0001781755-26-000049 | 10-Q | XBRL Viewer | Baldwin Insurance Group INC

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Captive Insurance Operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Assumed premium receivable				$ 27,900	$ 18,500
Assumed premium unearned		$ 19,320		19,320		$ 1,873
Assumed premium earned		15,300	$ 5,500	29,500	$ 9,800
Capital maintained in excess of minimum statutory amount required		32,600		32,600		8,000
Multifamily Captive
Debt Instrument [Line Items]
Initial funding to capitalize	$ 12,100
Statutory capital and surplus		$ 35,000		$ 35,000		$ 10,000

- 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.

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+ Details

Variable Interest Entities - Schedule of Revenue and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Variable Interest Entity [Line Items]
Total revenues	$ 492,939	$ 378,811	$ 1,025,174	$ 792,216
Total expenses	73,400	41,154	278,281	84,825
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total revenues	6,715	725	13,644	1,378
Total expenses	$ 5,356	$ 223	$ 10,561	$ 538

- Definition

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

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+ 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

Business Combinations (Notes)

6 Months Ended

Jun. 30, 2026

Business Combination [Abstract]

Business Combinations

The Company completed three business combinations for an aggregate purchase price of $1.6 billion during the six months ended June 30, 2026. In accordance with ASC Topic 805, Business Combinations (“Topic 805”), total consideration was first allocated to the fair value of assets acquired, including liabilities assumed, with the excess being recorded as goodwill. For financial statement purposes, goodwill is not amortized but rather is evaluated for impairment at least annually or more frequently if an event or change in circumstances occurs that indicates goodwill may be impaired. Approximately 31% of goodwill recorded from business combinations during the six months ended June 30, 2026 is deductible for income tax purposes. The deductible goodwill is amortized over a period of 15 years for tax reporting purposes.

The Company completed the following business combinations during the six months ended June 30, 2026:

•The Company acquired the outstanding equity interests of the business of Cobbs Allen Capital Holdings, LLC (“CAC Group”), an Insurance Advisory Solutions partner effective January 1, 2026, to significantly expand Baldwin’s specialty capabilities and strengthen its specialty product lines and data and analytics platform.

•The Company acquired the outstanding equity interests of Creisoft, Inc. (“Obie”), an Underwriting, Capacity & Technology Solutions partner effective January 2, 2026, to expand access to embedded insurance distribution capabilities for MSI within the UCTS operating group and strengthen its offerings in the rapidly growing real estate investor market.

•The Company acquired substantially all the assets of Foley Insurance Agency, Inc., doing business as Capstone Group (“Capstone”), an Insurance Advisory Solutions partner effective January 2, 2026, to expand Baldwin’s regional presence and enhance its ability to deliver comprehensive risk management solutions to a wider client base.

The recorded purchase price for business combinations includes an estimation of the fair value of contingent earnout obligations associated with contractual earnout provisions providing for post-closing contingent consideration payments, which are based on revenue, revenue growth and net income (loss) before interest, taxes, depreciation, amortization, change in fair value of contingent consideration and certain items of income and expense, including share-based compensation expense, transaction-related partnership and integration expenses, transformation costs, severance, and certain non-recurring items, including those related to raising capital (“adjusted EBITDA”) growth. The contingent earnout consideration amounts identified in the table below are measured at fair value within Level 3 of the fair value hierarchy as discussed further in Note 16. Any subsequent changes in the fair value of contingent earnout liabilities will be recorded in the condensed consolidated statements of comprehensive income (loss) when incurred.

The recorded purchase price allocations for the CAC Group, Obie, and Capstone partnerships also include an estimation of the fair value of equity interests, which is calculated based on the value of the Company’s Class A common stock on the closing date taking into account a discount for lack of marketability.

The operating results of these business combinations have been included in the condensed consolidated statements of comprehensive income (loss) from their respective acquisition dates. The Company recognized total revenues and net loss from its business combinations of $99.9 million and $32.4 million, respectively, for the three months ended June 30, 2026, and $202.1 million and $42.3 million, respectively, for the six months ended June 30, 2026.

Acquisition-related costs incurred in connection with the CAC Group, Obie, and Capstone partnerships are recorded in other operating expenses in the condensed consolidated statements of comprehensive income (loss). The Company incurred acquisition-related costs from these business combinations of $17.7 million during the six months ended June 30, 2026.

Due to the complexity of valuing the consideration paid and the purchase price allocation and the timing of these activities, certain amounts included in the consolidated financial statements may be provisional and subject to additional adjustments within the measurement period as permitted by Topic 805. Specifically, the Company’s valuations of the fair value of contingent earnout consideration and intangible assets are estimates based on assumptions of factors such as discount rates and growth rates and tax related balances for CAC Group and Obie are estimates based on the preliminary determination of the tax basis of assets acquired and liabilities assumed. Accordingly, these assets and liabilities are subject to measurement period adjustments as determined after the passage of time. Any measurement period adjustments related to prior period business combinations are reflected as current period adjustments in accordance with Topic 805.

The table below provides a summary of the total consideration and the estimated purchase price allocations made for each of the business acquisitions that became effective during the six months ended June 30, 2026.


(in thousands)	CAC Group		Obie		Capstone		Totals
Cash consideration paid	$	445,535	$	86,958	$	35,396	$	567,889
Fair value of contingent earnout consideration	225,000		81,755		9,243		315,998
Fair value of equity interest	494,778		8,393		7,390		510,561
Deferred payments(1)	54,900		110,264		—		165,164
Total consideration	$	1,220,213	$	287,370	$	52,029	$	1,559,612
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	13,692	$	1,962	$	739	16,393
Fiduciary cash	88,804		15,189		—		103,993
Assumed premiums, commissions and fees receivable	43,869		607		698		45,174
Fiduciary receivables	188,515		2,667		—		191,182
Prepaid expenses and other current assets	2,044		272		39		2,355
Property and equipment	8,778		—		—		8,778
Right-of-use assets	26,494		808		—		27,302
Other assets	5,728		—		—		5,728
Intangible assets	410,245		121,688		19,050		550,983
Fiduciary liabilities	(277,319)		(17,856)		—		(295,175)
Commissions payable	(45,172)		—		(168)		(45,340)
Accrued expenses and other current liabilities	(15,507)		(5,553)		(530)		(21,590)
Operating lease liabilities, less current portion	(22,050)		(808)		—		(22,858)
Deferred tax liabilities	(115,997)		(26,211)		—		(142,208)
Total identifiable net assets acquired	312,124		92,765		19,828		424,717
Goodwill	908,089		194,605		32,201		1,134,895
Net assets acquired	$	1,220,213	$	287,370	$	52,029	$	1,559,612

Maximum potential contingent earnout consideration	$	250,000	$	275,000	$	19,855	$	544,855

__________

(1) The non-current portion of deferred payment obligations totaling $129.4 million is reflected in other liabilities on the condensed consolidated balance sheet as of June 30, 2026 while the current portion is reflected in accrued expenses and other current liabilities as disclosed in Note 9.

The factors contributing to the recognition of goodwill include the expansion of our specialty risk and advisory capabilities, enhanced embedded insurance distribution and vertical integration within the reinsurance and insurance brokerage industry, and the strengthening of our regional presence and comprehensive risk management offerings.

The intangible assets acquired in connection with the partnerships have the following values and estimated weighted-average lives:


(in thousands, except weighted-average lives)	Amount		Weighted- Average Life
Acquired relationships	$	474,070	15.0 years
Trade names	48,250		5.3 years
Software	28,663		4.7 years

Future annual estimated amortization expense for the next five years is as follows for intangible assets acquired in connection with the partnerships:


(in thousands)	Amount
For the remainder of 2026	$	45,515
2027	79,025
2028	69,099
2029	61,040
2030	55,531
2031	36,063

The following pro forma consolidated results of operations are provided for illustrative purposes only and have been presented as if the CAC Group, Obie, and Capstone partnerships occurred on January 1, 2025. This pro forma information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisition had occurred on that date, nor of the results that may be obtained in the future.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Pro forma results:
Revenues	$	492,939	$	468,120	$	1,025,174	$	956,381
Net loss(1)	(55,981)		(31,136)		(40,209)		(45,824)

