0001781755-24-000093 | 10-Q | XBRL Viewer | Baldwin Insurance Group INC

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Related Party Transactions (Notes)	9 Months Ended
Related Party Transactions (Notes)	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Related Party Balances The Company had $1.5 million due from related parties at December 31, 2023, which included amounts due from Partners for post-closing cash requirements in accordance with Partnership agreements. The receivable at December 31, 2023 also included $0.8 million for a loan made to Emerald Bay Risk Solutions, LLC (“Emerald Bay”), an entity formed for the benefit of the MGA business, and to which Baldwin Holdings, Lowry Baldwin, the Company's Chairman, and members of the Company's executive management team have made capital commitments. Due from related parties is included in prepaid expenses and other current assets on the condensed consolidated balance sheets. Baldwin Holdings recorded an investment in Emerald Bay of $2.4 million during the nine months ended September 30, 2024. Investments are included in other assets on the condensed consolidated balance sheets. Related party notes payable of $5.6 million and $1.5 million at September 30, 2024 and December 31, 2023, respectively, 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 $0.1 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, and $2.4 million and $2.0 million for the nine months ended September 30, 2024 and 2023, respectively. The Company serves as a broker for certain entities in which a member of Baldwin’s board of directors has a material interest. Commission revenue recorded from transactions with these entities was $0.1 million and less than $0.1 million for the three months ended September 30, 2024 and 2023, respectively, and $0.1 million and $0.2 million for the nine months ended September 30, 2024 and 2023, respectively. Commissions Expense Two brothers of Lowry Baldwin, the Company’s Chairman, received producer commissions from the Company comprising approximately $0.1 million and $0.2 million during the three months ended September 30, 2024 and 2023, respectively, and $0.4 million and $0.5 million during the nine months ended September 30, 2024 and 2023, respectively. 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, 2024 and 2023 and $0.4 million and $0.3 million for the nine months ended September 30, 2024 and 2023, 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 $1.1 million and $1.2 million, respectively, at September 30, 2024 and $1.4 million each at December 31, 2023. The Company has various agreements to lease office space from other related parties. Total rent expense incurred with respect to other related parties was $0.9 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively, and $2.8 million and $2.9 million for the nine months ended September 30, 2024 and 2023, 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 $10.6 million and $11.1 million, respectively, at September 30, 2024 and $12.9 million and $13.4 million, respectively, at December 31, 2023.

- 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.

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+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table provides disaggregated revenues by major source:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Commission revenue(1)	$	270,271	$	237,103	$	873,051	$	737,815
Profit-sharing revenue(2)	26,785		25,959		69,757		75,877
Consulting and service fee revenue(3)	19,257		21,735		58,011		57,947
Policy fee and installment fee revenue(4)	16,002		17,071		43,252		49,907
Other income(5)	2,895		2,364		6,338		7,760
Investment income(6)	3,728		2,038		8,736		4,601
Total revenues	$	338,938	$	306,270	$	1,059,145	$	933,907

__________

(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 and other advisory services.

(4) Policy fee revenue represents revenue earned for acting in the capacity of an MGA and fulfilling certain administrative functions on behalf of Insurance Company Partners, 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 Insurance Company Partners related to policy premiums paid on an installment basis.

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

(6) Investment income represents interest earnings on available cash invested in treasury money market funds.

Segment Information - Summarized Financial Information by Operating Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 338,938	$ 306,270	$ 1,059,145	$ 933,907
Net loss	(14,475)	(32,006)	(6,242)	(101,523)
Commissions and fees	335,210	304,232	1,050,409	929,306
Total assets	3,539,040		3,539,040		$ 3,501,937
Insurance Advisory Solutions
Segment Reporting Information [Line Items]
Total revenues	159,338	148,804	549,810	505,496
Net loss	9,199	3,540	55,619	32,798
Total assets	2,274,647		2,274,647		2,292,729
Underwriting, Capacity & Technology Solutions
Segment Reporting Information [Line Items]
Total revenues	129,794	114,018	356,176	302,662
Net loss	13,695	11,421	70,470	21,839
Total assets	630,980		630,980		646,404
Underwriting, Capacity & Technology Solutions \| Intersegment Eliminations \| Same Operating Group
Segment Reporting Information [Line Items]
Commissions and fees	(3,600)	(2,700)	(10,300)	(8,000)
Underwriting, Capacity & Technology Solutions \| Intersegment Eliminations \| Other Operating Group
Segment Reporting Information [Line Items]
Commissions and fees	(17,900)	(15,900)	(46,300)	(39,700)
Mainstreet Insurance Solutions Segment
Segment Reporting Information [Line Items]
Total revenues	70,658	62,297	209,422	174,114
Net loss	12,399	10,763	32,361	22,775
Total assets	515,045		515,045		518,593
Mainstreet Insurance Solutions Segment \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	(200)	(300)	(1,200)	(1,400)
Corporate Segment and Other Operating Segment
Segment Reporting Information [Line Items]
Total revenues	(20,852)	(18,849)	(56,263)	(48,365)
Net loss	(49,768)	$ (57,730)	(164,692)	$ (178,935)
Total assets	$ 118,368		$ 118,368		$ 44,211

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (6,242)	$ (101,523)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	80,953	73,755
Change in fair value of contingent consideration	17,276	55,065
Share-based compensation expense	46,764	46,637
Payment of contingent earnout consideration in excess of purchase price accrual	(21,145)	(22,639)
Gain on divestitures	(38,953)	0
Amortization of deferred financing costs	4,419	3,577
Loss on extinguishment of debt	1,034	0
Loss on interest rate caps	244	489
Other loss	346	797
Changes in operating assets and liabilities:
Premiums, commissions and fees receivable, net	(27,777)	(63,367)
Prepaid expenses and other current assets	(7,980)	(6,294)
Right-of-use assets	12,562	7,671
Accounts payable, accrued expenses and other current liabilities	35,395	32,793
Operating lease liabilities	(11,188)	(4,162)
Net cash provided by operating activities	85,708	22,799
Cash flows from investing activities:
Proceeds from divestitures, net of cash transferred	56,977	0
Capital expenditures	(28,897)	(14,157)
Investments in and loans for business ventures	(3,703)	(673)
Proceeds from repayment of related party loans	1,500	0
Cash consideration paid for asset acquisitions	(268)	(2,118)
Net cash provided by (used in) investing activities	25,609	(16,948)
Cash flows from financing activities:
Payment of contingent earnout consideration up to amount of purchase price accrual	(64,698)	(26,808)
Proceeds from revolving line of credit	95,000	88,000
Payments on revolving line of credit	(436,000)	(269,000)
Proceeds from refinancing of long-term debt	1,440,000	170,000
Payments relating to extinguishment and modification of long-term debt	(996,177)	0
Payments on long-term debt	(4,661)	(6,815)
Payments of deferred financing costs	(17,988)	(4,447)
Proceeds from the settlement of interest rate caps	2,300	7,893
Tax distributions to Baldwin Holdings LLC members	(11,076)	(408)
Distributions to variable interest entities	(264)	(385)
Proceeds from repayment of stockholder notes receivable	0	42
Net cash provided by (used in) financing activities	6,436	(41,928)
Net increase (decrease) in cash and cash equivalents and restricted cash	117,753	(36,077)
Cash and cash equivalents and restricted cash at beginning of period	226,963	230,471
Cash and cash equivalents and restricted cash at end of period	344,716	194,394
Supplemental schedule of cash flow information:
Cash paid during the period for interest	73,417	77,455
Cash paid during the period for income taxes	2,717	1,208
Disclosure of non-cash investing and financing activities:
Conversion of contingent earnout liability to related party notes payable	5,636	0
Right-of-use assets obtained in exchange for operating lease liabilities	2,111	4,391
Capital expenditures incurred but not yet paid	1,821	699
Right-of-use assets increased (decreased) through lease modifications and reassessments	(99)	697
Contingent earnout liabilities recognized in asset acquisitions	0	723
Noncash debt issuance costs incurred	0	245
Decrease in goodwill resulting from measurement period adjustments for prior year business combinations	$ 0	$ (211)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (8,377)	$ (17,629)	$ (4,356)	$ (55,658)

