capabilities and programs requiring complex underwriting and placement. UCTS also houses our MGA of the Future platform, in which we manufacture proprietary, technology-enabled insurance products that are then distributed (in many instances via technology and/or API integrations) internally via our Risk Advisors across our other Operating Groups and externally via select distribution partners, with a focus on sheltered channels where our products deliver speed, ease of use and certainty of execution, an example of which is our national embedded renters insurance product sold at point of lease via integrations with property management software providers.

•The Mainstreet Insurance Solutions Operating Group offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities. The Mainstreet Insurance Solutions Operating Group also offers consultations for government assistance programs and solutions, including traditional Medicare, Medicare Advantage and Affordable Care Act, to seniors and eligible individuals, through a network of primarily independent contractor agents.

In all its Operating Groups, the Company generates commissions from insurance placement under both agency bill and direct bill arrangements, and profit-sharing income based on either the underlying book of business or performance, such as loss ratios. All Operating Groups also generate other ancillary income and premium financing income.

In the Insurance Advisory Solutions and UCTS Operating Groups, the Company generates fees from service fee and consulting arrangements. Service fee arrangements are in place with certain Clients for providing insurance placement services.

In the UCTS Operating Group, the Company generates fees from policy fee and installment fee arrangements. Policy fee revenue is earned for acting in the capacity of an MGA and providing payment processing services and other administrative functions on behalf of Insurance Company Partners.

In the Mainstreet Insurance Solutions Operating Group, the Company generates commissions and fees from marketing income, which is earned through co-branded Medicare marketing campaigns with the Company’s Insurance Company Partners.

In addition, the Company generates investment income in the Insurance Advisory Solutions and UCTS Operating Groups and the Corporate and Other non-reportable segment.

The Company’s chief operating decision maker, the chief executive officer, uses net income (loss) and net income (loss) before interest, taxes, depreciation, amortization, and one-time transactional-related expenses or non-recurring items to manage resources and make decisions about the business.

Summarized financial information regarding the Company’s Operating Groups is shown in the following tables. The Corporate and Other non-reportable segment includes any expenses not allocated to the Operating Groups and corporate-related items, including interest expense. Intersegment revenue and expenses are eliminated through the Corporate and Other column. Service center expenses and other overhead are allocated to the Company’s Operating Groups based on either revenue or headcount as applicable to each expense.


	For the Three Months Ended September 30, 2023
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Commissions and fees(1)	$	144,409	$	118,413	$	62,297	$	(18,849)	$	306,270
Net income (loss)	3,756		11,205		10,763		(57,730)		(32,006)


	For the Three Months Ended September 30, 2022
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Commissions and fees(2)	$	130,216	$	97,929	$	47,784	$	(16,561)	$	259,368
Net income (loss)	(25,050)		14,734		6,781		(43,172)		(46,707)


	For the Nine Months Ended September 30, 2023
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Commissions and fees(1)	$	493,367	$	314,791	$	174,114	$	(48,365)	$	933,907
Net income (loss)	31,807		22,830		22,775		(178,935)		(101,523)


	For the Nine Months Ended September 30, 2022
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Commissions and fees(2)	$	433,151	$	221,753	$	106,767	$	(26,995)	$	734,676
Net income (loss)	63,296		31,060		14,868		(94,499)		14,725

__________

(1) During the three and nine months ended September 30, 2023, the UCTS Operating Group recorded intercompany commissions and fees from activity with the Mainstreet Insurance Solutions Operating Group and itself of $18.6 million and $47.7 million, respectively, and the Mainstreet Insurance Solutions Operating Group recorded intercompany commissions and fees from activity with all Operating Groups of $0.3 million and $1.4 million, respectively. These intercompany commissions and fees are eliminated through Corporate and Other.

(2) During the three and nine months ended September 30, 2022, the Insurance Advisory Solutions Operating Group recorded intercompany commissions and fees from activity with the UCTS Operating Group of $0.4 million and $1.1 million, respectively; the UCTS Operating Group recorded intercompany commissions and fees from activity with the Mainstreet Insurance Solutions Operating Group and itself of $15.8 million and $24.5 million, respectively; and the Mainstreet Insurance Solutions Operating Group recorded intercompany commissions and fees from activity with all Operating Groups of $0.4 million and $1.4 million, respectively. These intercompany commissions and fees are eliminated through Corporate and Other.