__________

(1) Approximately $17.7 million of non-recurring acquisition-related costs attributable to the CAC Group, Obie and Capstone partnerships incurred during the six months ended June 30, 2026 were recognized as a pro forma adjustment to net loss for the six months ended June 30, 2025, and correspondingly removed from pro forma net loss for the six months ended June 30, 2026.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Significant Accounting Policies (Notes)	6 Months Ended
Significant Accounting Policies (Notes)	Jun. 30, 2026
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Repurchases of Class A Common Stock The Company accounts for repurchases of its Class A common stock using the constructive retirement method. Shares repurchased are retired immediately upon repurchase and are returned to the status of authorized but unissued shares. Any excess of the repurchase cost over par value is recorded as a reduction to accumulated deficit. No treasury stock is carried on the condensed consolidated balance sheets. In connection with each repurchase of a share of Class A common stock, a corresponding LLC Unit of Baldwin Holdings held by the Company and a corresponding share of Class B common stock are cancelled, which results in a reduction to noncontrolling interest. Tax Receivable Agreement Baldwin is a party to the Tax Receivable Agreement with Baldwin Holdings’ LLC Members that provides for the payment by Baldwin to Baldwin Holdings’ LLC Members of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that Baldwin actually realizes as a result of (i) any increase in tax basis in Baldwin Holdings’ assets resulting from (a) previous acquisitions by Baldwin of LLC Units from Baldwin Holdings’ LLC Members, (b) the acquisition of LLC Units from Baldwin Holdings’ LLC Members using the net proceeds from any future offering, (c) redemptions or exchanges by Baldwin Holdings’ LLC Members of LLC Units and the corresponding number of shares of Class B common stock for shares of Class A common stock or cash or (d) payments under the Tax Receivable Agreement, and (ii) tax benefits related to imputed interest resulting from payments made under the Tax Receivable Agreement. This payment obligation is an obligation of Baldwin and not of Baldwin Holdings. For purposes of the Tax Receivable Agreement, the cash tax savings in income tax will be computed by comparing the actual income tax liability of Baldwin (calculated with certain assumptions) to the amount of such taxes that Baldwin would have been required to pay had there been no increase to the tax basis of the assets of Baldwin Holdings as a result of the redemptions or exchanges and had Baldwin not entered into the Tax Receivable Agreement. The Company accounts for amounts payable under the Tax Receivable Agreement in accordance with ASC Topic 450, Contingencies (“Topic 450”). Estimating the amount of payments that may be made under the Tax Receivable Agreement is by its nature imprecise, insofar as the calculation of amounts payable depends on a variety of factors. The actual increase in tax basis, as well as the amount and timing of any payments under the Tax Receivable Agreement, will vary depending upon a number of factors, including the timing of redemptions or exchanges, the price of shares of our Class A common stock at the time of the redemption or exchange, the extent to which such redemptions or exchanges are taxable and the amount and timing of our income. Any such changes in these factors or changes in the Company’s determination of the need for a valuation allowance related to the tax benefits acquired under the Tax Receivable Agreement, including changes in the expected realization of tax benefits, which may be informed by, but not solely determined by, valuation allowance assessments, could adjust the Tax Receivable Agreement liabilities recognized on the condensed consolidated balance sheets. The Company accounts for the effects of these increases in tax basis and associated payments under the Tax Receivable Agreement arising from future redemptions or exchanges as follows: •records an increase in deferred tax assets through additional paid-in capital for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the redemption or exchange; •to the extent it is estimated that the Company will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, our expectation of future earnings, the Company reduces the deferred tax asset with a valuation allowance, also recorded to additional paid-in capital; and •records 85% of the estimated realizable tax benefit as defined in the Tax Receivable Agreement as an increase to the liability due under the Tax Receivable Agreement, with the offset to additional paid-in capital. Subsequent changes to the initial establishment of the increases in deferred tax assets and Tax Receivable Agreement liability between reporting periods will be recognized in the condensed consolidated statements of stockholders’ equity and mezzanine equity as the exchanges represent transactions among stockholders. Subsequent changes in any of our estimates after the date of the redemption or exchange, as well as any interest accrued on the Tax Receivable Agreement between the Company’s annual tax filing date and the Tax Receivable Agreement payment date, are recognized in the condensed consolidated statements of comprehensive income (loss). In the unlikely event of an early termination of the Tax Receivable Agreement, the Company is required to pay to each holder of the Tax Receivable Agreement an early termination payment equal to the discounted present value of all unpaid Tax Receivable Agreement payments.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jan. 02, 2026	Dec. 31, 2025
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Annual effective tax rate	15.20%		68.00%
Deferred tax liabilities					$ 142,200
Valuation allowance on deferred tax assets						$ 210,700
Valuation allowance released			$ 167,100
Recorded increase in net deferred tax liability			30,000
Valuation allowance released through income tax benefit			144,500
Valuation allowance released through decrease in additional paid in capital			7,300
Deferred tax liability position	$ 4,650		4,650			0
Income tax expense/benefit	84	$ 685	$ (144,437)	$ 685
Income tax benefit, percentage of benefit payable to noncontrolling owners			85.00%
Tax Receivable Agreement liabilities	$ 144,570		$ 144,570			0
Increase in Tax Receivable Agreement liability			130,000
Increase in Tax Receivable Agreement liability due to exchange of LLC Units for Class A common stock			$ 14,600
Effective Income Tax Rate Reconciliation, Percent	(0.20%)	(15.40%)	71.40%	3.40%
Redepmtion Of Class B Common Stock [Member] \| Common Class A
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
LLC Units redeemed for shares of Class A common stock			3,644,056
Baldwin Holdings LLC Members
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Tax Receivable Agreement liabilities	$ 144,600		$ 144,600			$ 4,500

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Jan. 22, 2025	Jun. 30, 2026
Loss Contingencies [Line Items]
USF Grant, remaining commitment		$ 2.5
Lawsuit \| Pending Litigation
Loss Contingencies [Line Items]
Litigation settlement, amount awarded	$ 2.4

- 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

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-Topic 275
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-Section 50
-Paragraph 9
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Revenue - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Commissions and fees	$ 488,789	$ 376,249	$ 1,017,650	$ 786,780
Investment income	4,150	2,562	7,524	5,436
Total revenues	492,939	378,811	1,025,174	792,216
Commissions revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	373,060	299,243	793,614	638,105
Profit-sharing revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	29,534	19,960	55,645	44,300
Consulting and service fee revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	44,883	27,375	88,356	47,531
Policy fee and installment fee revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	21,201	19,684	41,943	37,664
Assumed premium earned
Disaggregation of Revenue [Line Items]
Commissions and fees	15,309	5,488	29,500	9,805
Other income
Disaggregation of Revenue [Line Items]
Commissions and fees	$ 4,802	$ 4,499	$ 8,592	$ 9,375

Intangible Assets, Net and Goodwill (Notes)

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Intangible Assets, Net and Goodwill

The Company has recognized separately identifiable intangible assets in connection with its partnerships, including business combinations and asset acquisitions, as well as software purchased and developed for internal use. During the six months ended June 30, 2026, the Company completed three asset acquisitions and recognized $12.1 million of acquired relationships, representing the full purchase consideration of the acquisitions, which are being amortized over an estimated weighted-average useful life of 15 years.

Intangible assets consist of the following:


	June 30, 2026						December 31, 2025
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired relationships	$	1,739,517	$	(430,185)	$	1,309,332	$	1,253,396	$	(344,992)	$	908,404
Software	211,823		(116,073)		95,750		163,514		(95,547)		67,967
Trade names	76,724		(31,766)		44,958		28,474		(26,411)		2,063
Total intangible assets	$	2,028,064	$	(578,024)	$	1,450,040	$	1,445,384	$	(466,950)	$	978,434

Amortization expense recorded for intangible assets was $56.0 million and $26.0 million for the three months ended June 30, 2026 and 2025, respectively, and $111.1 million and $51.9 million for the six months ended June 30, 2026 and 2025, respectively.

Future annual estimated amortization expense over the next five years for intangible assets is as follows:


(in thousands)	Amortization
For the remainder of 2026	$	111,472
2027	192,865
2028	165,578
2029	143,361
2030	129,979
2031	104,071

The changes in carrying value of goodwill by operating group for the periods are as follows:


(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Total
Balance at December 31, 2025	$	932,487	$	241,905	$	342,779	$	1,517,171
Goodwill of acquired businesses	940,290		194,605		—		1,134,895
Measurement period adjustments(1)	—		341		—		341
Balance at June 30, 2026	$	1,872,777	$	436,851	$	342,779	$	2,652,407

__________

(1) Adjustments were made within the permitted measurement period to reflect a decrease in assumed premiums, commissions and fees receivable, net related to partnerships entered into in the prior year. The measurement period adjustments have been reflected as current‑period adjustments in accordance with Topic 805 and had no effect on results of operations or cash flows.

- Definition

The entire disclosure for goodwill.

+ References + Details

Captive Insurance Operations (Notes)

6 Months Ended

Jun. 30, 2026

Insurance [Abstract]

Captive Insurance Operations

The Company’s UCTS operating group includes TBG Assurance Company, LLC, a wholly-owned protected cell captive insurance company (“PCC”) domiciled in Tennessee, which was established to allow Baldwin to further participate in the underwriting results of a small portion of its MGA programs. The PCC allows for the creation of multiple independent cells (series) within a single legal entity, TBG Assurance Company, LLC (the “Core”).

Effective January 1, 2025, the initial series, MSI Multifamily Series Protected Cell (the “MSI Cell” and, collectively with the Core, the “Captive”), was licensed and participates as a quota share reinsurer on two of MSI’s multifamily programs, renters and master tenant legal liability, for the purpose of further participating in underwriting results. The reinsurance quota share contracts feature an adjustment to assumed premium based on the loss ratio performance of the business assumed.

As of June 30, 2026 and December 31, 2025, assumed premium receivable was $27.9 million and $18.5 million, respectively, which is included as a component of assumed premiums, commissions and fees receivable, net on the condensed consolidated balance sheets. As of December 31, 2025, the assumed premium receivable was accounted for as a funds withheld receivable, net of actual claims paid. As of June 30, 2026 and December 31, 2025, assumed premium unearned was $19.3 million and $1.9 million, respectively, which is included as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets.

Assumed premium earned was $15.3 million and $5.5 million for the three months ended June 30, 2026 and 2025, respectively, and $29.5 million and $9.8 million for the six months ended June 30, 2026 and 2025, respectively. Assumed premium earned is included in commissions and fees in the condensed consolidated statements of comprehensive income (loss). Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such adjustments are made. No such adjustments were made during the six months ended June 30, 2026 or 2025.

The table below provides a rollforward of unpaid losses and loss adjustment reserve:


	For the Six Months Ended June 30,
(in thousands)	2026		2025
Balance at beginning of period	$	13,072	$	—
Incurred losses and LAE	14,072		8,780
Actual claims paid	(4,092)		—
Balance at end of period	$	23,052	$	8,780

In December 2024, the initial funding to capitalize the Captive was $12.1 million, provided by Baldwin Holdings substantially in the form of a letter of credit. As of June 30, 2026 and December 31, 2025, the Captive maintained capital in excess of the minimum statutory amount required by regulatory authorities of $32.6 million and $8.0 million, respectively, and the statutory capital and surplus of the Captive, as allowed by prescribed practices by the Tennessee Department of Commerce and Insurance, was $35.0 million and $10.0 million, respectively.