- 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

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total revenues	$ 338,938	$ 306,270	$ 1,059,145	$ 933,907
Total assets	3,539,040		3,539,040		$ 3,501,937
Total liabilities	2,502,431		2,502,431		2,483,055
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total revenues	600	400	1,800	1,400
Total expenses	200	$ 300	800	$ 800
Total assets	1,500		1,500		800
Total liabilities	$ 300		$ 300		$ 200

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- 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

Fair Value Measurements (Notes)

9 Months Ended

Sep. 30, 2024

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:


	Fair Value Hierarchy
	Level 1				Level 2				Level 3
(in thousands)	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Assets:
Money market funds	$	21,962	$	4,317	$	—	$	—	$	—	$	—
Interest rate caps	—		—		18		2,562		—		—
Total assets measured at fair value	$	21,962	$	4,317	$	18	$	2,562	$	—	$	—

Liabilities:
Contingent earnout liabilities	$	—	$	—	$	—	$	—	$	203,790	$	276,467
Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	203,790	$	276,467

Money Market Funds

The Company has investments in money market funds, which are included in cash and cash equivalents on the condensed consolidated balance sheets. Fair value inputs for these investments are considered Level 1 measurements within the fair value hierarchy since money market fund fair values are known and observable through daily published floating values.

Interest Rate Caps

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.

Contingent Earnout Liabilities

Methodologies used for liabilities measured at fair value on a recurring basis within Level 3 of the fair value hierarchy 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 decrease in the estimated fair value of such liabilities of $1.0 million for the three months ended September 30, 2024 and a net increase in the estimated fair value of $17.3 million for the nine months ended September 30, 2024. The Company has assessed the maximum estimated exposure to the contingent earnout liabilities to be $329.2 million at September 30, 2024.

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 carrying value 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 8% to 25% at September 30, 2024 and from 10% to 35% at December 31, 2023. The Company estimates future payments using the earnout formula and performance targets specified in each purchase agreement and these financial projections. These payments are generally 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 7.50% to 13.75% at December 31, 2023. However, due to the short-term nature of any remaining material contingent earnout liabilities at September 30, 2024, a discount rate has not been applied to the remaining balance. 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.

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)	2024		2023		2024		2023
Balance at beginning of period	$	210,243	$	294,312	$	276,467	$	266,936
Change in fair value of contingent consideration(1)	(952)		13,914		17,276		55,065
Fair value of contingent consideration issuances	—		723		—		723
Settlement of contingent consideration(2)	(5,501)		(35,672)		(89,953)		(49,447)
Balance at end of period	$	203,790	$	273,277	$	203,790	$	273,277

__________

(1) The Company reclassified $4.3 million and $10.7 million of its contingent earnout liabilities through the issuance of Colleague earnout incentives during the three and nine months ended September 30, 2024, respectively, which results in a reduction to the change in fair value of contingent consideration and an increase to commissions, employee compensation and benefits expense in the condensed consolidated statements of comprehensive loss. Refer to Note 7 for additional information on Colleague earnout incentive balances.

(2) The Company settled $5.6 million of its contingent earnout liabilities through the issuance of related party notes payable during the nine months ended September 30, 2024. The condensed consolidated statement of cash flows for the nine months ended September 30, 2024 includes $1.5 million of payments of contingent earnout consideration related to a similar non-cash settlement in a prior period.

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, 2024				December 31, 2023
(in thousands)		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt(1)	Level 2	$	1,437,900	$	1,466,400	$	998,737	$	997,489
Revolving line of credit	Level 2	—		—		341,000		335,963

__________

(1) The carrying amount of long-term debt reflects outstanding borrowings, which are presented net of unamortized debt issuance costs of $30.5 million and $20.3 million at September 30, 2024 and December 31, 2023, respectively, on the condensed consolidated balance sheets.

- 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.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 59,504	$ 53,728
Contract liabilities	40,030	30,281
Current portion of operating lease liabilities	17,659	16,704
Accrued interest	16,182	2,009
Accrued expenses	9,987	23,274
Current portion of long-term debt	8,400	10,243
Colleague earnout incentives(1)	7,581	8,020
Other	4,959	8,695
Accrued expenses and other current liabilities	$ 164,302	$ 152,954