(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Total assets at September 30, 2023	$	2,234,244	$	628,549	$	517,088	$	43,617	$	3,423,498
Total assets at December 31, 2022	2,240,483		616,117		530,504		75,078		3,462,182

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Summarized Financial Information by Operating Group


	For the Three Months Ended September 30, 2023
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Commissions and fees(1)	$	144,409	$	118,413	$	62,297	$	(18,849)	$	306,270
Net income (loss)	3,756		11,205		10,763		(57,730)		(32,006)


	For the Three Months Ended September 30, 2022
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Commissions and fees(2)	$	130,216	$	97,929	$	47,784	$	(16,561)	$	259,368
Net income (loss)	(25,050)		14,734		6,781		(43,172)		(46,707)


	For the Nine Months Ended September 30, 2023
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Commissions and fees(1)	$	493,367	$	314,791	$	174,114	$	(48,365)	$	933,907
Net income (loss)	31,807		22,830		22,775		(178,935)		(101,523)


	For the Nine Months Ended September 30, 2022
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Commissions and fees(2)	$	433,151	$	221,753	$	106,767	$	(26,995)	$	734,676
Net income (loss)	63,296		31,060		14,868		(94,499)		14,725

__________


(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Total assets at September 30, 2023	$	2,234,244	$	628,549	$	517,088	$	43,617	$	3,423,498
Total assets at December 31, 2022	2,240,483		616,117		530,504		75,078		3,462,182

Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Schedule of Contract Assets and Liabilities

The balances of contract assets and liabilities arising from contracts with customers were as follows:


(in thousands)	September 30, 2023		December 31, 2022
Contract assets	$	327,999	$	278,023
Contract liabilities	27,094		30,981

Deferred Commission Expense (Tables)

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Rollforward of Deferred Commission Expense

The table below provides a rollforward of deferred commission expense:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Balance at beginning of period	$	24,840	$	16,198	$	21,669	$	11,336
Costs capitalized	2,666		3,641		9,170		10,509
Amortization	(1,847)		(1,206)		(5,180)		(3,212)
Balance at end of period	$	25,659	$	18,633	$	25,659	$	18,633

Share-Based Compensation (Notes)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company has an Omnibus Incentive Plan (the “Omnibus Plan”) and a Partnership Inducement Award Plan (the “Inducement Plan” and collectively with the Omnibus Plan, the “Plans”) to motivate and reward Colleagues and certain other individuals to perform at the highest level and contribute significantly to the Company’s success, thereby furthering the best interests of BRP Group’s shareholders. The total number of shares of Class A common stock authorized for issuance under the Omnibus Plan and the Inducement Plan was 8,461,907 and 3,000,000, respectively, at September 30, 2023.

During the nine months ended September 30, 2023, the Company made awards of restricted stock awards (“RSAs”), performance-based restricted stock unit awards (“PSUs”), and fully vested shares under the Plans to its non-employee directors, officers, Colleagues and consultants. Fully-vested shares issued to directors, officers and Colleagues during the nine months ended September 30, 2023 were vested upon issuance and PSUs issued to officers vest in the quarter following the end of a performance period of 3 years, while RSAs issued to Colleagues, consultants and officers generally either cliff vest after 3 to 4 years or vest ratably over 3 to 5 years.

The following table summarizes the activity for non-vested awards granted by the Company under the Plans:


	Shares	Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2022	3,595,303	$	28.26
Granted	1,585,820	29.95
Vested and settled	(1,145,017)	25.82
Forfeited	(156,054)	25.34
Outstanding at September 30, 2023	3,880,052	29.79

The total fair value of shares that vested and settled under the Plans was $29.6 million and $13.9 million for the nine months ended September 30, 2023 and 2022, respectively.

Share-based compensation is recognized ratably over the vesting period of the respective awards and includes expense related to issuances under the Plans, MIU conversion LLC units and, prior to 2023, advisor incentive awards. Share-based compensation also includes the portion of annual bonuses that are payable in fully vested shares of Class A common stock. The Company recognizes share-based compensation expense for the Plans net of actual forfeitures. The Company recorded share-based compensation expense of $14.6 million and $8.4 million for the three months ended September 30, 2023 and 2022, respectively, and $46.6 million and $26.1 million for the nine months ended September 30, 2023 and 2022, respectively. Share-based compensation expense is included in commissions, employee compensation and benefits expense in the condensed consolidated statements of comprehensive income (loss).