- Definition

The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References + Details

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities, Revenues and Expenses

Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive income (loss) were as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Consolidated VIEs:
Revenues	$	6,715	$	725	$	13,644	$	1,378
Expenses	5,356		223		10,561		538

Business Combinations - Schedule of Business Acquisitions (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	$ 567,889
Fair value of contingent earnout consideration	315,998
Fair value of equity interest	510,561	$ 863
Deferred payments(1)	165,164
Total consideration	1,559,612
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	16,393
Fiduciary cash	103,993
Assumed premiums, commissions and fees receivable	45,174
Fiduciary receivables	191,182
Prepaid expenses and other current assets	2,355
Property and equipment	8,778
Right-of-use assets	27,302
Other assets	5,728
Intangible assets	550,983
Fiduciary liabilities	(295,175)
Commissions payable	(45,340)
Accrued expenses and other current liabilities	(21,590)
Operating lease liabilities, less current portion	(22,858)
Deferred tax liabilities	(142,208)
Total identifiable net assets acquired	424,717
Goodwill	1,134,895
Net assets acquired less goodwill and noncontrolling interest	1,559,612
Non-current portion of deferred payment obligations	129,400
Total Business Combinations
Recognized amounts of identifiable assets acquired and liabilities assumed:
Maximum potential contingent earnout consideration	544,855
CAC Group
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	445,535
Fair value of contingent earnout consideration	225,000
Fair value of equity interest	494,778
Deferred payments(1)	54,900
Total consideration	1,220,213
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	13,692
Fiduciary cash	88,804
Assumed premiums, commissions and fees receivable	43,869
Fiduciary receivables	188,515
Prepaid expenses and other current assets	2,044
Property and equipment	8,778
Right-of-use assets	26,494
Other assets	5,728
Intangible assets	410,245
Fiduciary liabilities	(277,319)
Commissions payable	(45,172)
Accrued expenses and other current liabilities	(15,507)
Operating lease liabilities, less current portion	(22,050)
Deferred tax liabilities	(115,997)
Total identifiable net assets acquired	312,124
Goodwill	908,089
Net assets acquired less goodwill and noncontrolling interest	1,220,213
Maximum potential contingent earnout consideration	250,000
Obie
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	86,958
Fair value of contingent earnout consideration	81,755
Fair value of equity interest	8,393
Deferred payments(1)	110,264
Total consideration	287,370
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	1,962
Fiduciary cash	15,189
Assumed premiums, commissions and fees receivable	607
Fiduciary receivables	2,667
Prepaid expenses and other current assets	272
Property and equipment	0
Right-of-use assets	808
Other assets	0
Intangible assets	121,688
Fiduciary liabilities	(17,856)
Commissions payable	0
Accrued expenses and other current liabilities	(5,553)
Operating lease liabilities, less current portion	(808)
Deferred tax liabilities	(26,211)
Total identifiable net assets acquired	92,765
Goodwill	194,605
Net assets acquired less goodwill and noncontrolling interest	287,370
Maximum potential contingent earnout consideration	275,000
Capstone
Business Combination, Consideration Transferred [Abstract]
Cash consideration paid	35,396
Fair value of contingent earnout consideration	9,243
Fair value of equity interest	7,390
Deferred payments(1)	0
Total consideration	52,029
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	739
Fiduciary cash	0
Assumed premiums, commissions and fees receivable	698
Fiduciary receivables	0
Prepaid expenses and other current assets	39
Property and equipment	0
Right-of-use assets	0
Other assets	0
Intangible assets	19,050
Fiduciary liabilities	0
Commissions payable	(168)
Accrued expenses and other current liabilities	(530)
Operating lease liabilities, less current portion	0
Deferred tax liabilities	0
Total identifiable net assets acquired	19,828
Goodwill	32,201
Net assets acquired less goodwill and noncontrolling interest	52,029
Maximum potential contingent earnout consideration	$ 19,855

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


(in thousands)	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	66,895	$	78,271
Accrued expenses	51,218		57,397
Contract liabilities	46,461		36,333
Deferred payments	45,451		29,336
Current portion of operating lease liabilities	21,989		18,088
Assumed premium unearned	19,320		1,873
Current portion of long-term debt	16,091		12,577
Accrued interest	11,166		9,447
Other	15,650		9,238
Accrued expenses and other current liabilities	$	294,241	$	252,560

Captive Insurance Operations (Tables)

6 Months Ended

Jun. 30, 2026

Insurance [Abstract]

Rollforward of Unpaid Losses and Loss Adjustment Reserve

The table below provides a rollforward of unpaid losses and loss adjustment reserve:


	For the Six Months Ended June 30,
(in thousands)	2026		2025
Balance at beginning of period	$	13,072	$	—
Incurred losses and LAE	14,072		8,780
Actual claims paid	(4,092)		—
Balance at end of period	$	23,052	$	8,780

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands, except per share data)	2026		2025		2026		2025
Basic earnings (loss) per share:
Net income (loss) attributable to Baldwin	$	(38,995)	$	(3,164)	$	(36,654)	$	10,775
Shares used for basic earnings (loss) per share:
Weighted-average shares of Class A common stock outstanding - basic	92,761		68,010		93,278		67,045
Basic earnings (loss) per share	$	(0.42)	$	(0.05)	$	(0.39)	$	0.16

Diluted earnings (loss) per share:
Net income (loss) attributable to Baldwin	$	(38,995)	$	(3,164)	$	(36,654)	$	10,775
Shares used for diluted earnings (loss) per share:
Weighted-average shares of Class A common stock outstanding - basic	92,761		68,010		93,278		67,045
Dilutive effect of unvested stock awards	—		—		—		3,348
Weighted-average shares of Class A common stock outstanding - diluted	92,761		68,010		93,278		70,393
Diluted earnings (loss) per share	$	(0.42)	$	(0.05)	$	(0.39)	$	0.15

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 June 30,		For the Six Months Ended June 30,
	2026	2025	2026	2025
Unvested RSAs and PSUs	4,188,835	3,435,770	3,614,054	—
Shares of Class B common stock	44,373,223	47,717,482	45,163,810	48,377,222

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

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, 2025	3,094,268	$	36.03
Granted	4,165,527	23.30
Vested and settled	(2,209,742)	25.72
Forfeited	(427,484)	37.50
Non-vested awards outstanding at June 30, 2026	4,622,569	29.35

Variable Interest Entities (Notes)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Topic 810 requires a reporting entity to consolidate a 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 has determined that it is the primary beneficiary of its VIEs, which include Lennar Insurance Agency, Laureate Insurance Partners, LLC, BKS Smith, LLC, BKS MS, LLC and BKS Partners Galati Marine Solutions, LLC. The Company has consolidated its VIEs into the accompanying condensed consolidated financial statements.

Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive income (loss) were as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Consolidated VIEs:
Revenues	$	6,715	$	725	$	13,644	$	1,378
Expenses	5,356		223		10,561		538

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.

Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

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)	June 30, 2026		December 31, 2025
Contract assets	$	273,912	$	279,517
Contract liabilities	46,461		36,333

Business and Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2026 segment
Accounting Policies [Abstract]
Date of incorporation	Jul. 01, 2019
Number of reportable segments	3

Business Combinations - Schedule of Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Business Combination, Pro Forma Information [Line Items]
Pro forma revenues	$ 492,939	$ 468,120	$ 1,025,174	$ 956,381
Pro forma net income (loss)	$ (55,981)	$ (31,136)	(40,209)	(45,824)
Acquisition-related costs incurred in connection with partnerships			$ 17,700
Pro forma adjustment, nonrecurring acquisition-related costs
Business Combination, Pro Forma Information [Line Items]
Acquisition-related costs incurred in connection with partnerships				$ 17,700

- 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

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination [Abstract]

Schedule of Business Acquisitions


(in thousands)	CAC Group		Obie		Capstone		Totals
Cash consideration paid	$	445,535	$	86,958	$	35,396	$	567,889
Fair value of contingent earnout consideration	225,000		81,755		9,243		315,998
Fair value of equity interest	494,778		8,393		7,390		510,561
Deferred payments(1)	54,900		110,264		—		165,164
Total consideration	$	1,220,213	$	287,370	$	52,029	$	1,559,612
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	13,692	$	1,962	$	739	16,393
Fiduciary cash	88,804		15,189		—		103,993
Assumed premiums, commissions and fees receivable	43,869		607		698		45,174
Fiduciary receivables	188,515		2,667		—		191,182
Prepaid expenses and other current assets	2,044		272		39		2,355
Property and equipment	8,778		—		—		8,778
Right-of-use assets	26,494		808		—		27,302
Other assets	5,728		—		—		5,728
Intangible assets	410,245		121,688		19,050		550,983
Fiduciary liabilities	(277,319)		(17,856)		—		(295,175)
Commissions payable	(45,172)		—		(168)		(45,340)
Accrued expenses and other current liabilities	(15,507)		(5,553)		(530)		(21,590)
Operating lease liabilities, less current portion	(22,050)		(808)		—		(22,858)
Deferred tax liabilities	(115,997)		(26,211)		—		(142,208)
Total identifiable net assets acquired	312,124		92,765		19,828		424,717
Goodwill	908,089		194,605		32,201		1,134,895
Net assets acquired	$	1,220,213	$	287,370	$	52,029	$	1,559,612

Maximum potential contingent earnout consideration	$	250,000	$	275,000	$	19,855	$	544,855

__________

Schedule of Weighted-Average Useful Lives of Intangible Assets Acquired in Business Combinations

The intangible assets acquired in connection with the partnerships have the following values and estimated weighted-average lives:


(in thousands, except weighted-average lives)	Amount		Weighted- Average Life
Acquired relationships	$	474,070	15.0 years
Trade names	48,250		5.3 years
Software	28,663		4.7 years

Schedule of Intangible Assets Future Amortization Expense, Business Combinations

Future annual estimated amortization expense for the next five years is as follows for intangible assets acquired in connection with the partnerships:


(in thousands)	Amount
For the remainder of 2026	$	45,515
2027	79,025
2028	69,099
2029	61,040
2030	55,531
2031	36,063

Business Combination, Pro Forma Information


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Pro forma results:
Revenues	$	492,939	$	468,120	$	1,025,174	$	956,381
Net loss(1)	(55,981)		(31,136)		(40,209)		(45,824)

__________

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Share-Based Compensation - Schedule of Activity of Non-vested Awards under Omnibus Plan (Details)	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Shares
Outstanding, beginning balance (in shares) \| shares	3,094,268
Granted (in shares) \| shares	4,165,527
Vested and settled (in shares) \| shares	(2,209,742)
Forfeited (in shares) \| shares	(427,484)
Outstanding, ending balance (in shares) \| shares	4,622,569
Weighted-Average Grant-Date Fair Value Per Share
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 36.03
Granted (in dollars per share) \| $ / shares	23.30
Vested and settled (in dollars per share) \| $ / shares	25.72
Forfeited (in dollars per share) \| $ / shares	37.50
Outstanding, ending balance (in dollars per share) \| $ / shares	$ 29.35

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Inputs, Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Money market funds	$ 245,055	$ 229,922
Fair Value, Inputs, Level 2 [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative instruments	7,450	815
Fair Value, Inputs, Level 3 [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Contingent earnout liabilities	$ 346,824	$ 23,293

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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+ Details

Segment Information (Notes)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

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 three distinct divisions—its MGA platform, MSI; its Capacity Solutions group (which consists of its reinsurance brokerage business, Juniper Re; its reinsurance MGA business, MultiStrat; and its captive management business); and the Captive. 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.

•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.

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. Additionally, the UCTS operating group generates assumed premium earned through the Captive business.

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 all its operating groups and the Corporate and Other non-reportable segment.

The Company’s chief operating decision maker, the chief executive officer, evaluates the performance of its reportable segments based on net income (loss) and adjusted EBITDA. The chief operating decision maker considers actual, actual-to-prior year variances, and budget-to-actual variances on a monthly basis for both profit measures to manage resources and make decisions about the business. However, only segment net income (loss), as the measure of segment profit or loss that is most consistent with GAAP measurement principles, is disclosed below.