Long-term Debt (Notes)	9 Months Ended
Long-term Debt (Notes)	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt	As of December 31, 2023, the JPM Credit Agreement, as amended, provided for senior secured credit facilities in an aggregate principal amount of $1.62 billion, which consisted of (i) a term loan facility in the principal amount of $1.02 billion maturing in October 2027 (the “Term Loan B”) and (ii) a revolving credit facility with commitments in an aggregate principal amount of $600 million maturing in April 2027 (the “Revolving Facility”). The Term Loan B bore interest at 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. Borrowings under the Revolving Facility accrued interest at SOFR plus 210 bps to SOFR plus 310 bps based on total net leverage ratio. On May 24, 2024, Baldwin Holdings refinanced the amounts outstanding under the Term Loan B and the Revolving Facility with a portion of the proceeds from an offering of $600 million in aggregate principal amount of 7.125% senior secured notes due May 15, 2031 (the “Senior Secured Notes”) and borrowings under a new $840 million senior secured first lien term loan facility maturing May 24, 2031 (the “2024 Term Loan”). In connection with the refinancing, Baldwin Holdings also established a new senior secured first lien revolving facility with commitments in an aggregate principal amount of $600 million maturing May 24, 2029 (the “2024 Revolving Facility” and, together with the 2024 Term Loan, the “2024 Credit Facility”). In connection with the Senior Secured Notes and the 2024 Credit Facility, the Company incurred $32.0 million in debt issuance costs, of which $18.0 million were capitalized as deferred financing costs that will be amortized over the term of the related debt. A substantial portion of the deferred financing costs relate to the Senior Secured Notes and 2024 Term Loan and are recorded as an offset to long-term debt on the condensed consolidated balance sheets, while those associated with the 2024 Revolving Facility are included in other assets. The remaining costs of $14.0 million, consisting of third-party financing costs related to the portion of the Term Loan B refinancing that was accounted for as a modification of debt, were expensed during the nine months ended September 30, 2024. The Company recorded an additional loss of $1.0 million related to the partial extinguishment of the Term Loan B during the nine months ended September 30, 2024. All remaining previously unamortized deferred financing costs continue to be amortized over the term of the 2024 Term Loan and 2024 Revolving Facility, as appropriate. The aggregate loss on extinguishment and modification of debt of $15.1 million was reported separately in the condensed consolidated statements of comprehensive loss for the nine months ended September 30, 2024. Senior Secured Notes The Senior Secured Notes were issued by Baldwin Holdings and a wholly-owned corporate subsidiary of Baldwin Holdings (the “co-issuer” and, together with Baldwin Holdings, the “issuers”) pursuant to an indenture, dated as of May 24, 2024 (the “indenture”), by and among the issuers, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent. Interest on the Senior Secured Notes will be payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2024. The Senior Secured Notes are jointly, severally and unconditionally guaranteed on a senior secured basis by the guarantors that guarantee or will guarantee indebtedness under the 2024 Credit Facility (the “guarantees”). The Senior Secured Notes and the guarantees rank pari passu in right of payment with all existing and future senior indebtedness of the issuers and the guarantors, including indebtedness under the 2024 Credit Facility, and are secured on a first-lien basis by the collateral that secures indebtedness under the 2024 Credit Facility. The Senior Secured Notes may be redeemed in whole or in part, at any time on or after May 15, 2027 at the redemption prices set forth in the indenture, plus accrued and unpaid interest. Prior to May 15, 2027, the issuers may also redeem some or all of the Senior Secured Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, plus the applicable “make-whole” premium described in the indenture. In addition, the issuers may redeem (i) until May 15, 2027, up to 40% of the then outstanding principal amount of the Senior Secured Notes (which includes additional notes, if any) with an amount not to exceed the net cash proceeds from certain equity offerings, at a redemption price equal to 107.125% of the aggregate principal amount thereof and (ii) at any time prior to May 15, 2027, up to 10% of the then outstanding principal amount of the Senior Secured Notes (which includes additional notes, if any) during any twelve-month period following the issue date of the Senior Secured Notes (provided that such period commencing on the issue date of the Senior Secured Notes shall end on May 15, 2025) at a redemption price equal to 103% of the aggregate principal amount thereof, in each case, plus accrued and unpaid interest, if any, up to the redemption date. In addition, if certain kinds of “changes of control” occur, the issuers must offer to purchase the Senior Secured Notes at the prices set forth in the indenture, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase. The indenture governing the Senior Secured Notes contains covenants that, among other things, limit the ability of the issuers and their restricted subsidiaries to: •incur additional debt or issue certain preferred shares; •incur liens or use assets as security in other transactions; •make certain distributions, investments and other restricted payments; •engage in certain transactions with affiliates; and •merge or consolidate or sell, transfer, lease or otherwise dispose of all or substantially all of their assets. The issuers were in compliance with all such covenants at September 30, 2024. The indenture also provides for customary events of default. 2024 Credit Facility The 2024 Term Loan was issued at 99.75% of par and bears interest at a rate of term SOFR, plus an applicable margin of 325 bps, with a margin step-down to 300 bps at a first lien net leverage ratio of 4.00x or below. At September 30, 2024, the outstanding borrowings on the 2024 Term Loan of $837.9 million had an applicable interest rate of 8.10%. The outstanding borrowings under the 2024 Term Loan are required to be prepaid with: (a) up to 50% of excess cash flow (which will be reduced to 25% and 0% if specified total first lien net leverage ratios are met); (b) 100% of the net cash proceeds of certain asset dispositions, subject to certain thresholds and reinvestment provisions; and (c) 100% of the net proceeds of debt that is incurred in violation of the 2024 Credit Agreement. The 2024 Term Loan requires quarterly principal payments of $2.1 million, with the balance payable in full on the maturity date thereof. Quarterly amortization payments may be reduced by any mandatory or voluntary prepayments including excess cash flow payments. The interest rate for the 2024 Revolving Facility is term SOFR, plus a credit spread adjustment of 10 bps, plus an applicable margin of 200 bps to 300 bps based on a total first lien net leverage ratio. There were no outstanding borrowings on the 2024 Revolving Facility at September 30, 2024; however, the 2024 Revolving Facility is subject to a commitment fee of 0.40% on the unused capacity at September 30, 2024, which may be reduced to 0.35%, 0.30% or 0.25% if total net leverage ratio reduces to certain specified levels in the future. The Company will pay a letter of credit fee equal to the margin then in effect with respect to term SOFR loans under the 2024 Revolving Facility multiplied by the daily amount available to be drawn under any letter of credit, a fronting fee and any customary documentary and processing charges for any letter of credit issued under the 2024 Credit Agreement. All obligations under the 2024 Credit Facility are jointly, severally and unconditionally guaranteed on a senior secured basis by certain of Baldwin Holdings’ direct and indirect subsidiaries (the “guarantors”) that also guarantee the Senior Secured Notes, subject to certain legal and tax limitations and other agreed exceptions, and are secured by substantially all the assets of Baldwin Holdings and the guarantors, subject to certain agreed limitations. The 2024 Credit Agreement, the definitive agreement for the 2024 Credit Facility, provides that Baldwin Holdings has the right at any time to request incremental facilities in an aggregate principal amount not to exceed the sum of (a) the greater of (1) $285.0 million and (2) 100% of Consolidated EBITDA (as defined in the 2024 Credit Agreement) for the most recently completed four fiscal quarter period for which internal financial statements are available plus (b) all voluntary prepayments and/or redemptions of term loan facilities and certain other indebtedness secured on a pari passu basis with the obligations under the 2024 Credit Facility and all voluntary commitment reductions of the 2024 Revolving Facility (except in each case to the extent financed with proceeds from the incurrence of long-term indebtedness) plus (c) an amount such that, after giving effect to the incurrence of any such incremental facility pursuant to this clause (c) (which shall be deemed to include the full amount of any incremental revolving facility assuming that the full amount of such facility was drawn) and after giving effect to any acquisition, disposition, debt incurrence, debt retirement and other transactions to be consummated in connection therewith, Baldwin Holdings would be in compliance, on a pro forma basis, with a total first lien net leverage ratio of 5.50x or below. The lenders under the 2024 Credit Agreement are not under any obligation to provide any such incremental facilities and any such incremental facilities will be subject to certain customary conditions. The 2024 Credit Agreement contains certain financial, affirmative and negative covenants that are customary for a senior credit facility of this type. The negative covenants in the 2024 Credit Agreement include limitations (subject to agreed exceptions) on the ability of Baldwin Holdings and its material subsidiaries to: •incur additional indebtedness (including guarantees); •incur liens; •make investments, loans and advances; •implement mergers, consolidations and sales of assets (including sale and lease-back transactions); •make restricted payments or enter into restrictive agreements (including those with negative pledge clauses); •enter into transactions with affiliates on non-arm’s-length terms; •change the business conducted by Baldwin Holdings and its subsidiaries; •prepay, or make redemptions and repurchases of specified indebtedness; •use the proceeds of the loans under the 2024 Credit Agreement in certain prohibited manners; •make certain amendments to the organizational documents of Baldwin Holdings and its material subsidiaries; and •change Baldwin Holdings’ fiscal year. The 2024 Credit Agreement contains a financial maintenance covenant requiring Baldwin Holdings to maintain a total first lien net leverage ratio at or below 7.00 to 1.00 on a pro forma basis. The 2024 Credit Agreement also contains certain customary events of default with certain cure periods, as applicable. Baldwin Holdings was in compliance with all such covenants at September 30, 2024. 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 less than $0.1 million and $2.6 million at September 30, 2024 and December 31, 2023, respectively. The Company recognized a loss on interest rate caps of $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, and 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. The gain or loss on interest rate caps is included as a component of other income (expense), net in the condensed consolidated statements of comprehensive loss.

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of Operating Groups	3

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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:


	Fair Value Hierarchy
	Level 1				Level 2				Level 3
(in thousands)	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Assets:
Money market funds	$	21,962	$	4,317	$	—	$	—	$	—	$	—
Interest rate caps	—		—		18		2,562		—		—
Total assets measured at fair value	$	21,962	$	4,317	$	18	$	2,562	$	—	$	—

Liabilities:
Contingent earnout liabilities	$	—	$	—	$	—	$	—	$	203,790	$	276,467
Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	203,790	$	276,467

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Balance at beginning of period	$	210,243	$	294,312	$	276,467	$	266,936
Change in fair value of contingent consideration(1)	(952)		13,914		17,276		55,065
Fair value of contingent consideration issuances	—		723		—		723
Settlement of contingent consideration(2)	(5,501)		(35,672)		(89,953)		(49,447)
Balance at end of period	$	203,790	$	273,277	$	203,790	$	273,277

__________

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, 2024				December 31, 2023
(in thousands)		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt(1)	Level 2	$	1,437,900	$	1,466,400	$	998,737	$	997,489
Revolving line of credit	Level 2	—		—		341,000		335,963

__________

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Accrued compensation and benefits	$	59,504	$	53,728
Contract liabilities	40,030		30,281
Current portion of operating lease liabilities	17,659		16,704
Accrued interest	16,182		2,009
Accrued expenses	9,987		23,274
Current portion of long-term debt	8,400		10,243
Colleague earnout incentives(1)	7,581		8,020
Other	4,959		8,695
Accrued expenses and other current liabilities	$	164,302	$	152,954

__________

(1) Represents the unpaid portion of contingent earnout liabilities that were reclassified, at the Partner's option, to an earnout incentive bonus payable to Colleagues. Refer to the contingent earnout liabilities rollforward in Note 12 for additional information.