Variable Interest Entities (Notes)	9 Months Ended
Variable Interest Entities (Notes)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Topic 810 requires a reporting entity to consolidate a variable interest entity (“VIE”) when the reporting entity has a variable interest or combination of variable interests that provide the entity with a controlling financial interest in the VIE. The Company continually assesses whether it has a controlling financial interest in each of its VIEs to determine if it is the primary beneficiary of the VIE and should, therefore, consolidate each of the VIEs. A reporting entity is considered to have a controlling financial interest in a VIE if it has (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb the losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company determined that it is the primary beneficiary of its VIEs, which include Laureate Insurance Partners, LLC, BKS Smith, LLC, BKS MS, LLC and BKS Partners Galati Marine Solutions, LLC. The Company has consolidated its VIEs into the accompanying condensed consolidated financial statements. Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive income (loss) were $0.4 million and $0.3 million, respectively, for the three months ended September 30, 2023 and $0.5 million and $0.2 million, respectively, for the three months ended September 30, 2022. Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive income (loss) were $1.4 million and $0.8 million, respectively, for the nine months ended September 30, 2023 and $1.3 million and $0.8 million, respectively, for the nine months ended September 30, 2022. Total assets and liabilities of the Company's consolidated VIEs included on the condensed consolidated balance sheets were $0.8 million and $0.2 million, respectively, at September 30, 2023 and $0.4 million and $0.1 million, respectively, at December 31, 2022. The assets of the consolidated VIEs can only be used to settle the obligations of the consolidated VIEs and the creditors of the liabilities of the consolidated VIEs do not have recourse to the Company.

Fair Value Measurements - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unamortized debt issuance costs	$ 21,300	$ 19,700
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	1,001,298	838,114
Revolving line of credit	324,000	505,000
Estimated Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	991,286	816,155
Revolving line of credit	$ 314,966	$ 476,304

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party notes payable	$ 1,525		$ 1,525		$ 1,525
Commissions and fees	306,270	$ 259,368	933,907	$ 734,676
Right-of-use assets	88,586		88,586		96,465
Related Party
Related Party Transaction [Line Items]
Risk Advisor commissions expense	200	200	500	500
Consulting expense		700	400	700
Related Party \| The Villages
Related Party Transaction [Line Items]
Rent expense	100	100	300	300
Right-of-use assets	1,400		1,400		1,700
Operating lease liabilities	1,500		1,500		1,700
Related Party \| The Villages \| Broker Services
Related Party Transaction [Line Items]
Commissions and fees	400	300	2,000	2,000
Related Party \| Entities In Which A Member Of Our Board of Directors Has A Material Interest \| Broker Services
Related Party Transaction [Line Items]
Commissions and fees	100	100	200	300
Related Party \| Other Parties, Excluding Holding Company of the Villages, Inc.
Related Party Transaction [Line Items]
Rent expense	1,000	$ 900	2,900	$ 2,800
Right-of-use assets	13,800		13,800		15,000
Operating lease liabilities	$ 14,300		$ 14,300		$ 15,400

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 48,782	$ 44,903
Contract liabilities	27,094	30,981
Current portion of operating lease liabilities	16,064	14,043
Accrued expenses	13,070	13,101
Current portion of long-term debt	10,243	8,509
Deferred consideration payments	3,471	6,840
Other	12,694	7,366
Accrued expenses and other current liabilities	$ 131,418	$ 125,743

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 6,768	$ 15,150
Level 2 Assets	6,768	15,150
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout liabilities	273,277	266,936
Level 3 Liabilities	$ 273,277	$ 266,936

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Fair Value Measurements - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Change in fair value of contingent consideration	$ 13,914	$ 21,695	$ 55,065	$ (10,809)
Maximum estimated exposure to contingent earnout liabilities	$ 847,100		$ 847,100
Revenue Growth Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input	0.09		0.09		0.08
Revenue Growth Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input	0.35		0.35		0.35
Discount Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input	0.0825		0.0825		0.0650
Discount Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input	0.1450		0.1450		0.1800

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 78,965	$ 118,090
Restricted cash	115,429	112,381
Premiums, commissions and fees receivable, net	595,359	531,992
Prepaid expenses and other current assets	12,370	9,936
Total current assets	802,123	772,399
Property and equipment, net	24,378	25,405
Right-of-use assets	88,586	96,465
Other assets	41,738	45,935
Intangible assets, net	1,044,824	1,099,918
Goodwill	1,421,849	1,422,060
Total assets	3,423,498	3,462,182
Current Liabilities
Premiums payable to insurance companies	502,081	471,294
Producer commissions payable	65,855	53,927
Accrued expenses and other current liabilities	131,418	125,743
Related party notes payable	1,525	1,525
Current portion of contingent earnout liabilities	97,620	46,717
Total current liabilities	798,499	699,206
Revolving line of credit	324,000	505,000
Long-term debt, less current portion	969,711	809,862
Contingent earnout liabilities, less current portion	175,657	220,219
Operating lease liabilities, less current portion	81,510	87,692
Other liabilities	241	164
Total liabilities	2,349,618	2,322,143
Mezzanine Equity
Redeemable noncontrolling interest	333	487
Stockholders' Equity Attributable to BRP Group, Inc.
Additional paid-in capital	742,553	704,291
Accumulated deficit	(152,422)	(96,764)
Stockholder notes receivable	0	(42)
Total stockholders’ equity attributable to BRP Group	590,778	608,104
Noncontrolling interest	482,769	531,448
Total stockholders’ equity	1,073,547	1,139,552
Total liabilities, mezzanine equity and stockholders’ equity	3,423,498	3,462,182
Common Class A
Stockholders' Equity Attributable to BRP Group, Inc.
Common stock	642	614
Common Class B
Stockholders' Equity Attributable to BRP Group, Inc.
Common stock	$ 5	$ 5