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.


	For the Three Months Ended June 30, 2026
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commission revenue(1)	$	208,847	$	114,990	$	67,250	$	(18,027)	$	373,060
Profit-sharing revenue	17,833		5,310		6,391		—		29,534
Consulting and service fee revenue	42,935		1,872		76		—		44,883
Policy fee and installment fee revenue	—		21,201		—		—		21,201
Assumed premium earned	—		15,309		—		—		15,309
Other income	3,269		140		1,589		(196)		4,802
Investment income	2,459		1,425		21		245		4,150
Total revenues	275,343		160,247		75,327		(17,978)		492,939
Expenses:
Inside advisor commissions	66,039		727		8,145		—		74,911
Fixed compensation	76,404		19,319		10,527		2,670		108,920
Benefits and other	34,858		9,802		7,257		1,967		53,884
Share-based compensation	9,257		4,472		1,369		5,603		20,701
Severance	3,586		490		957		874		5,907
Colleague compensation and benefits	190,144		34,810		28,255		11,114		264,323
Outside commissions(1)	3,953		66,551		19,517		(18,223)		71,798
Selling expense	11,571		2,477		2,949		2,646		19,643
Operating expense	28,093		30,171		5,875		9,261		73,400
Administrative expense	35,186		14,790		13,222		42,412		105,610
All other (income) expense, net(2)	7,675		4,755		1,745		(29)		14,146
Total expense	276,622		153,554		71,563		47,181		548,920
Net income (loss)	$	(1,279)	$	6,693	$	3,764	$	(65,159)	$	(55,981)

Other segment disclosures:
Loss on change in fair value of contingent consideration	$	5,105	$	5,446	$	1,752	$	—	$	12,303
Depreciation and amortization expense	32,946		10,821		13,170		1,863		58,800
Interest expense, net	1,797		3,642		3		40,224		45,666

Loss on extinguishment and modification of debt	—		—		—		129		129
Share of net earnings of equity method investee	—		664		—		—		664

__________

(1) During the three months ended June 30, 2026, the IAS operating group recorded commission revenue shared with other operating groups of $0.2 million and the UCTS operating group recorded commission revenue shared with other operating groups of $18.0 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other.

(2) All other (income) expense, net includes change in fair value of contingent consideration, other income (expense), net, share of net earnings of equity method investee and income tax expense (benefit).


	For the Three Months Ended June 30, 2025
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commission revenue(1)	$	139,680	$	117,060	$	61,309	$	(18,806)	$	299,243
Profit-sharing revenue	14,003		2,038		3,919		—		19,960
Consulting and service fee revenue	25,993		1,382		—		—		27,375
Policy fee and installment fee revenue	—		19,684		—		—		19,684
Assumed premium earned	—		5,488		—		—		5,488
Other income	2,677		723		1,280		(181)		4,499
Investment income	912		1,135		56		459		2,562
Total revenues	183,265		147,510		66,564		(18,528)		378,811
Expenses:
Inside advisor commissions	41,031		180		7,920		—		49,131
Fixed compensation	54,340		16,016		9,995		2,801		83,152
Benefits and other	23,793		10,022		6,241		3,072		43,128
Share-based compensation	5,904		3,397		1,655		5,996		16,952
Severance	732		723		39		124		1,618
Colleague earnout incentives	1,490		—		—		—		1,490
Colleague compensation and benefits	127,290		30,338		25,850		11,993		195,471
Outside commissions(1)	2,800		70,716		19,057		(18,987)		73,586
Selling expense	6,424		1,591		3,828		2,206		14,049
Operating expense	14,420		13,976		5,828		6,930		41,154
Administrative expense	13,885		5,339		7,744		32,920		59,888
All other (income) expense, net(2)	668		(1,565)		34		667		(196)
Total expense	165,487		120,395		62,341		35,729		383,952
Net income (loss)	$	17,778	$	27,115	$	4,223	$	(54,257)	$	(5,141)

Other segment disclosures:
Loss (gain) on change in fair value of contingent consideration	$	(468)	$	(1,554)	$	65	$	—	$	(1,957)
Depreciation and amortization expense	13,519		5,102		7,583		1,448		27,652
Interest (income) expense, net	(1)		110		24		31,187		31,320
Loss (gain) on divestitures	(500)		—		—		1,611		1,111

__________

(1) During the three months ended June 30, 2025, the IAS operating group recorded commission revenue shared with other operating groups of $0.2 million and the UCTS operating group recorded commission revenue shared with other operating groups of $18.8 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other.

(2) All other (income) expense, net includes change in fair value of contingent consideration, gain (loss) on divestitures, other income (expense), net and income tax expense (benefit).


	For the Six Months Ended June 30, 2026
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commission revenue(1)	$	474,884	$	209,460	$	143,114	$	(33,844)	$	793,614
Profit-sharing revenue	36,859		8,072		10,714		—		55,645
Consulting and service fee revenue	85,000		3,280		76		—		88,356
Policy fee and installment fee revenue	—		41,943		—		—		41,943
Assumed premium earned	—		29,500		—		—		29,500
Other income	5,789		176		3,029		(402)		8,592
Investment income	4,007		2,759		52		706		7,524
Total revenues	606,539		295,190		156,985		(33,540)		1,025,174
Expenses:
Inside advisor commissions	151,753		1,380		17,024		—		170,157
Fixed compensation	154,418		37,788		20,752		5,071		218,029
Benefits and other	72,052		21,930		14,499		5,518		113,999
Share-based compensation	14,919		7,437		2,785		8,378		33,519
Severance	8,926		515		1,815		975		12,231
Colleague compensation and benefits	402,068		69,050		56,875		19,942		547,935
Outside commissions(1)	8,629		124,311		39,783		(34,246)		138,477
Selling expense	23,236		4,616		5,963		4,443		38,258
Operating expense	56,173		57,491		11,745		152,872		278,281
Administrative expense	67,484		25,347		26,128		90,705		209,664
All other (income) expense, net(2)	7,946		5,176		1,905		(144,591)		(129,564)
Total expense	565,536		285,991		142,399		89,125		1,083,051
Net income (loss)	$	41,003	$	9,199	$	14,586	$	(122,665)	$	(57,877)

Other segment disclosures:
Loss on change in fair value of contingent consideration	$	5,403	$	6,880	$	1,989	$	—	$	14,272
Depreciation and amortization expense	65,201		21,057		26,050		3,570		115,878
Interest expense, net	1,663		3,721		14		79,168		84,566

Loss on extinguishment and modification of debt	—		—		—		7,538		7,538
Share of net earnings of equity method investee	—		1,175		—		—		1,175
Capital expenditures	4,661		14,464		7,002		1,721		27,848
	At June 30, 2026
Total assets	$	4,222,844	$	1,184,295	$	694,213	$	73,372	$	6,174,724

__________

(1) During the six months ended June 30, 2026, the IAS operating group recorded commission revenue shared with other operating groups of $0.4 million and the UCTS operating group recorded commission revenue shared with other operating groups of $33.8 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other.


	For the Six Months Ended June 30, 2025
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commission revenue(1)	$	330,008	$	212,009	$	132,959	$	(36,871)	$	638,105
Profit-sharing revenue	28,973		7,313		8,014		—		44,300
Consulting and service fee revenue	44,580		2,951		—		—		47,531
Policy fee and installment fee revenue	—		37,664		—		—		37,664
Assumed premium earned	—		9,805		—		—		9,805
Other income	5,441		769		3,346		(181)		9,375
Investment income	1,936		2,173		114		1,213		5,436
Total revenues	410,938		272,684		144,433		(35,839)		792,216
Expenses:
Inside advisor commissions	96,794		315		16,261		—		113,370
Fixed compensation	107,480		29,960		19,521		4,762		161,723
Benefits and other	49,664		18,572		12,689		6,672		87,597
Share-based compensation	10,757		5,678		2,908		10,412		29,755
Severance	1,218		930		495		182		2,825
Colleague earnout incentives	(1,671)		(108)		—		—		(1,779)
Colleague compensation and benefits	264,242		55,347		51,874		22,028		393,491
Outside commissions(1)	6,438		131,879		38,144		(37,052)		139,409
Selling expense	12,522		3,145		7,860		4,357		27,884
Operating expense	29,036		28,511		11,300		15,978		84,825
Administrative expense	27,881		10,154		15,356		66,845		120,236
All other (income) expense, net(2)	5,956		(831)		742		747		6,614
Total expense	346,075		228,205		125,276		72,903		772,459
Net income (loss)	$	64,863	$	44,479	$	19,157	$	(108,742)	$	19,757

Other segment disclosures:
Loss (gain) on change in fair value of contingent consideration	$	6,670	$	(845)	$	279	$	—	$	6,104
Depreciation and amortization expense	27,385		9,743		15,139		2,850		55,117
Interest (income) expense, net	(1)		219		34		61,044		61,296
Loss (gain) on divestitures	(1,901)		—		—		1,611		(290)
Loss on extinguishment and modification of debt	—		—		—		2,394		2,394
Capital expenditures	2,689		7,924		5,712		3,985		20,310
	At December 31, 2025
Total assets	$	2,293,873	$	758,085	$	712,639	$	97,623	$	3,862,220

__________

(1) During the six months ended June 30, 2025, the IAS operating group recorded commission revenue shared with other operating groups of $0.2 million and the UCTS operating group recorded commission revenue shared with other operating groups of $36.9 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other.

(2) All other (income) expense, net includes change in fair value of contingent consideration, gain (loss) on divestitures, other income (expense), net and income tax expense (benefit).