Variable Interest Entities (Notes)	9 Months Ended
Variable Interest Entities (Notes)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 loss were $0.6 million and $0.2 million, respectively, for the three months ended September 30, 2024 and $0.4 million and $0.3 million, respectively, for the three months ended September 30, 2023. Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive loss were $1.8 million and $0.8 million, respectively, for the nine months ended September 30, 2024 and $1.4 million and $0.8 million, respectively, for the nine months ended September 30, 2023. Total assets and liabilities of the Company's consolidated VIEs included on the condensed consolidated balance sheets were $1.5 million and $0.3 million, respectively, at September 30, 2024 and $0.8 million and $0.2 million, respectively, at December 31, 2023. 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.

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards that vested in period			$ 36.7	$ 29.6
Share-based compensation expense	$ 17.9	$ 14.6	$ 46.8	$ 46.6
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)	10,793,035		10,793,035
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 - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Commissions and fees	$ 335,210	$ 304,232	$ 1,050,409	$ 929,306
Investment income	3,728	2,038	8,736	4,601
Total revenues	338,938	306,270	1,059,145	933,907
Commission Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	270,271	237,103	873,051	737,815
Profit Sharing Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	26,785	25,959	69,757	75,877
Consulting and Service Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	19,257	21,735	58,011	57,947
Policy Fee and Installment Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	16,002	17,071	43,252	49,907
Other Income
Disaggregation of Revenue [Line Items]
Commissions and fees	$ 2,895	$ 2,364	$ 6,338	$ 7,760

- 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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+ Details

Long-term Debt - Additional Information (Details)				3 Months Ended		9 Months Ended
Long-term Debt - Additional Information (Details)	Sep. 30, 2024 USD ($)	May 24, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt issuance costs incurred						$ 32,000,000.0
Debt issuance costs capitalized						17,988,000	$ 4,447,000
Loss on Extinguishment and Modification of Debt, Third-Party Costs						14,000,000.0
Loss on extinguishment of debt						1,034,000	0
Loss on extinguishment and modification of debt				$ 389,000	$ 0	15,068,000	0
Gain (loss) on interest rate caps						(244,000)	(489,000)
Unamortized debt issuance costs	$ 30,500,000		$ 20,300,000	30,500,000		30,500,000
Interest Rate Cap
Debt Instrument [Line Items]
Aggregate fair value of interest rate caps	100,000		2,600,000	100,000		100,000
Gain (loss) on interest rate caps				(100,000)	$ (800,000)	(200,000)	$ (500,000)
Senior Secured Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Percentage of principal amount redeemed		100.00%
Senior Secured Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Percentage of principal amount redeemed		40.00%
Redemption price, percentage		107.125%
Senior Secured Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Percentage of principal amount redeemed		10.00%
Redemption price, percentage		103.00%
JPM Credit Agreement, As Amended Through Amendment No. 7 September 2023 \| JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Aggregate principal amount			1,620,000,000
JPM Credit Agreement, As Amended Through Amendment No. 7 September 2023 \| Secured Debt \| JPMorgan Chase Bank, N.A. \| Term Loan
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,020,000,000.00
Basis spread on variable rate			3.50%
Variable rate floor			0.50%
Variable interest rate type			Secured Overnight Financing Rate (SOFR) [Member]
JPM Credit Agreement, As Amended Through Amendment No. 7 September 2023 \| Secured Debt \| JPMorgan Chase Bank, N.A. \| Term Loan \| Minimum
Debt Instrument [Line Items]
Credit spread adjustment			0.11%
JPM Credit Agreement, As Amended Through Amendment No. 7 September 2023 \| Secured Debt \| JPMorgan Chase Bank, N.A. \| Term Loan \| Maximum
Debt Instrument [Line Items]
Credit spread adjustment			0.43%
JPM Credit Agreement, As Amended Through Amendment No. 7 September 2023 \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Revolving Facility
Debt Instrument [Line Items]
Aggregate principal amount			$ 600,000,000
JPM Credit Agreement, As Amended Through Amendment No. 7 September 2023 \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Revolving Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			2.10%
Variable interest rate type
JPM Credit Agreement, As Amended Through Amendment No. 7 September 2023 \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Revolving Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			3.10%
Variable interest rate type
2024 Credit Facility \| Revolving Facility
Debt Instrument [Line Items]
Aggregate principal amount	$ 285,000,000			$ 285,000,000		$ 285,000,000
Consolidated EBITDA debt covenant	1			1		1
First lien net leverage ratio, maximum	5.50			5.50		5.50
2024 Credit Facility \| Secured Debt \| Term Loan
Debt Instrument [Line Items]
Aggregate principal amount		$ 840,000,000
Issuance Price Percentage		99.75%
Interest rate, end of period	8.10%
Excess cash flow prepayment percentage		50.00%
Asset disposition proceeds prepayment percentage		100.00%
Debt proceeds prepayment percentage		100.00%
Quarterly principal payments		$ 2,100,000
Total long-term debt	$ 837,900,000			$ 837,900,000		$ 837,900,000
2024 Credit Facility \| Secured Debt \| Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
2024 Credit Facility \| Secured Debt \| Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
Variable interest rate type		Secured Overnight Financing Rate (SOFR) [Member]
2024 Credit Facility \| Revolving Credit Facility \| Revolving Facility
Debt Instrument [Line Items]
Aggregate principal amount		$ 600,000,000
Credit spread adjustment		0.10%
Outstanding borrowings on 2024 Revolving Facility	$ 0			$ 0		$ 0
Commitment fee	0.40%
Variable interest rate type		Secured Overnight Financing Rate (SOFR) [Member]
2024 Credit Facility \| Revolving Credit Facility \| Revolving Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
2024 Credit Facility \| Revolving Credit Facility \| Revolving Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Senior Secured Notes Due May 2031 \| Senior Secured Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 600,000,000
Stated interest rate		7.125%
Total Net Leverage Reduction One \| Secured Debt \| Term Loan
Debt Instrument [Line Items]
Excess cash flow prepayment percentage		25.00%
Total Net Leverage Reduction One \| Revolving Credit Facility \| Revolving Facility
Debt Instrument [Line Items]
Commitment fee	0.35%
Total Net Leverage Reduction Two \| Secured Debt \| Term Loan
Debt Instrument [Line Items]
Excess cash flow prepayment percentage		0.00%
Total Net Leverage Reduction Two \| Revolving Credit Facility \| Revolving Facility
Debt Instrument [Line Items]
Commitment fee	0.30%
Total Net Leverage Reduction Three \| Revolving Credit Facility \| Revolving Facility
Debt Instrument [Line Items]
Commitment fee	0.25%
2024 Credit Agreement \| Revolving Facility
Debt Instrument [Line Items]
First lien net leverage ratio, maximum	7.00			7.00		7.00

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Award Activity

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


	Shares	Weighted-Average Grant-Date Fair Value Per Share
Non-vested awards outstanding at December 31, 2023	3,521,590	$	29.22
Granted	1,847,756	30.39
Vested and settled	(1,350,885)	27.20
Forfeited	(298,182)	29.75
Non-vested awards outstanding at September 30, 2024	3,720,279	30.49

Deferred Commission Expense (Notes)

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023
Balance at beginning of period	$	29,434	$	24,840	$	26,205	$	21,669
Costs capitalized	5,930		2,666		13,547		9,170
Amortization	(2,638)		(1,847)		(7,026)		(5,180)
Balance at end of period	$	32,726	$	25,659	$	32,726	$	25,659

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Summarized Financial Information by Operating Group

Summarized financial information regarding the Company’s Operating Groups is shown in the following tables. Corporate and Other includes any expenses not allocated to the Operating Groups and corporate-related items, including interest expense. Intersegment revenue and expenses are eliminated through Corporate and Other. 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.

The Company changed its measure of Operating Group profitability during the nine months ended September 30, 2024. In previous years, compensation expense relating to the Company’s growth services Colleagues was primarily recognized in Corporate and Other. During 2024, the Company began allocating growth services Colleague compensation amongst the respective Operating Groups. This change in measurement resulted in an increase to commissions, employee compensation and benefits expense in each of the Operating Groups and a decrease in Corporate and Other.