Long-term Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Maturities of Long-Term Debt [Abstract]
2023	$ 2,561
2024	10,243
2025	10,243
2026	10,243
2027	968,008
Total long-term debt	1,001,298
Less: unamortized debt discount and issuance costs	(21,344)
Net long-term debt	$ 979,954

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (17,629)	$ (24,793)	$ (55,658)	$ 6,718

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-In Capital	Accumulated Deficit	Stockholder Notes Receivables	Noncontrolling Interest	Redeemable Noncontrolling Interest
Balance at beginning of period (in shares) at Dec. 31, 2021		58,602,859	56,338,051
Balance at beginning of period, stockholders' equity at Dec. 31, 2021	$ 1,187,287	$ 586	$ 6	$ 663,002	$ (54,992)	$ (219)	$ 578,904
Balance at beginning of period, mezzanine equity at Dec. 31, 2021								$ 269
Stockholders' Equity [Roll Forward]
Net income (loss)	14,570				6,718		7,852	155
Equity issued in business combinations (in shares)		226,338
Equity issued in business combinations	4,819	$ 2		(4,331)			9,148
Share-based compensation, net of forfeitures (in shares)		663,565	29,430
Share-based compensation, net of forfeitures	21,129	$ 6		22,488			(1,365)
Redemption of Class B common stock (in shares)		1,734,568	(1,755,997)
Redemption of Class B common stock		$ 18	$ (1)	18,256			(18,273)
Distributions	(4,321)						(4,321)
Repayment of stockholder notes receivable	156					156
Balance at end of period (in shares) at Sep. 30, 2022		61,227,330	54,611,484
Balance at end of period, stockholders' equity at Sep. 30, 2022	1,223,640	$ 612	$ 5	699,415	(48,274)	(63)	571,945
Balance at end of period, mezzanine equity at Sep. 30, 2022								424
Balance at beginning of period (in shares) at Jun. 30, 2022		60,122,842	55,442,435
Balance at beginning of period, stockholders' equity at Jun. 30, 2022	1,259,535	$ 601	$ 6	683,331	(23,481)	(131)	599,209
Balance at beginning of period, mezzanine equity at Jun. 30, 2022								350
Stockholders' Equity [Roll Forward]
Net income (loss)	(46,781)				(24,793)		(21,988)	74
Equity issued in business combinations (in shares)		129,182
Equity issued in business combinations	2,949	$ 1		(66)			3,014
Share-based compensation, net of forfeitures (in shares)		114,925	29,430
Share-based compensation, net of forfeitures	7,869	$ 1		7,871			(3)
Redemption of Class B common stock (in shares)		860,381	(860,381)
Redemption of Class B common stock		$ 9	$ (1)	8,279			(8,287)
Repayment of stockholder notes receivable	68					68
Balance at end of period (in shares) at Sep. 30, 2022		61,227,330	54,611,484
Balance at end of period, stockholders' equity at Sep. 30, 2022	1,223,640	$ 612	$ 5	699,415	(48,274)	(63)	571,945
Balance at end of period, mezzanine equity at Sep. 30, 2022								424
Balance at beginning of period (in shares) at Dec. 31, 2022		61,447,368	54,504,918
Balance at beginning of period, stockholders' equity at Dec. 31, 2022	1,139,552	$ 614	$ 5	704,291	(96,764)	(42)	531,448
Balance at beginning of period, mezzanine equity at Dec. 31, 2022								487
Stockholders' Equity [Roll Forward]
Net income (loss)	(101,754)				(55,658)		(46,096)	231
Share-based compensation, net of forfeitures (in shares)		763,121
Share-based compensation, net of forfeitures	36,115	$ 8		19,517			16,590
Redemption of Class B common stock (in shares)		2,018,824	(2,018,824)
Redemption of Class B common stock		$ 20		18,745			(18,765)
Distributions	(408)						(408)	(385)
Repayment of stockholder notes receivable	42					42
Balance at end of period (in shares) at Sep. 30, 2023		64,229,313	52,486,094
Balance at end of period, stockholders' equity at Sep. 30, 2023	1,073,547	$ 642	$ 5	742,553	(152,422)	0	482,769
Balance at end of period, mezzanine equity at Sep. 30, 2023								333
Balance at beginning of period (in shares) at Jun. 30, 2023		63,696,680	53,024,504
Balance at beginning of period, stockholders' equity at Jun. 30, 2023	1,096,767	$ 637	$ 5	732,673	(134,793)		498,245
Balance at beginning of period, mezzanine equity at Jun. 30, 2023								495
Stockholders' Equity [Roll Forward]
Net income (loss)	(32,088)				(17,629)		(14,459)	82
Share-based compensation, net of forfeitures (in shares)		(5,777)
Share-based compensation, net of forfeitures	8,915			4,898			4,017
Redemption of Class B common stock (in shares)		538,410	(538,410)
Redemption of Class B common stock		$ 5		4,982			(4,987)
Distributions	(47)						(47)	(244)
Balance at end of period (in shares) at Sep. 30, 2023		64,229,313	52,486,094
Balance at end of period, stockholders' equity at Sep. 30, 2023	$ 1,073,547	$ 642	$ 5	$ 742,553	$ (152,422)	$ 0	$ 482,769
Balance at end of period, mezzanine equity at Sep. 30, 2023								$ 333