- Definition

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

+ References

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+ Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Summarized Financial Information by Operating Group


	For the Three Months Ended June 30, 2026
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commission revenue(1)	$	208,847	$	114,990	$	67,250	$	(18,027)	$	373,060
Profit-sharing revenue	17,833		5,310		6,391		—		29,534
Consulting and service fee revenue	42,935		1,872		76		—		44,883
Policy fee and installment fee revenue	—		21,201		—		—		21,201
Assumed premium earned	—		15,309		—		—		15,309
Other income	3,269		140		1,589		(196)		4,802
Investment income	2,459		1,425		21		245		4,150
Total revenues	275,343		160,247		75,327		(17,978)		492,939
Expenses:
Inside advisor commissions	66,039		727		8,145		—		74,911
Fixed compensation	76,404		19,319		10,527		2,670		108,920
Benefits and other	34,858		9,802		7,257		1,967		53,884
Share-based compensation	9,257		4,472		1,369		5,603		20,701
Severance	3,586		490		957		874		5,907
Colleague compensation and benefits	190,144		34,810		28,255		11,114		264,323
Outside commissions(1)	3,953		66,551		19,517		(18,223)		71,798
Selling expense	11,571		2,477		2,949		2,646		19,643
Operating expense	28,093		30,171		5,875		9,261		73,400
Administrative expense	35,186		14,790		13,222		42,412		105,610
All other (income) expense, net(2)	7,675		4,755		1,745		(29)		14,146
Total expense	276,622		153,554		71,563		47,181		548,920
Net income (loss)	$	(1,279)	$	6,693	$	3,764	$	(65,159)	$	(55,981)

Other segment disclosures:
Loss on change in fair value of contingent consideration	$	5,105	$	5,446	$	1,752	$	—	$	12,303
Depreciation and amortization expense	32,946		10,821		13,170		1,863		58,800
Interest expense, net	1,797		3,642		3		40,224		45,666

Loss on extinguishment and modification of debt	—		—		—		129		129
Share of net earnings of equity method investee	—		664		—		—		664

__________


	For the Three Months Ended June 30, 2025
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commission revenue(1)	$	139,680	$	117,060	$	61,309	$	(18,806)	$	299,243
Profit-sharing revenue	14,003		2,038		3,919		—		19,960
Consulting and service fee revenue	25,993		1,382		—		—		27,375
Policy fee and installment fee revenue	—		19,684		—		—		19,684
Assumed premium earned	—		5,488		—		—		5,488
Other income	2,677		723		1,280		(181)		4,499
Investment income	912		1,135		56		459		2,562
Total revenues	183,265		147,510		66,564		(18,528)		378,811
Expenses:
Inside advisor commissions	41,031		180		7,920		—		49,131
Fixed compensation	54,340		16,016		9,995		2,801		83,152
Benefits and other	23,793		10,022		6,241		3,072		43,128
Share-based compensation	5,904		3,397		1,655		5,996		16,952
Severance	732		723		39		124		1,618
Colleague earnout incentives	1,490		—		—		—		1,490
Colleague compensation and benefits	127,290		30,338		25,850		11,993		195,471
Outside commissions(1)	2,800		70,716		19,057		(18,987)		73,586
Selling expense	6,424		1,591		3,828		2,206		14,049
Operating expense	14,420		13,976		5,828		6,930		41,154
Administrative expense	13,885		5,339		7,744		32,920		59,888
All other (income) expense, net(2)	668		(1,565)		34		667		(196)
Total expense	165,487		120,395		62,341		35,729		383,952
Net income (loss)	$	17,778	$	27,115	$	4,223	$	(54,257)	$	(5,141)

Other segment disclosures:
Loss (gain) on change in fair value of contingent consideration	$	(468)	$	(1,554)	$	65	$	—	$	(1,957)
Depreciation and amortization expense	13,519		5,102		7,583		1,448		27,652
Interest (income) expense, net	(1)		110		24		31,187		31,320
Loss (gain) on divestitures	(500)		—		—		1,611		1,111

__________

(2) All other (income) expense, net includes change in fair value of contingent consideration, gain (loss) on divestitures, other income (expense), net and income tax expense (benefit).


	For the Six Months Ended June 30, 2026
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commission revenue(1)	$	474,884	$	209,460	$	143,114	$	(33,844)	$	793,614
Profit-sharing revenue	36,859		8,072		10,714		—		55,645
Consulting and service fee revenue	85,000		3,280		76		—		88,356
Policy fee and installment fee revenue	—		41,943		—		—		41,943
Assumed premium earned	—		29,500		—		—		29,500
Other income	5,789		176		3,029		(402)		8,592
Investment income	4,007		2,759		52		706		7,524
Total revenues	606,539		295,190		156,985		(33,540)		1,025,174
Expenses:
Inside advisor commissions	151,753		1,380		17,024		—		170,157
Fixed compensation	154,418		37,788		20,752		5,071		218,029
Benefits and other	72,052		21,930		14,499		5,518		113,999
Share-based compensation	14,919		7,437		2,785		8,378		33,519
Severance	8,926		515		1,815		975		12,231
Colleague compensation and benefits	402,068		69,050		56,875		19,942		547,935
Outside commissions(1)	8,629		124,311		39,783		(34,246)		138,477
Selling expense	23,236		4,616		5,963		4,443		38,258
Operating expense	56,173		57,491		11,745		152,872		278,281
Administrative expense	67,484		25,347		26,128		90,705		209,664
All other (income) expense, net(2)	7,946		5,176		1,905		(144,591)		(129,564)
Total expense	565,536		285,991		142,399		89,125		1,083,051
Net income (loss)	$	41,003	$	9,199	$	14,586	$	(122,665)	$	(57,877)

Other segment disclosures:
Loss on change in fair value of contingent consideration	$	5,403	$	6,880	$	1,989	$	—	$	14,272
Depreciation and amortization expense	65,201		21,057		26,050		3,570		115,878
Interest expense, net	1,663		3,721		14		79,168		84,566

Loss on extinguishment and modification of debt	—		—		—		7,538		7,538
Share of net earnings of equity method investee	—		1,175		—		—		1,175
Capital expenditures	4,661		14,464		7,002		1,721		27,848
	At June 30, 2026
Total assets	$	4,222,844	$	1,184,295	$	694,213	$	73,372	$	6,174,724

__________


	For the Six Months Ended June 30, 2025
(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Corporate and Other		Total
Revenues:
Commission revenue(1)	$	330,008	$	212,009	$	132,959	$	(36,871)	$	638,105
Profit-sharing revenue	28,973		7,313		8,014		—		44,300
Consulting and service fee revenue	44,580		2,951		—		—		47,531
Policy fee and installment fee revenue	—		37,664		—		—		37,664
Assumed premium earned	—		9,805		—		—		9,805
Other income	5,441		769		3,346		(181)		9,375
Investment income	1,936		2,173		114		1,213		5,436
Total revenues	410,938		272,684		144,433		(35,839)		792,216
Expenses:
Inside advisor commissions	96,794		315		16,261		—		113,370
Fixed compensation	107,480		29,960		19,521		4,762		161,723
Benefits and other	49,664		18,572		12,689		6,672		87,597
Share-based compensation	10,757		5,678		2,908		10,412		29,755
Severance	1,218		930		495		182		2,825
Colleague earnout incentives	(1,671)		(108)		—		—		(1,779)
Colleague compensation and benefits	264,242		55,347		51,874		22,028		393,491
Outside commissions(1)	6,438		131,879		38,144		(37,052)		139,409
Selling expense	12,522		3,145		7,860		4,357		27,884
Operating expense	29,036		28,511		11,300		15,978		84,825
Administrative expense	27,881		10,154		15,356		66,845		120,236
All other (income) expense, net(2)	5,956		(831)		742		747		6,614
Total expense	346,075		228,205		125,276		72,903		772,459
Net income (loss)	$	64,863	$	44,479	$	19,157	$	(108,742)	$	19,757

Other segment disclosures:
Loss (gain) on change in fair value of contingent consideration	$	6,670	$	(845)	$	279	$	—	$	6,104
Depreciation and amortization expense	27,385		9,743		15,139		2,850		55,117
Interest (income) expense, net	(1)		219		34		61,044		61,296
Loss (gain) on divestitures	(1,901)		—		—		1,611		(290)
Loss on extinguishment and modification of debt	—		—		—		2,394		2,394
Capital expenditures	2,689		7,924		5,712		3,985		20,310
	At December 31, 2025
Total assets	$	2,293,873	$	758,085	$	712,639	$	97,623	$	3,862,220

__________

(2) All other (income) expense, net includes change in fair value of contingent consideration, gain (loss) on divestitures, other income (expense), net and income tax expense (benefit).

Earnings (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Basic earnings (loss) per share:
Net income (loss) attributable to Baldwin	$ (38,995)	$ (3,164)	$ (36,654)	$ 10,775
Weighted-average shares of Class A common stock outstanding - basic	92,761,000	68,010,000	93,278,000	67,045,000
Basic earnings (loss) per share	$ (0.42)	$ (0.05)	$ (0.39)	$ 0.16
Diluted earnings (loss) per share:
Net income (loss) attributable to Baldwin	$ (38,995)	$ (3,164)	$ (36,654)	$ 10,775
Weighted-average shares of Class A common stock outstanding - basic	92,761,000	68,010,000	93,278,000	67,045,000
Dilutive effect of unvested stock awards	0	0	0	3,348,000
Weighted-average shares of Class A common stock outstanding - diluted	92,761,000	68,010,000	93,278,000	70,393,000
Diluted earnings (loss) per share	$ (0.42)	$ (0.05)	$ (0.39)	$ 0.15

- Definition

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

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

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

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Contract Assets and Liabilities - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 273,912	$ 279,517
Contract liabilities	$ 46,461	$ 36,333

Derivative Instruments and Hedging Activities (Notes)	6 Months Ended
Derivative Instruments and Hedging Activities (Notes)	Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	Derivative Instruments and Hedging The Company is exposed to interest rate risk resulting from its long-term debt and revolving facility. The Company uses derivative instruments, including, from time to time, interest rate caps and swaps, to mitigate its exposure to variability in cash flows due to changes in interest rates on its floating-rate debt. However, the Company does not use derivative instruments for trading or speculative purposes. On September 14, 2025, the Company entered into a floating-to-fixed interest rate swap agreement with a notional amount of $500.0 million, under which it exchanged the variable rate on the Term Loans, indexed to 1-month term SOFR, for a fixed rate of 3.244%. Interest payments are made monthly, beginning October 14, 2025, and continuing through the termination date of September 14, 2028. The interest rate swap has been designated as a cash flow hedge under ASC Topic 815, Derivatives and Hedging. The Company assesses hedge effectiveness using the hypothetical derivative method and expects the hedge to be highly effective over its term. Changes in the fair value of the interest rate swap are recorded in accumulated other comprehensive income, which is a component of equity on the condensed consolidated balance sheets. The net cash settlements of the interest rate swap are classified within cash flows from operating activities in the condensed consolidated statements of cash flows. The Company’s hedging program extends through September 2028. At June 30, 2026 and December 31, 2025, the fair value of the interest rate swap was a $7.4 million asset and a $0.8 million asset, respectively, which is included in other assets on the condensed consolidated balance sheets. The Company recorded gains of $3.3 million and $6.6 million in other comprehensive income related to the interest rate swap during the three and six months ended June 30, 2026, respectively.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Business Combinations - Schedule of Weighted-Average Lives of Intangible Assets Acquired in Business Combinations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
Amount	$ 550,983
Acquired Relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Amount	$ 474,070
Weighted Average Life	15 years
Trade Names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Amount	$ 48,250
Weighted Average Life	5 years 3 months 18 days
Software
Intangible Asset, Acquired, Finite-Lived [Line Items]
Amount	$ 28,663
Weighted Average Life	4 years 8 months 12 days