	For the Three Months Ended September 30, 2024
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues(1)	$	159,338	$	129,794	$	70,658	$	(20,852)	$	338,938
Net income (loss)	9,199		13,695		12,399		(49,768)		(14,475)


	For the Three Months Ended September 30, 2023
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues(2)	$	148,804	$	114,018	$	62,297	$	(18,849)	$	306,270
Net income (loss)	3,540		11,421		10,763		(57,730)		(32,006)


	For the Nine Months Ended September 30, 2024
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues(1)	$	549,810	$	356,176	$	209,422	$	(56,263)	$	1,059,145
Net income (loss)	55,619		70,470		32,361		(164,692)		(6,242)


	For the Nine Months Ended September 30, 2023
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues(2)	$	505,496	$	302,662	$	174,114	$	(48,365)	$	933,907
Net income (loss)	32,798		21,839		22,775		(178,935)		(101,523)

__________

(1) During the three and nine months ended September 30, 2024, the UCTS Operating Group recorded commissions revenue shared within the same Operating Group of $3.6 million and $10.3 million, respectively; the UCTS Operating Group recorded commissions revenue passed through to other Operating Groups of $17.9 million and $46.3 million, respectively; and the MIS Operating Group recorded commissions revenue shared within the same Operating Group of $0.2 million and $1.2 million, respectively. Commissions revenue shared within the same Operating Group and passed through to other Operating Groups is eliminated through Corporate and Other.

(2) During the three and nine months ended September 30, 2023, the UCTS Operating Group recorded commissions revenue shared within the same Operating Group of $2.7 million and $8.0 million, respectively; the UCTS Operating Group recorded commissions revenue passed through to other Operating Groups of $15.9 million and $39.7 million, respectively; and the MIS Operating Group recorded commissions revenue shared within the same Operating Group of $0.3 million and $1.4 million, respectively. Commissions revenue shared within the same Operating Group and passed through to other Operating Groups is 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, 2024	$	2,274,647	$	630,980	$	515,045	$	118,368	$	3,539,040
Total assets at December 31, 2023	2,292,729		646,404		518,593		44,211		3,501,937

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, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 1 [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Money market funds	$ 21,962	$ 4,317
Total assets measured at fair value	21,962	4,317
Fair Value, Inputs, Level 2 [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Interest rate caps	18	2,562
Total assets measured at fair value	18	2,562
Fair Value, Inputs, Level 3 [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Contingent earnout liabilities	203,790	276,467
Total liabilities measured at fair value	$ 203,790	$ 276,467

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	67,536,347	64,133,950
Common stock, shares outstanding	67,536,347	64,133,950
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	50,013,563	52,422,494
Common stock, shares outstanding	50,013,563	52,422,494

Fair Value Measurements - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unamortized debt issuance costs	$ 30,500	$ 20,300
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	1,437,900	998,737
Revolving line of credit	0	341,000
Estimated Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	1,466,400	997,489
Revolving line of credit	$ 0	$ 335,963

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Commissions and fees	$ 335,210	$ 304,232	$ 1,050,409	$ 929,306
Investment income	3,728	2,038	8,736	4,601
Total revenues	338,938	306,270	1,059,145	933,907
Operating expenses:
Commissions, employee compensation and benefits	247,189	220,469	753,596	676,659
Other operating expenses	48,839	47,165	141,198	141,254
Amortization expense	26,899	23,183	76,334	69,505
Change in fair value of contingent consideration	(952)	13,914	17,276	55,065
Depreciation expense	1,557	1,453	4,619	4,250
Total operating expenses	323,532	306,184	993,023	946,733
Operating income (loss)	15,406	86	66,122	(12,826)
Other income (expense):
Interest expense, net	(31,329)	(30,580)	(94,203)	(87,600)
Gain on divestitures	1,809	0	38,953	0
Loss on extinguishment and modification of debt	(389)	0	(15,068)	0
Other income (expense), net	28	(1,351)	105	(193)
Total other expense, net	(29,881)	(31,931)	(70,213)	(87,793)
Loss before income taxes	(14,475)	(31,845)	(4,091)	(100,619)
Income tax expense	0	161	2,151	904
Net loss	(14,475)	(32,006)	(6,242)	(101,523)
Less: net loss attributable to noncontrolling interests	(6,098)	(14,377)	(1,886)	(45,865)
Net loss attributable to Baldwin	(8,377)	(17,629)	(4,356)	(55,658)
Comprehensive loss	(14,475)	(32,006)	(6,242)	(101,523)
Comprehensive loss attributable to noncontrolling interests	(6,098)	(14,377)	(1,886)	(45,865)
Comprehensive loss attributable to Baldwin	$ (8,377)	$ (17,629)	$ (4,356)	$ (55,658)
Basic and diluted loss per share	$ (0.13)	$ (0.29)	$ (0.07)	$ (0.93)
Earnings Per Share, Diluted	$ (0.13)	$ (0.29)	$ (0.07)	$ (0.93)
Basic and diluted weighted-average shares of Class A common stock outstanding	64,011,515	60,549,080	63,001,125	59,791,435
Weighted Average Number of Shares Outstanding, Diluted	64,011,515	60,549,080	63,001,125	59,791,435

Earnings (Loss) Per Share - Schedule of Antidilutive Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Unvested RSAs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from EPS calculation (in shares)	4,014,508	3,880,052	3,569,891	3,880,052
Shares of Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from EPS calculation (in shares)	50,490,324	52,486,094	51,234,449	52,486,094

Business and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 segment
Accounting Policies [Abstract]
Date of incorporation	Jul. 01, 2019
Number of reportable segments	3

Contract Assets and Liabilities - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 349,286	$ 342,692
Contract liabilities	$ 40,030	$ 30,281

Fair Value Measurements - Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis (Details) - Contingent Earnout Liabilities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 210,243	$ 294,312	$ 276,467	$ 266,936
Change in fair value of contingent consideration(1)	(952)	13,914	17,276	55,065
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances	0	723	0	723
Settlement of contingent consideration(2)	(5,501)	(35,672)	(89,953)	(49,447)
Balance at end of period	203,790	$ 273,277	203,790	$ 273,277
Contingent earnout liabilities settled through issuance of earnout incentive bonus payable	$ 4,300		10,700
Contingent earnout liabilities settled through issuance of related party notes payable			5,600
Contingent earnout liabilities settled through the issuance of related party notes payable included as payments of contingent earnout consideration			$ 1,500

DEI Statement - shares	9 Months Ended
DEI Statement - shares	Sep. 30, 2024	Oct. 29, 2024
Document Information [Line Items]
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024
Document Transition Report	false
Entity File Number	001-39095
Entity Registrant Name	The Baldwin Insurance 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	BWIN
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		67,569,242
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		50,013,563

Segment Information (Notes)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

Effective January 1, 2024, the Company’s FounderShield Partner moved from the Underwriting, Capacity & Technology Solutions Operating Group to the Insurance Advisory Solutions Operating Group. Prior year segment reporting information within this note has been recast to conform to the current organizational structure.

Baldwin’s business is divided into three Operating Groups: Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions and Mainstreet Insurance Solutions.

•The Insurance Advisory Solutions (“IAS”) Operating Group provides expertly-designed commercial risk management, employee benefits and private risk management solutions for businesses and high-net-worth individuals, as well as their families, through its national footprint, which has assimilated some of the highest quality independent insurance brokers in the country with vast and varied strategic capabilities and expertise.

•The Underwriting, Capacity & Technology Solutions (“UCTS”) Operating Group consists of two distinct businesses—its MGA platform (“MSI”) and its newly launched reinsurance brokerage business, Juniper Re. Through MSI, the Company manufactures proprietary, technology-enabled insurance products that are then distributed (in many instances via technology and/or API integrations) internally via Risk Advisors across its other Operating Groups and externally via select distribution partners, with a focus on sheltered channels where its products deliver speed, ease of use and certainty of execution, an example of which is the national embedded renters insurance product sold at point of lease via integrations with property management software providers. UCTS’ Wholesale Business was sold in the first quarter of 2024 and its operations are included in UCTS’ results through February 29, 2024.