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn November 7, 2023, the Company announced its mutual agreement with Kris Wiebeck and John Valentine for each to retire from their respective positions as Chief Strategy Officer and Chief Partnership Officer effective at the end of the Company’s 2023 fiscal year. The Company expects to incur one-time costs of approximately $8.0 million during the fourth quarter of 2023, $5.1 million of which represents severance compensation and $2.9 million of which represents early payment of the 2023 bonus otherwise payable to the retiring executives under the Company’s 2023 annual incentive plan in respect of 2023 performance.

Fair Value Measurements - Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Payment for Contingent Consideration Liability				$ 61,500
Contingent Earnout Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 294,312	$ 209,996	$ 266,936	258,589
Change in fair value of contingent consideration	13,914	21,695	55,065	(10,809)
Fair value of contingent consideration issuances	723	3,097	723	16,495
Settlement of contingent consideration(1)	(35,672)	(5,174)	(49,447)	(34,661)
Balance at end of period	$ 273,277	$ 229,614	$ 273,277	$ 229,614	$ 258,589
Contingent earnout liabilities settled through issuance of related party notes payable					$ 61,500

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Award Activity

The following table summarizes the activity for non-vested awards granted by the Company under the Plans:


	Shares	Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2022	3,595,303	$	28.26
Granted	1,585,820	29.95
Vested and settled	(1,145,017)	25.82
Forfeited	(156,054)	25.34
Outstanding at September 30, 2023	3,880,052	29.79

Commitments and Contingencies (Notes)	9 Months Ended
Commitments and Contingencies (Notes)	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2023, BRP has a remaining commitment to the University of South Florida (“USF”) to donate $4.7 million through October 2028. The gift will provide support for the School of Risk Management and Insurance in the USF Muma College of Business. It is currently anticipated that Lowry Baldwin, our Board Chair, will fund half of the amounts to be donated by BRP. The Company is involved in various claims and legal actions arising in the ordinary course of business. A liability is recorded when a loss is considered probable and is reasonably estimable in accordance with GAAP. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity.

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


(in thousands)	September 30, 2023		December 31, 2022
Accrued compensation and benefits	$	48,782	$	44,903
Contract liabilities	27,094		30,981
Current portion of operating lease liabilities	16,064		14,043
Accrued expenses	13,070		13,101
Current portion of long-term debt	10,243		8,509
Deferred consideration payments	3,471		6,840
Other	12,694		7,366
Accrued expenses and other current liabilities	$	131,418	$	125,743

Share-Based Compensation - Schedule of Activity of Non-vested Awards under Omnibus Plan (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares
Outstanding, beginning balance (in shares) \| shares	3,595,303
Granted (in shares) \| shares	1,585,820
Vested and settled (in shares) \| shares	(1,145,017)
Forfeited (in shares) \| shares	(156,054)
Outstanding, ending balance (in shares) \| shares	3,880,052
Weighted-Average Grant-Date Fair Value Per Share
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 28.26
Granted (in dollars per share) \| $ / shares	29.95
Vested and settled (in dollars per share) \| $ / shares	25.82
Forfeited (in dollars per share) \| $ / shares	25.34
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 29.79

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Maturities of Long-Term Debt