Derivative Instruments and Hedging Activities (Details) - Interest Rate Swap - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Sep. 14, 2025	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Deferred gain in other comprehensive income		$ 3.3	$ 6.6
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swap, notional amount	$ 500.0
Indexed SOFR term (in months)	1 month
Interest rate swap, fixed interest rate	3.244%
Interest rate swap, fair value asset		$ 7.4	$ 7.4	$ 0.8

- 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

Intangible Assets, Net and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Finite-Lived Intangible Assets [Line Items]
Amortization for intangible assets	$ 56,027	$ 26,010	$ 111,074	$ 51,892
Acquired Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful life			15 years
Acquired Relationships \| All 2026 Asset Acquisitions [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired			$ 12,100
Weighted-average useful life			15 years

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 66,895	$ 78,271
Accrued expenses	51,218	57,397
Contract liabilities	46,461	36,333
Deferred payments	45,451	29,336
Current portion of operating lease liabilities	21,989	18,088
Assumed premium unearned	19,320	1,873
Current portion of long-term debt	16,091	12,577
Accrued interest	11,166	9,447
Other	15,650	9,238
Accrued expenses and other current liabilities	$ 294,241	$ 252,560

Deferred Commission Expense - Additional Information (Details)	Jun. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized contract cost, amortization period	5 years

Long-term Debt (Notes)	6 Months Ended
Long-term Debt (Notes)	Jun. 30, 2026
Debt Disclosure [Abstract]
Long-term Debt	Long-Term Debt As of December 31, 2025, the Amendment No. 3 to the Amended and Restated Credit Agreement (the “JPM Credit Agreement”) provided for senior secured credit facilities in an aggregate principal amount of approximately $1.6 billion, which consisted of (i) a term loan facility in the principal amount of $1.0 billion, bearing interest at a rate of term SOFR, plus an applicable margin of 250 bps, maturing May 24, 2031 (the “2025 Term Loans”) and (ii) a revolving credit facility with commitments in an aggregate principal amount of $600 million, bearing interest at term SOFR plus a 10 bps credit spread adjustment and an applicable margin ranging from 175 bps to 250 bps based on the Company’s total first lien net leverage ratio maturing May 24, 2029 (the “Revolving Facility” and, together with the 2025 Term Loans, the “JPM Credit Facility”). As of June 30, 2026 and December 31, 2025, Baldwin Holdings also had 7.125% Senior Secured Notes with an aggregate principal amount of $600 million due May 15, 2031. On January 2, 2026, the Company entered into Amendment No. 4 to the JPM Credit Agreement, which provided for $600 million of incremental term loans (the “Incremental Term Loans” and, collectively with the 2025 Term Loans, the “Term Loans”). The refinancing increased the aggregate principal amount of outstanding term loans under the JPM Credit Agreement to approximately $1.6 billion. The Company incurred approximately $12.0 million of debt issuance costs in connection with the refinancing. The Incremental Term Loans are subject to the same terms and conditions applicable to the existing 2025 Term Loans under the JPM Credit Agreement. The Term Loans require quarterly principal payments of $4.0 million, with the remaining balance payable in full on the maturity date thereof. As of June 30, 2026 and December 31, 2025, the Company’s outstanding borrowings under the Term Loans of $1.6 billion and $1.0 billion, respectively, had respective applicable interest rates of 6.13% and 6.25%. As of June 30, 2026 and December 31, 2025, the Company’s outstanding borrowings under the Revolving Facility of $302.0 million and $107.0 million, respectively, had respective applicable interest rates of 6.23% and 6.39%. The Revolving Facility was subject to a commitment fee of 0.40% on unused capacity as of June 30, 2026 and December 31, 2025. At June 30, 2026 and December 31, 2025, the Company had undrawn letters of credit issued under the Revolving Facility of $38.6 million and $16.0 million, respectively, which are subject to letter of credit fees.

DEI Statement - shares	6 Months Ended
DEI Statement - shares	Jun. 30, 2026	Jul. 24, 2026
Document Information [Line Items]
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001781755
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
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		96,838,572
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		42,659,762

Revenue - Additional Information (Details)	Jun. 30, 2026
Revenue from Contract with Customer [Abstract]
Capitalized contract cost, amortization period	5 years

Share-Based Compensation (Notes)

6 Months Ended

Jun. 30, 2026

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 15,513,345 and 3,000,000, respectively, at June 30, 2026.

During the six months ended June 30, 2026, 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 six months ended June 30, 2026 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, 2025	3,094,268	$	36.03
Granted	4,165,527	23.30
Vested and settled	(2,209,742)	25.72
Forfeited	(427,484)	37.50
Non-vested awards outstanding at June 30, 2026	4,622,569	29.35

The total fair value of shares that vested and settled under the Plans was $56.8 million and $46.8 million for the six months ended June 30, 2026 and 2025, respectively.

Share-based compensation is recognized ratably over the vesting period of the respective awards and includes expense related to issuances under the Plans and 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 $20.7 million and $17.0 million for the three months ended June 30, 2026 and 2025, respectively, and $33.5 million and $29.8 million for the six months ended June 30, 2026 and 2025, respectively. Share-based compensation expense is included in colleague compensation and benefits expense in the condensed consolidated statements of comprehensive income (loss).

Contract Assets and Liabilities - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 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	$ 29.2

Commitments and Contingencies (Notes)	6 Months Ended
Commitments and Contingencies (Notes)	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments As of June 30, 2026, Baldwin Holdings has a remaining commitment to the University of South Florida (“USF”) to donate $2.5 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 the Company. 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. On February 8, 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 were 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, were facially invalid, void, and unenforceable under Delaware law. An implementing order was entered on June 20, 2024. The Chancery Court Opinion also held that a severability provision in the 2019 Stockholders Agreement allowed the Pre-IPO LLC Members to demand a “suitable and equitable substitute” for the approval rights that were deemed invalid, such as the issuance of a so-called golden share of preferred stock in the Company. Following the Chancery Court Opinion, a counterparty to the 2019 Stockholders Agreement requested the issuance of such golden share. An independent committee of the Company’s board of directors, advised by independent counsel, determined that entering into a contractual agreement containing substantially the same rights as those contained in the 2019 Stockholders Agreement, as authorized by a newly-enacted provision of Delaware law, rather than issuance of a golden share, would be in the best interests of the Company and its stockholders and, following negotiation, the Company entered into the 2024 Stockholders Agreement on October 30, 2024. On January 22, 2025, the Court of Chancery granted plaintiff an award of attorneys’ fees and expenses in the amount of $2.4 million (the “Fee Award”). On February 21, 2025, the Company filed an appeal from the Chancery Court Opinion and the Fee Award with the Delaware Supreme Court. On June 9, 2026, the Delaware Supreme Court reversed the Court of Chancery (with respect to both its decision and the Fee Award) and remanded to the Court of Chancery to determine an award of attorney’s fees that reflects “the modest benefit” the Company’s stockholders may have achieved due to the circumstances leading up to the 2024 Stockholders Agreement, which has since sprung into effect replacing in its entirety the 2019 Stockholders Agreement. Management has estimated the potential range of loss from the ultimate disposition of this matter to be immaterial. As a result of the Delaware Supreme Court’s ruling, the consent and defense agreement previously entered into by the Company terminated in accordance with its terms, and the independent committee of our board of directors created by the previous amendment to our by-laws was disbanded in accordance with the terms of the amendment.

Business Combinations - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($) numberOfBusinessCombinations
Business Combination [Line Items]
Number of business combinations \| numberOfBusinessCombinations		3
Business combinations aggregate purchase price		$ 1,559,612
Goodwill deducted for tax purposes, percent		31.00%
Goodwill, amortization period for tax purposes		15 years
Total revenues recognized from business combinations		$ 202,100
Net income (loss) recognized from business combinations	$ (32,400)	(42,300)
Acquisition-related costs incurred in connection with partnerships		17,700
Contingent Earnout Liabilities
Business Combination [Line Items]
Total revenues recognized from business combinations	$ 99,900
CAC Group
Business Combination [Line Items]
Business combinations aggregate purchase price		$ 1,220,213
Effective date of acquisition		Jan. 01, 2026
Obie
Business Combination [Line Items]
Business combinations aggregate purchase price		$ 287,370
Effective date of acquisition		Jan. 02, 2026
Capstone
Business Combination [Line Items]
Business combinations aggregate purchase price		$ 52,029
Effective date of acquisition		Jan. 02, 2026

Business Combinations - Schedule of Future Amortization of Intangible Assets Acquired in Business Combinations (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
For the remainder of 2026	$ 111,472
2027	192,865
2028	165,578
2029	143,361
2030	129,979
2031	104,071
Entities Acquired in Current Year Business Combinations
Intangible Asset, Acquired, Finite-Lived [Line Items]
For the remainder of 2026	45,515
2027	79,025
2028	69,099
2029	61,040
2030	55,531
2031	$ 36,063