•The Mainstreet Insurance Solutions (“MIS”) Operating Group offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities, with a focus on accessing Clients via sheltered distribution channels, which include, but are not limited to, new home builders, realtors, mortgage originators/lenders, master planned communities, and various other community centers of influence. The MIS Operating Group also offers consultation 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 IAS 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 MIS 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 IAS and UCTS Operating Groups and the Corporate and Other non-reportable segment (“Corporate and Other”).

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.


	For the Three Months Ended September 30, 2024
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues(1)	$	159,338	$	129,794	$	70,658	$	(20,852)	$	338,938
Net income (loss)	9,199		13,695		12,399		(49,768)		(14,475)


	For the Three Months Ended September 30, 2023
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues(2)	$	148,804	$	114,018	$	62,297	$	(18,849)	$	306,270
Net income (loss)	3,540		11,421		10,763		(57,730)		(32,006)


	For the Nine Months Ended September 30, 2024
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues(1)	$	549,810	$	356,176	$	209,422	$	(56,263)	$	1,059,145
Net income (loss)	55,619		70,470		32,361		(164,692)		(6,242)


	For the Nine Months Ended September 30, 2023
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues(2)	$	505,496	$	302,662	$	174,114	$	(48,365)	$	933,907
Net income (loss)	32,798		21,839		22,775		(178,935)		(101,523)

__________


(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Total assets at September 30, 2024	$	2,274,647	$	630,980	$	515,045	$	118,368	$	3,539,040
Total assets at December 31, 2023	2,292,729		646,404		518,593		44,211		3,501,937

- 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.

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Reference 17: 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 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 26
-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (a)
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (b)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Share-Based Compensation (Notes)

9 Months Ended

Sep. 30, 2024

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 Baldwin’s stockholders. The total number of shares of Class A common stock authorized for issuance under the Omnibus Plan and the Inducement Plan was 10,793,035 and 3,000,000, respectively, at September 30, 2024.

During the nine months ended September 30, 2024, 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, 2024 were vested upon issuance and PSUs issued to officers vest in the quarter following the end of a performance period of three years, while RSAs issued to Colleagues, consultants and officers generally either cliff vest after three to four years or vest ratably over three to five years.

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


	Shares	Weighted-Average Grant-Date Fair Value Per Share
Non-vested awards outstanding at December 31, 2023	3,521,590	$	29.22
Granted	1,847,756	30.39
Vested and settled	(1,350,885)	27.20
Forfeited	(298,182)	29.75
Non-vested awards outstanding at September 30, 2024	3,720,279	30.49

The total fair value of shares that vested and settled under the Plans was $36.7 million and $29.6 million for the nine months ended September 30, 2024 and 2023, respectively.

Share-based compensation is recognized ratably over the vesting period of the respective awards and includes expense related to issuances under the Plans. 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 $17.9 million and $14.6 million for the three months ended September 30, 2024 and 2023, respectively, and $46.8 million and $46.6 million for the nine months ended September 30, 2024 and 2023, respectively. Share-based compensation expense is included in commissions, employee compensation and benefits expense in the condensed consolidated statements of comprehensive loss.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of Baldwin and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As the sole manager of Baldwin Holdings, Baldwin operates and controls all the business and affairs of Baldwin Holdings, and has the sole voting interest in, and controls the management of, Baldwin Holdings. Accordingly, Baldwin consolidates Baldwin Holdings in its consolidated financial statements, resulting in a noncontrolling interest related to the membership interests of Baldwin Holdings (the “LLC Units”) held by Baldwin Holdings’ members in the Company’s 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 3 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 estimates underlying the accompanying condensed consolidated financial statements include the application of guidance for revenue recognition; impairment of intangible assets and goodwill; the valuation of contingent consideration; and the valuation allowance for deferred tax assets.
Recent Accounting Standards	Recently Issued Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and usefulness of income tax disclosures. ASU 2023-09 requires disclosure of specific categories and disaggregation of information in the rate reconciliation table using both percentages and reporting currency amounts. ASU 2023-09 also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for fiscal years beginning after December 15, 2024. The Company expects the adoption of this standard to expand its income tax disclosures, but otherwise have no impact on the consolidated financial statements. Recently Adopted Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to enhance the disclosure requirements for reportable segments. ASU 2023-07 requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”), as well as an aggregate amount of other segment items included within segment profit or loss and a description of its composition. Additionally, ASU 2023-07 requires a description of how the CODM utilizes the reported measure of segment operating results to assess segment performance. ASU 2023-07 also requires enhanced interim disclosure requirements effectively making annual disclosures a requirement for interim reporting. The annual requirements of ASU 2023-07 became effective for the Company January 1, 2024, at which time it was adopted. The Company will include the new disclosures in its Annual Report on Form 10-K for the year ending December 31, 2024 as required. New interim period disclosures are required for fiscal years beginning January 1, 2025 and will be included in the Company’s Quarterly Reports on Form 10-Q at that time.

Business and Basis of Presentation (Notes)	9 Months Ended
Business and Basis of Presentation (Notes)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	The Baldwin Insurance Group, Inc. was incorporated in the state of Delaware on July 1, 2019 as BRP Group, Inc. and, on May 2, 2024, was renamed The Baldwin Insurance Group, Inc. The Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC (formerly Baldwin Risk Partners, LLC) (“Baldwin Holdings”) and its sole material asset is its ownership interest in Baldwin Holdings, through which all of its business has been and is conducted. In these condensed consolidated financial statements, unless the context otherwise requires, the words “Baldwin,” and the “Company” refer to The Baldwin Insurance Group, Inc., together with its consolidated subsidiaries, including Baldwin Holdings and its consolidated subsidiaries and affiliates. Baldwin is a diversified insurance agency and services organization that markets and sells insurance products and services to its Clients throughout the U.S. A significant portion of the Company’s business is concentrated in the Southeastern U.S., with several other regional concentrations. Baldwin and its subsidiaries operate through three reportable segments (“Operating Groups”), Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions and Mainstreet Insurance Solutions, which are discussed in more detail in Note 14. Principles of Consolidation The consolidated financial statements include the accounts of Baldwin and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As the sole manager of Baldwin Holdings, Baldwin operates and controls all the business and affairs of Baldwin Holdings, and has the sole voting interest in, and controls the management of, Baldwin Holdings. Accordingly, Baldwin consolidates Baldwin Holdings in its consolidated financial statements, resulting in a noncontrolling interest related to the membership interests of Baldwin Holdings (the “LLC Units”) held by Baldwin Holdings’ members in the Company’s 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 3 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 presentation of the financial statements have been included. The accompanying consolidated balance sheet for the year ended December 31, 2023 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, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2024. 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 estimates underlying the accompanying condensed consolidated financial statements include the application of guidance for revenue recognition; impairment of intangible assets and goodwill; the valuation of contingent consideration; 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, 2023, beginning in January 2024, the Company’s FounderShield Partner moved from the Underwriting, Capacity & Technology Solutions Operating Group to the Insurance Advisory Solutions Operating Group. Prior year segment reporting information in Note 14 has been recast to conform to the current organizational structure. In addition, certain prior year amounts have been reclassified to conform to current year presentation. These reclassifications had no impact on the Company’s previously reported consolidated financial position or results of operations. Recently Issued Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and usefulness of income tax disclosures. ASU 2023-09 requires disclosure of specific categories and disaggregation of information in the rate reconciliation table using both percentages and reporting currency amounts. ASU 2023-09 also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for fiscal years beginning after December 15, 2024. The Company expects the adoption of this standard to expand its income tax disclosures, but otherwise have no impact on the consolidated financial statements. Recently Adopted Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to enhance the disclosure requirements for reportable segments. ASU 2023-07 requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”), as well as an aggregate amount of other segment items included within segment profit or loss and a description of its composition. Additionally, ASU 2023-07 requires a description of how the CODM utilizes the reported measure of segment operating results to assess segment performance. ASU 2023-07 also requires enhanced interim disclosure requirements effectively making annual disclosures a requirement for interim reporting. The annual requirements of ASU 2023-07 became effective for the Company January 1, 2024, at which time it was adopted. The Company will include the new disclosures in its Annual Report on Form 10-K for the year ending December 31, 2024 as required. New interim period disclosures are required for fiscal years beginning January 1, 2025 and will be included in the Company’s Quarterly Reports on Form 10-Q at that time.