Future annual maturities of the Term Loan B are as follows as of September 30, 2023:


(in thousands)	Amount
Payments for the years ending December 31,
2023	$	2,561
2024	10,243
2025	10,243
2026	10,243
2027	968,008
Total long-term debt	1,001,298
Less: unamortized debt issuance costs	(21,344)
Net long-term debt	$	979,954

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of Operating Groups	3

Revenue - Additional Information (Details)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Capitalized contract cost, amortization period	5 years

Segment Information - Summarized Financial Information by Operating Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Commissions and fees	$ 306,270	$ 259,368	$ 933,907	$ 734,676
Net income (loss)	(32,006)	(46,707)	(101,523)	14,725
Total assets	3,423,498		3,423,498		$ 3,462,182
Insurance Advisory Solutions
Segment Reporting Information [Line Items]
Commissions and fees	144,409	130,216	493,367	433,151
Net income (loss)	3,756	(25,050)	31,807	63,296
Total assets	2,234,244		2,234,244		2,240,483
Insurance Advisory Solutions \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees		(400)		(1,100)
Underwriting, Capacity & Technology Solutions
Segment Reporting Information [Line Items]
Commissions and fees	118,413	97,929	314,791	221,753
Net income (loss)	11,205	14,734	22,830	31,060
Total assets	628,549		628,549		616,117
Underwriting, Capacity & Technology Solutions \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	(18,600)	(15,800)	(47,700)	(24,500)
Mainstreet Insurance Solutions Segment
Segment Reporting Information [Line Items]
Commissions and fees	62,297	47,784	174,114	106,767
Net income (loss)	10,763	6,781	22,775	14,868
Total assets	517,088		517,088		530,504
Mainstreet Insurance Solutions Segment \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	(300)	(400)	(1,400)	(1,400)
Corporate and Other
Segment Reporting Information [Line Items]
Commissions and fees	(18,849)	(16,561)	(48,365)	(26,995)
Net income (loss)	(57,730)	$ (43,172)	(178,935)	$ (94,499)
Total assets	$ 43,617		$ 43,617		$ 75,078

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards that vested in period			$ 29.6	$ 13.9
Share-based compensation expense	$ 14.6	$ 8.4	$ 46.6	$ 26.1
Omnibus Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards authorized by Plan (in shares)	8,461,907		8,461,907
Inducement Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards authorized by Plan (in shares)	3,000,000		3,000,000
PSUs \| Cliff Vesting \| The Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
RSAs \| Cliff Vesting \| Minimum \| The Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
RSAs \| Cliff Vesting \| Maximum \| The Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
RSAs \| Ratable Vesting \| Minimum \| The Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
RSAs \| Ratable Vesting \| Maximum \| The Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			5 years

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table provides disaggregated commissions and fees revenue by major source:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Commission revenue(1)	$	237,103	$	204,264	$	737,815	$	591,650
Profit-sharing revenue(2)	25,959		15,044		75,877		49,422
Consulting and service fee revenue(3)	21,735		19,084		57,947		47,417
Policy fee and installment fee revenue(4)	17,071		18,367		49,907		37,834
Other income(5)	4,402		2,609		12,361		8,353
Total commissions and fees	$	306,270	$	259,368	$	933,907	$	734,676

__________

(2) Profit-sharing revenue represents bonus-type revenue that is earned by the Company as a sales incentive provided by certain Insurance Company Partners.

(3) Service fee revenue is earned for providing insurance placement services to Clients for a negotiated fee and consulting revenue is earned by providing specialty insurance consulting.

Earnings (Loss) Per Share Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic earnings (loss) per share:
Net income (loss) attributable to BRP Group	$ (17,629)	$ (24,793)	$ (55,658)	$ 6,718
Weighted-average shares of Class A common stock outstanding - basic	60,549,080	57,282,132	59,791,435	56,430,095
Basic earnings (loss) per share	$ (0.29)	$ (0.43)	$ (0.93)	$ 0.12
Diluted earnings (loss) per share:
Net income (loss) attributable to BRP Group	$ (17,629)	$ (24,793)	$ (55,658)	$ 6,718
Weighted-average shares of Class A common stock outstanding - basic	60,549,080	57,282,132	59,791,435	56,430,095
Dilutive effect of unvested stock awards	0	0	0	3,465,000
Weighted-average shares of Class A common stock outstanding - diluted	60,549,080	57,282,132	59,791,435	59,895,371
Diluted earnings (loss) per share	$ (0.29)	$ (0.43)	$ (0.93)	$ 0.11