Income Taxes (Notes)	6 Months Ended
Income Taxes (Notes)	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Baldwin is the sole managing member of Baldwin Holdings, which is treated as a partnership for U.S. federal, state and local income tax purposes. As a partnership, Baldwin Holdings is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Baldwin Holdings is passed through to and included in the taxable income or loss of its partners, including Baldwin. Baldwin is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to Baldwin’s allocable share of income of Baldwin Holdings. Effective Tax Rate The Company’s effective tax rate was 71.4% and 3.4% for the six months ended June 30, 2026 and 2025, respectively. The effective tax rate for the six months ended June 30, 2026 exceeded the U.S. federal statutory rate primarily due to the first quarter 2026 partial valuation allowance release. During the first quarter of 2026, the deferred tax accounting for both the CAC Group and Obie partnerships drove the partial release in valuation allowance, which is also driving the 68.0% increase in the effective tax rate between the two periods. The effective tax rate for the six months ended June 30, 2025 was lower than the U.S. federal statutory rate primarily due to the change in valuation allowance as a result of operating activity and the impact of partnership income allocations. The Company’s effective tax rate was (0.2)% and (15.4)% for the three months ended June 30, 2026 and 2025, respectively. The effective tax rate for the three months ended June 30, 2026 was lower than the U.S. federal statutory rate primarily due to the impact of the change in valuation allowance as a result of operating activity and partnership income allocations. The effective tax rate for the three months ended June 30, 2025 was lower than the U.S. federal statutory rate primarily due to the change in valuation allowance as a result of operating activity and the impact of partnership income allocations. The 15.2% decrease in the effective tax rate between periods was primarily due to a change in pre-tax loss between the quarters ended June 30, 2025 and June 30, 2026. The Company does not believe it has any significant uncertain tax positions and therefore has no unrecognized tax benefits as of June 30, 2026, that, if recognized, would affect the annual effective tax rate. Deferred Taxes The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which the related temporary differences become deductible, as well as the Company’s ability to implement feasible tax‑planning strategies. The Company has historically maintained a full valuation allowance on its deferred tax assets due to uncertainty regarding the generation of sufficient future taxable income necessary to realize those assets. Each reporting period, the Company evaluates both positive and negative evidence that could affect its assessment of the realizability of its deferred tax assets. Our reassessment in the first quarter of 2026 included the consideration of additional evidence arising from the Company’s acquisition of the outstanding equity interests of CAC Group on January 1, 2026 and Obie on January 2, 2026, which resulted in the recognition of $142.2 million of deferred tax liabilities. The recognition of deferred tax liabilities associated with acquired intangible assets provided a source of future taxable income, which supported the realizability of certain deferred tax assets and resulted in a shift from a net deferred tax asset position to a net deferred tax liability position. Based on the evaluation of all available positive and negative evidence, the Company concluded that sufficient positive evidence existed to support the realizability of the majority of its deferred tax assets. As of December 31, 2025, the Company maintained a full valuation allowance on its deferred tax assets of $210.7 million. As previously discussed, and due in part to the acquisitions of CAC Group and Obie, we have determined that it is more likely than not that a portion of our deferred tax assets will be realized. During the first quarter of 2026, we released $167.1 million of the valuation allowance previously recorded and recorded an increase in net deferred tax liabilities of $30.0 million, with $144.5 million recognized as income tax benefit in the condensed consolidated statements of comprehensive income (loss) and $7.3 million recognized as a reduction to additional paid-in capital on the condensed consolidated statements of stockholders’ equity and mezzanine equity. As of June 30, 2026, the Company was in a net deferred tax liability position of $4.7 million. The Company’s income tax benefit was $144.4 million for the six months ended June 30, 2026, which reflects the release of the majority of the valuation allowance, partially offset by the change in deferred tax liabilities, which were recognized in connection with the CAC Group and Obie partnerships. Tax Receivable Agreement Baldwin Holdings makes an election under Section 754 of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the “Code”) effective for each taxable year in which a redemption or exchange of LLC Units and corresponding Class B common stock for shares of Class A common stock occurs. Exchanges result in tax basis adjustments to the assets of Baldwin Holdings, which produce favorable tax attributes and reduce the amount of tax that Baldwin is required to pay. Baldwin is a party to the Tax Receivable Agreement with Baldwin Holdings’ LLC Members that provides for the payment by Baldwin to Baldwin Holdings’ LLC Members of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that Baldwin actually realizes as a result of (i) any increase in tax basis in Baldwin Holdings’ assets resulting from (a) previous acquisitions by Baldwin of LLC Units from Baldwin Holdings’ LLC Members, (b) the acquisition of LLC Units from Baldwin Holdings’ LLC Members using the net proceeds from any future offering, (c) redemptions or exchanges by Baldwin Holdings’ LLC Members of LLC Units and the corresponding number of shares of Class B common stock for shares of Class A common stock or cash or (d) payments under the Tax Receivable Agreement, and (ii) tax benefits related to imputed interest resulting from payments made under the Tax Receivable Agreement. This payment obligation is an obligation of Baldwin and not of Baldwin Holdings. For purposes of the Tax Receivable Agreement, the cash tax savings in income tax will be computed by comparing the actual income tax liability of Baldwin (calculated with certain assumptions) to the amount of such taxes that Baldwin would have been required to pay had there been no increase to the tax basis of the assets of Baldwin Holdings as a result of the redemptions or exchanges and had Baldwin not entered into the Tax Receivable Agreement. The Company accounts for amounts payable under the Tax Receivable Agreement in accordance with Topic 450. Estimating the amount of payments that may be made under the Tax Receivable Agreement is by its nature imprecise, insofar as the calculation of amounts payable depends on a variety of factors. The actual increase in tax basis, as well as the amount and timing of any payments under the Tax Receivable Agreement, will vary depending upon a number of factors, including the timing of redemptions or exchanges, the price of shares of our Class A common stock at the time of the redemption or exchange, the extent to which such redemptions or exchanges are taxable and the amount and timing of our income. Any such changes in these factors or changes in the Company’s determination of the need for a valuation allowance related to the tax benefits acquired under the Tax Receivable Agreement, including changes in the expected realization of tax benefits, which may be informed by, but not solely determined by, valuation allowance assessments, could adjust the Tax Receivable Agreement liabilities recognized on the condensed consolidated balance sheets. The Company accounts for the effects of these increases in tax basis and associated payments under the Tax Receivable Agreement arising from future redemptions or exchanges as follows: •records an increase in deferred tax assets through additional paid-in capital for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the redemption or exchange; •to the extent it is estimated that the Company will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, our expectation of future earnings, the Company reduces the deferred tax asset with a valuation allowance, also recorded to additional paid-in capital; and •records 85% of the estimated realizable tax benefit as defined in the Tax Receivable Agreement as an increase to the liability due under the Tax Receivable Agreement, with the offset to additional paid-in capital. Subsequent changes to the initial recognition of the increases in deferred tax assets and Tax Receivable Agreement liability between reporting periods will be recognized in the condensed consolidated statements of stockholders’ equity and mezzanine equity as the exchanges represent transactions among stockholders. Subsequent changes in any of our estimates after the date of the redemption or exchange, as well as any interest accrued on the Tax Receivable Agreement between the Company’s annual tax filing date and the Tax Receivable Agreement payment date, are recognized in the condensed consolidated statements of comprehensive income (loss). In the unlikely event of an early termination of the Tax Receivable Agreement, the Company is required to pay to each holder of the Tax Receivable Agreement an early termination payment equal to the discounted present value of all unpaid Tax Receivable Agreement payments. Following the Company’s assessment of the realizability of its deferred tax assets during the six months ended June 30, 2026 discussed above, and after concluding that the related tax benefits were more likely than not to be realized, the Company determined that the Tax Receivable Agreement liabilities associated with these basis increases generated to date were probable of being payable. Accordingly, the Company recorded Tax Receivable Agreement liabilities equal to 85% of the tax benefits expected to be realized from the redemptions. The Company anticipates having sufficient taxable income to be able to realize the benefits and has recorded Tax Receivable Agreement liabilities based on the undiscounted estimated future payments under the Tax Receivable Agreement. The amounts payable under the Tax Receivable Agreement will vary depending upon a number of factors, including the amount, character, and timing. During the six months ended June 30, 2026, 3,644,056 LLC Units were redeemed by the Pre‑IPO LLC Members in exchange for an equal number of newly issued shares of Class A common stock. These exchanges resulted in an increase in the tax basis of Baldwin’s investment in Baldwin Holdings, generating additional deferred tax assets subject to the provisions of the Tax Receivable Agreement. As of June 30, 2026 and December 31, 2025, the Company had Tax Receivable Agreement liabilities of $144.6 million and $4.5 million, respectively, representing amounts payable to current or former Baldwin Holdings LLC Members under the Tax Receivable Agreement. These amounts are included in Tax Receivable Agreement liabilities on the condensed consolidated balance sheets. During the six months ended June 30, 2026, increases to the Tax Receivable Agreement liabilities of $130.0 million due to the initial recognition were recognized in other operating expenses on the condensed consolidated statements of comprehensive income (loss). During the six months ended June 30, 2026, increases to the Tax Receivable Agreement liabilities of $14.6 million due to exchanges of LLC Units for Class A common stock were recognized as a reduction to additional paid-in capital on the condensed consolidated statements of stockholders’ equity and mezzanine equity.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table provides disaggregated revenues by major source:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Commission revenue(1)	$	373,060	$	299,243	$	793,614	$	638,105
Profit-sharing revenue(2)	29,534		19,960		55,645		44,300
Consulting and service fee revenue(3)	44,883		27,375		88,356		47,531
Policy fee and installment fee revenue(4)	21,201		19,684		41,943		37,664
Assumed premium earned(5)	15,309		5,488		29,500		9,805
Other income(6)	4,802		4,499		8,592		9,375
Investment income(7)	4,150		2,562		7,524		5,436
Total revenues	$	492,939	$	378,811	$	1,025,174	$	792,216

__________

(1) Commission revenue is earned by providing insurance placement services to clients under direct bill and agency bill arrangements with insurance company partners and reinsurance 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) Assumed premium earned relates to the premiums earned in the Captive. Refer to Note 19 for additional information.

(6) 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.

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

Contract Assets and Liabilities (Notes)

6 Months Ended

Jun. 30, 2026

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

Contract Assets and Liabilities

Contract assets arise when the Company recognizes revenue for amounts which have not yet been billed. 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 assumed 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)	June 30, 2026		December 31, 2025
Contract assets	$	273,912	$	279,517
Contract liabilities	46,461		36,333

During the six months ended June 30, 2026, the Company recognized revenue of $29.2 million related to the contract liabilities balance at December 31, 2025.