Fair Value Measurements - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Change in fair value of contingent consideration	$ (952)	$ 13,914	$ 17,276	$ 55,065
Maximum estimated exposure to contingent earnout liabilities	$ 329,200		$ 329,200
Revenue Growth Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input	0.08		0.08		0.10
Revenue Growth Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input	0.25		0.25		0.35
Discount Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input					0.0750
Discount Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input					0.1375

Share-Based Compensation - Schedule of Activity of Non-vested Awards under Omnibus Plan (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Shares
Outstanding, beginning balance (in shares) \| shares	3,521,590
Granted (in shares) \| shares	1,847,756
Vested and settled (in shares) \| shares	(1,350,885)
Forfeited (in shares) \| shares	(298,182)
Outstanding, ending balance (in shares) \| shares	3,720,279
Weighted-Average Grant-Date Fair Value Per Share
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 29.22
Granted (in dollars per share) \| $ / shares	30.39
Vested and settled (in dollars per share) \| $ / shares	27.20
Forfeited (in dollars per share) \| $ / shares	29.75
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 30.49

Revenue - Additional Information (Details)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Capitalized contract cost, amortization period	5 years

Business Divestitures - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Divestitures [Line Items]
Assets derecognized		$ 0		$ 0		$ 64,351
Liabilities derecognized		0		0		$ 43,931
Gain on sale of business		$ 1,809	$ 0	$ 38,953	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Wholesale Business
Business Divestitures [Line Items]
Proceeds from sale	$ 58,900
Assets derecognized	61,800
Goodwill derecognized	9,500
Liabilities derecognized	39,900
Gain on sale of business	$ 35,100

- Definition

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 181,759	$ 116,209
Restricted cash	162,957	104,824
Premiums, commissions and fees receivable, net	656,111	627,791
Prepaid expenses and other current assets	13,454	12,730
Assets held for sale	0	64,351
Total current assets	1,014,281	925,905
Property and equipment, net	21,263	22,713
Right-of-use assets	74,960	85,473
Other assets	47,356	38,134
Intangible assets, net	968,811	1,017,343
Goodwill	1,412,369	1,412,369
Total assets	3,539,040	3,501,937
Current Liabilities
Premiums payable to insurance companies	589,157	555,569
Producer commissions payable	71,179	64,304
Accrued expenses and other current liabilities	164,302	152,954
Related party notes payable	5,635	1,525
Current portion of contingent earnout liabilities	201,281	215,157
Liabilities held for sale	0	43,931
Total current liabilities	1,031,554	1,033,440
Revolving line of credit	0	341,000
Long-term debt, less current portion	1,399,010	968,183
Contingent earnout liabilities, less current portion	2,509	61,310
Operating lease liabilities, less current portion	69,235	78,999
Other liabilities	123	123
Total liabilities	2,502,431	2,483,055
Mezzanine Equity
Redeemable noncontrolling interest	375	394
Stockholders' Equity Attributable to Baldwin
Additional paid-in capital	785,931	746,671
Accumulated deficit	(191,261)	(186,905)
Total stockholders’ equity attributable to Baldwin	595,350	560,412
Noncontrolling interest	440,884	458,076
Total stockholders’ equity	1,036,234	1,018,488
Total liabilities, mezzanine equity and stockholders’ equity	3,539,040	3,501,937
Common Class A
Stockholders' Equity Attributable to Baldwin
Common stock	675	641
Common Class B
Stockholders' Equity Attributable to Baldwin
Common stock	$ 5	$ 5

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Due from related parties	$ 13,454		$ 13,454		$ 12,730
Related party notes payable	5,635		5,635		1,525
Commission revenue	335,210	$ 304,232	1,050,409	$ 929,306
Producer commissions received	100	200	400	500
Right-of-use assets	74,960		74,960		85,473
The Villages \| Related Party
Related Party Transaction [Line Items]
Rent expense	100	100	400	300
Related Party
Related Party Transaction [Line Items]
Due from related parties					1,500
Related Party \| The Villages
Related Party Transaction [Line Items]
Right-of-use assets	1,100		1,100		1,400
Operating lease liabilities	1,200		1,200		1,400
Related Party \| The Villages \| Broker Services
Related Party Transaction [Line Items]
Commission revenue	100	400	2,400	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]
Commission revenue	100	100	100	200
Related Party \| Other Parties, Excluding Holding Company of the Villages, Inc.
Related Party Transaction [Line Items]
Rent expense	900	$ 1,000	2,800	$ 2,900
Right-of-use assets	10,600		10,600		12,900
Operating lease liabilities	11,100		11,100		13,400
Related Party \| Emerald Bay
Related Party Transaction [Line Items]
Investment in related party	$ 2,400		$ 2,400
Related Party \| Emerald Bay \| Loan Made To Emerald Bay
Related Party Transaction [Line Items]
Due from related parties					$ 800

Contract Assets and Liabilities - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 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	$ 29.8

Earnings (Loss) Per Share Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic and diluted loss per share:
Net loss attributable to Baldwin	$ (8,377)	$ (17,629)	$ (4,356)	$ (55,658)
Basic and diluted weighted-average shares of Class A common stock outstanding	64,011,515	60,549,080	63,001,125	59,791,435
Basic and diluted loss per share	$ (0.13)	$ (0.29)	$ (0.07)	$ (0.93)

- Definition

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

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
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-Section 50
-Paragraph 11
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 11
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 5
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 11
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

Accrued Expenses and Other Current Liabilities (Notes)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


(in thousands)	September 30, 2024		December 31, 2023
Accrued compensation and benefits	$	59,504	$	53,728
Contract liabilities	40,030		30,281
Current portion of operating lease liabilities	17,659		16,704
Accrued interest	16,182		2,009
Accrued expenses	9,987		23,274
Current portion of long-term debt	8,400		10,243
Colleague earnout incentives(1)	7,581		8,020
Other	4,959		8,695
Accrued expenses and other current liabilities	$	164,302	$	152,954

__________

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
USF Grant, remaining commitment	$ 4.2

Deferred Commission Expense (Tables)

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023
Balance at beginning of period	$	29,434	$	24,840	$	26,205	$	21,669
Costs capitalized	5,930		2,666		13,547		9,170
Amortization	(2,638)		(1,847)		(7,026)		(5,180)
Balance at end of period	$	32,726	$	25,659	$	32,726	$	25,659

Deferred Commission Expense - Additional Information (Details)	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized contract cost, amortization period	5 years

Deferred Commission Expense - Rollforward of Deferred Commission Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Deferred Commission Expense [Roll Forward]
Balance at beginning of period	$ 29,434	$ 24,840	$ 26,205	$ 21,669
Costs capitalized	5,930	2,666	13,547	9,170
Amortization	(2,638)	(1,847)	(7,026)	(5,180)
Balance at end of period	$ 32,726	$ 25,659	$ 32,726	$ 25,659

Business Divestitures - (Notes)	9 Months Ended
Business Divestitures - (Notes)	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Business Divestitures	Since its launch in January 2020, the Company's specialty wholesale broker business (the “Wholesale Business”), operating within the Underwriting, Capacity & Technology Solutions Operating Group, had not benefited from the same degree of capital allocation, focus and prioritization as the retail and MGA businesses. After assessing the various paths forward for the Wholesale Business, near the end of 2023, management concluded that a plan to sell the Wholesale Business created the greatest opportunity for both the Company and the Wholesale Business. As of December 31, 2023, the Wholesale Business met the criteria to be classified as held for sale. The assets and liabilities were recorded as held for sale at their carrying value, which was determined to be lower than the fair value of the net assets less costs to sell and, as a result, no loss was recorded relating to the reclassification. The divestiture did not meet the criteria to be reported as discontinued operations and the Company continued to report the operating results for its Wholesale Business as continuing operations in the condensed consolidated statements of comprehensive loss through February 29, 2024. On March 1, 2024, the Company closed on the sale of its Wholesale Business for proceeds of approximately $58.9 million, subject to certain customary purchase price adjustments. The Company derecognized assets of $61.8 million, which included $9.5 million of goodwill, and liabilities of $39.9 million. The Company recognized a pre-tax gain on the sale of $35.1 million (after post-closing adjustments), which is included as a component of gain on divestitures in the condensed consolidated statements of comprehensive loss for the nine months ended September 30, 2024.

Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Contract assets	$	349,286	$	342,692
Contract liabilities	40,030		30,281

Commitments and Contingencies (Notes)	9 Months Ended
Commitments and Contingencies (Notes)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments As of September 30, 2024, Baldwin Holdings has a remaining commitment to the University of South Florida (“USF”) to donate $4.2 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, the Company’s Chairman, will fund half of the amounts to be donated by Baldwin Holdings. Legal Proceedings 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. When a material loss contingency is reasonably possible but not probable, the Company will disclose the nature of the claim and, if possible, an estimate of the loss or range of loss. In the opinion of management, the ultimate resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. During 2023, Ruby Wagner, a putative Class A stockholder of the Company, filed a class action lawsuit (the “Lawsuit”), on behalf of herself and other similarly situated stockholders in the Delaware Court of Chancery against the Company seeking declaratory judgment that certain provisions of the 2019 Stockholders Agreement between the Company and the Pre-IPO LLC Members are invalid and unenforceable as a matter of Delaware law. On May 28, 2024, the Court of Chancery issued an opinion (the “Chancery Court Opinion”) that certain provisions of the 2019 Stockholders Agreement granting approval rights related to amending the Company’s certificate of incorporation and making significant decisions relating to the Company’s senior management, are facially invalid, void, and unenforceable under Delaware law. An implementing order, presently in effect, was entered on June 20, 2024. The Chancery Court Opinion also held that a severability provision in the 2019 Stockholders Agreement allows the Pre-IPO LLC Members to demand a “suitable and equitable substitute” for the approval rights that were deemed invalid. A final order has not yet been entered in the Lawsuit and the time for taking an appeal has not yet run. Management is unable at this time to estimate the potential loss or range of loss from the ultimate disposition of this matter.

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands, except per share data)	2024		2023		2024		2023
Basic and diluted loss per share:
Net loss attributable to Baldwin	$	(8,377)	$	(17,629)	$	(4,356)	$	(55,658)
Shares used for basic and diluted loss per share:
Basic and diluted weighted-average shares of Class A common stock outstanding	64,012		60,549		63,001		59,791
Basic and diluted loss per share	$	(0.13)	$	(0.29)	$	(0.07)	$	(0.93)

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,
	2024	2023	2024	2023
Unvested RSAs and PSUs	4,014,508	3,880,052	3,569,891	3,880,052
Shares of Class B common stock	50,490,324	52,486,094	51,234,449	52,486,094

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, 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	0	$ 20		18,745			(18,765)
Tax distributions to Baldwin Holdings LLC members	(408)						(408)
Repayment of stockholder notes receivable	42					42
Distributions to variable interest entities								(385)
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	0	$ 5		4,982			(4,987)
Tax distributions to Baldwin Holdings LLC members	(47)						(47)
Distributions to variable interest entities								(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
Balance at beginning of period (in shares) at Dec. 31, 2023		64,133,950	52,422,494
Balance at beginning of period, stockholders' equity at Dec. 31, 2023	1,018,488	$ 641	$ 5	746,671	(186,905)		458,076
Balance at beginning of period, mezzanine equity at Dec. 31, 2023								394
Stockholders' Equity [Roll Forward]
Net income (loss)	(6,487)				(4,356)		(2,131)	245
Share-based compensation, net of forfeitures (in shares)		993,466
Share-based compensation, net of forfeitures	35,309	$ 10		19,878			15,421
Redemption of Class B common stock (in shares)		2,408,931	(2,408,931)
Redemption of Class B common stock	0	$ 24		19,382			(19,406)
Tax distributions to Baldwin Holdings LLC members	(11,076)						(11,076)
Distributions to variable interest entities								(264)
Balance at end of period (in shares) at Sep. 30, 2024		67,536,347	50,013,563
Balance at end of period, stockholders' equity at Sep. 30, 2024	1,036,234	$ 675	$ 5	785,931	(191,261)		440,884
Balance at end of period, mezzanine equity at Sep. 30, 2024								375
Balance at beginning of period (in shares) at Jun. 30, 2024		66,544,590	50,943,644
Balance at beginning of period, stockholders' equity at Jun. 30, 2024	1,043,259	$ 665	$ 5	773,109	(182,884)		452,364
Balance at beginning of period, mezzanine equity at Jun. 30, 2024								286
Stockholders' Equity [Roll Forward]
Net income (loss)	(14,564)				(8,377)		(6,187)	89
Share-based compensation, net of forfeitures (in shares)		61,676
Share-based compensation, net of forfeitures	7,539	$ 1		4,323			3,215
Redemption of Class B common stock (in shares)		930,081	(930,081)
Redemption of Class B common stock	0	$ 9		8,499			(8,508)
Balance at end of period (in shares) at Sep. 30, 2024		67,536,347	50,013,563
Balance at end of period, stockholders' equity at Sep. 30, 2024	$ 1,036,234	$ 675	$ 5	$ 785,931	$ (191,261)		$ 440,884
Balance at end of period, mezzanine equity at Sep. 30, 2024								$ 375

Revenue (Notes)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

The following table provides disaggregated revenues by major source:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Commission revenue(1)	$	270,271	$	237,103	$	873,051	$	737,815
Profit-sharing revenue(2)	26,785		25,959		69,757		75,877
Consulting and service fee revenue(3)	19,257		21,735		58,011		57,947
Policy fee and installment fee revenue(4)	16,002		17,071		43,252		49,907
Other income(5)	2,895		2,364		6,338		7,760
Investment income(6)	3,728		2,038		8,736		4,601
Total revenues	$	338,938	$	306,270	$	1,059,145	$	933,907

__________

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

(6) Investment income represents interest earnings on available cash invested in treasury money market funds.

The application of ASC Topic 606, Revenue from Contracts with Customers (“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 when a risk of significant reversals exists based on: (i) historical renewal patterns; 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 benefit period for new business.

•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

Earnings (Loss) Per Share (Notes)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to Baldwin 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 loss per share:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands, except per share data)	2024		2023		2024		2023
Basic and diluted loss per share:
Net loss attributable to Baldwin	$	(8,377)	$	(17,629)	$	(4,356)	$	(55,658)
Shares used for basic and diluted loss per share:
Basic and diluted weighted-average shares of Class A common stock outstanding	64,012		60,549		63,001		59,791
Basic and diluted loss per share	$	(0.13)	$	(0.29)	$	(0.07)	$	(0.93)

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,
	2024	2023	2024	2023
Unvested RSAs and PSUs	4,014,508	3,880,052	3,569,891	3,880,052
Shares of Class B common stock	50,490,324	52,486,094	51,234,449	52,486,094

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

Contract Assets and Liabilities (Notes)

9 Months Ended

Sep. 30, 2024

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

Contract Assets and Liabilities

Contract assets arise when the Company recognizes (i) revenue for amounts that 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, 2024		December 31, 2023
Contract assets	$	349,286	$	342,692
Contract liabilities	40,030		30,281

During the nine months ended September 30, 2024, the Company recognized revenue of $29.8 million related to the contract liabilities balance at December 31, 2023.