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ References + Details

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Commissions and fees	$ 306,270	$ 259,368	$ 933,907	$ 734,676
Operating expenses:
Commissions, employee compensation and benefits	220,469	195,920	676,659	522,518
Other operating expenses	47,165	47,212	141,254	124,424
Amortization expense	23,183	23,180	69,505	59,912
Change in fair value of contingent consideration	13,914	21,695	55,065	(10,809)
Depreciation expense	1,453	1,216	4,250	3,309
Total operating expenses	306,184	289,223	946,733	699,354
Operating income (loss)	86	(29,855)	(12,826)	35,322
Other income (expense):
Interest expense, net	(30,580)	(20,766)	(87,600)	(45,748)
Other income (expense), net	(1,351)	3,914	(193)	25,151
Total other expense	(31,931)	(16,852)	(87,793)	(20,597)
Income (loss) before income taxes	(31,845)	(46,707)	(100,619)	14,725
Income tax expense	161	0	904	0
Net income (loss)	(32,006)	(46,707)	(101,523)	14,725
Less: net income (loss) attributable to noncontrolling interests	(14,377)	(21,914)	(45,865)	8,007
Net income (loss) attributable to BRP Group	(17,629)	(24,793)	(55,658)	6,718
Comprehensive income (loss)	(32,006)	(46,707)	(101,523)	14,725
Comprehensive income (loss) attributable to noncontrolling interests	(14,377)	(21,914)	(45,865)	8,007
Comprehensive income (loss) attributable to BRP Group	$ (17,629)	$ (24,793)	$ (55,658)	$ 6,718
Basic earnings (loss) per share	$ (0.29)	$ (0.43)	$ (0.93)	$ 0.12
Diluted earnings (loss) per share	$ (0.29)	$ (0.43)	$ (0.93)	$ 0.11
Weighted-average shares of Class A common stock outstanding - basic	60,549,080	57,282,132	59,791,435	56,430,095
Weighted-average shares of Class A common stock outstanding - diluted	60,549,080	57,282,132	59,791,435	59,895,371

Long-term Debt - Additional Information (Details) - USD ($)					3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 15, 2023	Jul. 01, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Outstanding borrowings on Term Loan B	$ 1,001,298,000				$ 1,001,298,000		$ 1,001,298,000
Unamortized debt discount and issuance costs	21,344,000				21,344,000		21,344,000
Debt issuance costs incurred							245,000	$ 0
Gain (loss) on interest rate caps							(489,000)	25,420,000
Interest Rate Cap
Debt Instrument [Line Items]
Interest rate caps aggregate fair value	$ 6,800,000			$ 15,200,000	6,800,000		6,800,000
Gain (loss) on interest rate caps					(800,000)	$ 4,200,000	(500,000)	$ 25,400,000
Credit Agreement, As Amended Through Amendment No. 5 March 2022 \| JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Maximum borrowing amount				1,450,000,000
Credit Agreement, As Amended Through Amendment No. 5 March 2022 \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing amount				$ 600,000,000
Interest rate, end of period				7.41%
Outstanding borrowings on Revolving Facility				$ 505,000,000
Commitment fee				0.40%
Credit Agreement, As Amended Through Amendment No. 5 March 2022 \| Secured Debt \| JPMorgan Chase Bank, N.A. \| Medium-term Notes
Debt Instrument [Line Items]
Maximum borrowing amount				$ 850,000,000
Variable rate basis				LIBOR
Outstanding borrowings on Term Loan B				$ 838,100,000
Interest rate, end of period				7.79%
Credit Agreement, As Amended Through Amendment No. 5 March 2022 \| Secured Debt \| LIBOR \| JPMorgan Chase Bank, N.A. \| Medium-term Notes
Debt Instrument [Line Items]
Basis spread on variable rate				3.50%
Variable rate floor				0.50%
Credit Agreement Amendment No. 6 June 2023 \| Secured Debt \| JPMorgan Chase Bank, N.A. \| Medium-term Notes
Debt Instrument [Line Items]
Variable rate basis			SOFR
Credit Agreement Amendment No. 6 June 2023 \| Secured Debt \| SOFR \| JPMorgan Chase Bank, N.A. \| Medium-term Notes
Debt Instrument [Line Items]
Basis spread on variable rate			3.50%
Variable rate floor			0.50%
Credit Agreement Amendment No. 6 June 2023 \| Secured Debt \| SOFR \| JPMorgan Chase Bank, N.A. \| Medium-term Notes \| Minimum
Debt Instrument [Line Items]
Credit spread adjustment			0.11%
Credit Agreement Amendment No. 6 June 2023 \| Secured Debt \| SOFR \| JPMorgan Chase Bank, N.A. \| Medium-term Notes \| Maximum
Debt Instrument [Line Items]
Credit spread adjustment			0.43%
Credit Agreement Amendment No. 7 September 2023 \| JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Debt issuance costs incurred		$ 4,700,000
Credit Agreement Amendment No. 7 September 2023 \| Secured Debt \| JPMorgan Chase Bank, N.A. \| Medium-term Notes
Debt Instrument [Line Items]
Maximum borrowing amount		1,020,000,000.00
Incremental term loan facility		$ 170,000,000
Credit Agreement, As Amended Through Amendment No. 7 June 2023 \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Line of Credit
Debt Instrument [Line Items]
Variable rate basis	SOFR
Interest rate, end of period	8.42%
Outstanding borrowings on Revolving Facility	$ 324,000,000				324,000,000		324,000,000
Commitment fee	0.40%
Credit Agreement, As Amended Through Amendment No. 7 June 2023 \| Revolving Credit Facility \| SOFR \| JPMorgan Chase Bank, N.A. \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.10%
Credit Agreement, As Amended Through Amendment No. 7 June 2023 \| Revolving Credit Facility \| SOFR \| JPMorgan Chase Bank, N.A. \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.10%
Credit Agreement, As Amended Through Amendment No. 7 June 2023 \| Secured Debt \| JPMorgan Chase Bank, N.A. \| Medium-term Notes
Debt Instrument [Line Items]
Outstanding borrowings on Term Loan B	$ 1,000,000,000				$ 1,000,000,000		$ 1,000,000,000
Interest rate, end of period	8.94%

Related Party Transactions (Notes)	9 Months Ended
Related Party Transactions (Notes)	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to/from Related Parties Related party notes payable of $1.5 million at September 30, 2023 and December 31, 2022 relate to the settlement of contingent earnout consideration for certain of the Company’s Partners. Commission Revenue The Company serves as a broker for Holding Company of the Villages, Inc. (“The Villages”), a significant shareholder, and certain affiliated entities. Commission revenue recorded from transactions with The Villages and affiliated entities was $0.4 million and $0.3 million for the three months ended September 30, 2023 and 2022, respectively, and $2.0 million for each of the nine months ended September 30, 2023 and 2022. The Company serves as a broker for certain entities in which a member of our board of directors has a material interest. Commission revenue recorded from transactions with these entities was less than $0.1 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and $0.2 million and $0.3 million for the nine months ended September 30, 2023 and 2022, respectively. Commissions and Consulting Expense Two brothers of Lowry Baldwin, our Board Chair, received Risk Advisor commissions from the Company comprising approximately $0.2 million during each of the three months ended September 30, 2023 and 2022 and $0.5 million during each of the nine months ended September 30, 2023 and 2022. The Company has a consulting agreement with Accenture, with which an independent member of our board of directors holds an executive leadership position. Consulting expense recorded as a result of this transaction was $0.4 million for the nine months ended September 30, 2023 and $0.7 million for each of the three and nine months ended September 30, 2022. Rent Expense The Company has various agreements to lease office space from wholly-owned subsidiaries of The Villages. Total rent expense incurred with respect to The Villages and its wholly-owned subsidiaries was approximately $0.1 million for each of the three months ended September 30, 2023 and 2022, and $0.3 million for each of the nine months ended September 30, 2023 and 2022. Total right-of-use assets and operating lease liabilities included on the Company's condensed consolidated balance sheets relating to these lease agreements were $1.4 million and $1.5 million, respectively, at September 30, 2023 and $1.7 million each at December 31, 2022. The Company has various agreements to lease office space from other related parties. Total rent expense incurred with respect to other related parties was $1.0 million and $0.9 million for the three months ended September 30, 2023 and 2022, respectively, and $2.9 million and $2.8 million for the nine months ended September 30, 2023 and 2022, respectively. Total right-of-use assets and operating lease liabilities included on the Company’s condensed consolidated balance sheets relating to these lease agreements were $13.8 million and $14.3 million, respectively, at September 30, 2023 and $15.0 million and $15.4 million, respectively, at December 31, 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Revenue - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total commissions and fees	$ 306,270	$ 259,368	$ 933,907	$ 734,676
Commission Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	237,103	204,264	737,815	591,650
Profit Sharing Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	25,959	15,044	75,877	49,422
Consulting and Service Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	21,735	19,084	57,947	47,417
Policy Fee and Installment Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	17,071	18,367	49,907	37,834
Other Income
Disaggregation of Revenue [Line Items]
Commissions and fees	$ 4,402	$ 2,609	$ 12,361	$ 8,353

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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+ Details

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
USF Grant Commitment	$ 4.7