Earnings (Loss) Per Share - Schedule of Antidilutive Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Unvested RSAs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from EPS calculation (in shares)	4,188,835	3,435,770	3,614,054	0
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)	44,373,223	47,717,482	45,163,810	48,377,222

Deferred Commission Expense - Rollforward of Deferred Commission Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Schedule of Deferred Commission Expense [Roll Forward]
Balance at beginning of period	$ 39,434	$ 34,775	$ 38,645	$ 33,844
Costs capitalized	5,233	5,777	9,648	9,589
Amortization	(3,783)	(3,073)	(7,409)	(5,954)
Balance at end of period	$ 40,884	$ 37,479	$ 40,884	$ 37,479

Fair Value Measurements - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Change in fair value of contingent consideration	$ 12,303	$ (1,957)	$ 14,272	$ 6,104
Maximum estimated exposure to contingent earnout liabilities	699,900		699,900
Contingent Earnout Liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Change in fair value of contingent consideration	$ 12,300		$ 14,300
Revenue Growth Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input					0.20
Revenue Growth Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input	0.118		0.118
Revenue Growth Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input	0.225		0.225
Discount Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input	0.06		0.06
Discount Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent earnout liability input	0.21		0.21

Intangible Assets, Net and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 2,028,064	$ 1,445,384
Accumulated amortization	(578,024)	(466,950)
Net carrying value	1,450,040	978,434
Acquired Relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	1,739,517	1,253,396
Accumulated amortization	(430,185)	(344,992)
Net carrying value	1,309,332	908,404
Software
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	211,823	163,514
Accumulated amortization	(116,073)	(95,547)
Net carrying value	95,750	67,967
Trade Names
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	76,724	28,474
Accumulated amortization	(31,766)	(26,411)
Net carrying value	$ 44,958	$ 2,063

- 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

Intangible Assets, Net and Goodwill - Schedule of Future Amortization (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
For the remainder of 2026	$ 111,472
2027	192,865
2028	165,578
2029	143,361
2030	129,979
2031	$ 104,071

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 184,499	$ 123,669
Fiduciary cash	426,189	223,228
Assumed premiums, commissions and fees receivable, net	433,617	342,136
Fiduciary receivables	782,194	497,035
Prepaid expenses and other current assets	19,592	13,650
Total current assets	1,846,091	1,199,718
Property and equipment, net	33,377	22,502
Right-of-use assets	81,552	61,976
Other assets	111,257	82,419
Intangible assets, net	1,450,040	978,434
Goodwill	2,652,407	1,517,171
Total assets	6,174,724	3,862,220
Current Liabilities
Fiduciary liabilities	1,208,383	720,263
Commissions payable	97,040	50,933
Accrued expenses and other current liabilities	294,241	252,560
Current portion of contingent earnout liabilities	120,901	9,004
Total current liabilities	1,720,565	1,032,760
Revolving line of credit	302,000	107,000
Long-term debt, less current portion	2,150,725	1,566,122
Contingent earnout liabilities, less current portion	225,923	14,289
Operating lease liabilities, less current portion	75,128	57,651
Tax Receivable Agreement liabilities	144,570	0
Deferred tax liabilities	4,650	0
Other liabilities	129,376	0
Total liabilities	4,752,937	2,777,822
Mezzanine Equity
Redeemable noncontrolling interest	614	519
Stockholders' Equity Attributable to Baldwin
Additional paid-in capital	1,246,901	844,236
Accumulated deficit	(368,468)	(245,236)
Accumulated other comprehensive income	5,027	492
Total stockholders’ equity attributable to Baldwin	884,428	600,215
Noncontrolling interest	536,745	483,664
Total stockholders’ equity	1,421,173	1,083,879
Total liabilities, mezzanine equity and stockholders’ equity	6,174,724	3,862,220
Common Class A
Stockholders' Equity Attributable to Baldwin
Common stock	964	718
Common Class B
Stockholders' Equity Attributable to Baldwin
Common stock	$ 4	$ 5

Long-term Debt - Additional Information (Details) - USD ($)					3 Months Ended	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024	Mar. 31, 2026	Jun. 30, 2026	Jan. 02, 2026
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 26,200,000	$ 24,900,000				$ 26,200,000
Outstanding borrowings	302,000,000	$ 107,000,000				302,000,000
Secured Debt
Debt Instrument [Line Items]
Stated interest rate		7.125%
Aggregate principal amount		$ 600,000,000
Amended and Restated Credit Agreement, As Amended Through Amendment No. 3 September 2025
Debt Instrument [Line Items]
Aggregate principal amount		1,600,000,000
Amended and Restated Credit Agreement, As Amended Through Amendment No. 3 September 2025 \| Secured Debt \| Term Loan
Debt Instrument [Line Items]
Aggregate principal amount		1,000,000,000.0
Variable interest rate type				Secured Overnight Financing Rate (SOFR) [Member]
Basis spread on variable rate				2.50%
Outstanding principal amount		1,000,000,000.0
Interest rate, end of period				6.25%
Amended and Restated Credit Agreement, As Amended Through Amendment No. 3 September 2025 \| Secured Debt \| Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
Amended and Restated Credit Agreement, As Amended Through Amendment No. 3 September 2025 \| Secured Debt \| Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				2.50%
Amended and Restated Credit Agreement, As Amended Through Amendment No. 3 September 2025 \| Revolving Credit Facility \| Revolving Facility
Debt Instrument [Line Items]
Aggregate principal amount		600,000,000
Interest rate, end of period					6.39%
Outstanding borrowings		$ 107,000,000.0
Commitment fee		0.40%
Amended and Restated Credit Agreement, As Amended Through Amendment No. 3 September 2025 \| Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Unused letters of credit		$ 16,000,000.0
January 2026 Refinancing \| Secured Debt \| Term Loan
Debt Instrument [Line Items]
Aggregate principal amount							$ 1,600,000,000
Incremental borrowings							600,000,000
Unamortized debt issuance costs							$ 12,000,000.0
Quarterly principal payments, amount						4,000,000.0
Amended and Restated Credit Agreement, As Amended Through Amendment No. 4 January 2026 \| Secured Debt \| Term Loan
Debt Instrument [Line Items]
Outstanding principal amount	1,600,000,000					$ 1,600,000,000
Interest rate, end of period			6.13%
Amended and Restated Credit Agreement, As Amended Through Amendment No. 4 January 2026 \| Revolving Credit Facility \| Revolving Facility
Debt Instrument [Line Items]
Interest rate, end of period						6.23%
Outstanding borrowings	$ 302,000,000.0					$ 302,000,000.0
Commitment fee	0.40%
Amended and Restated Credit Agreement, As Amended Through Amendment No. 4 January 2026 \| Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Unused letters of credit	$ 38,600,000					$ 38,600,000

Fair Value Measurements - Schedule of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unamortized debt issuance costs	$ 26,200	$ 24,900
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	2,193,045	1,603,606
Revolving line of credit	302,000	107,000
Estimated Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	2,157,201	1,620,092
Revolving line of credit	$ 298,415	$ 107,985

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

+ Details

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Commissions and fees	$ 488,789	$ 376,249	$ 1,017,650	$ 786,780
Investment income	4,150	2,562	7,524	5,436
Total revenues	492,939	378,811	1,025,174	792,216
Operating expenses:
Colleague compensation and benefits	264,323	195,471	547,935	393,491
Outside commissions	71,798	73,586	138,477	139,409
Other operating expenses	94,058	56,119	318,221	114,138
Amortization expense	56,027	26,010	111,074	51,892
Change in fair value of contingent consideration	12,303	(1,957)	14,272	6,104
Depreciation expense	2,773	1,642	4,804	3,225
Total operating expenses	501,282	350,871	1,134,783	708,259
Operating income (loss)	(8,343)	27,940	(109,609)	83,957
Other income (expense):
Interest expense, net	(45,666)	(31,320)	(84,566)	(61,296)
Gain (loss) on divestitures	0	(1,111)	0	290
Loss on extinguishment and modification of debt	(129)	0	(7,538)	(2,394)
Other income (expense), net	(2,423)	35	(1,776)	(115)
Total other expense, net	(48,218)	(32,396)	(93,880)	(63,515)
Income (loss) before income taxes and share of net earnings of equity method investee	(56,561)	(4,456)	(203,489)	20,442
Share of net earnings of equity method investee	664	0	1,175	0
Income (loss) before income taxes	(55,897)	(4,456)	(202,314)	20,442
Less: income tax expense (benefit)	84	685	(144,437)	685
Net income (loss)	(55,981)	(5,141)	(57,877)	19,757
Less: net income (loss) attributable to noncontrolling interests	(16,986)	(1,977)	(21,223)	8,982
Net income (loss) attributable to Baldwin	$ (38,995)	$ (3,164)	$ (36,654)	$ 10,775
Earnings (Loss) Per Share:
Basic earnings (loss) per share	$ (0.42)	$ (0.05)	$ (0.39)	$ 0.16
Diluted earnings (loss) per share	$ (0.42)	$ (0.05)	$ (0.39)	$ 0.15
Weighted-average shares of Class A common stock outstanding - basic	92,761,000	68,010,000	93,278,000	67,045,000
Weighted-average shares of Class A common stock outstanding - diluted	92,761,000	68,010,000	93,278,000	70,393,000
Comprehensive Income (Loss):
Net income (loss)	$ (55,981)	$ (5,141)	$ (57,877)	$ 19,757
Other comprehensive income	3,343	0	6,635	0
Comprehensive income (loss)	(52,638)	(5,141)	(51,242)	19,757
Less: comprehensive income (loss) attributable to noncontrolling interests	(15,932)	(1,977)	(19,123)	8,982
Comprehensive income (loss) attributable to Baldwin	$ (36,706)	$ (3,164)	$ (32,119)	$ 10,775

Accrued Expenses and Other Current Liabilities (Notes)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


(in thousands)	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	66,895	$	78,271
Accrued expenses	51,218		57,397
Contract liabilities	46,461		36,333
Deferred payments	45,451		29,336
Current portion of operating lease liabilities	21,989		18,088
Assumed premium unearned	19,320		1,873
Current portion of long-term debt	16,091		12,577
Accrued interest	11,166		9,447
Other	15,650		9,238
Accrued expenses and other current liabilities	$	294,241	$	252,560

Captive Insurance Operations - Rollforward of Unpaid Losses and Loss Adjustment Reserve Table (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance at beginning of period	$ 13,072	$ 0
Incurred losses and LAE	14,072	8,780
Actual claims paid	(4,092)	0
Balance at end of period	$ 23,052	$ 8,780

Deferred Commission Expense (Notes)

6 Months Ended

Jun. 30, 2026

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 June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Balance at beginning of period	$	39,434	$	34,775	$	38,645	$	33,844
Costs capitalized	5,233		5,777		9,648		9,589
Amortization	(3,783)		(3,073)		(7,409)		(5,954)
Balance at end of period	$	40,884	$	37,479	$	40,884	$	37,479

Fair Value Measurements (Notes)

6 Months Ended

Jun. 30, 2026

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)	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Assets:
Money market funds	$	245,055	$	229,922	$	—	$	—	$	—	$	—
Derivative instruments	—		—		7,450		815		—		—
Liabilities:
Contingent earnout liabilities	—		—		—		—		346,824		23,293

Money Market Funds

The Company has investments in money market funds, which are included in cash and cash equivalents and fiduciary cash 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.

Derivative Instruments

The Company’s derivative instruments include an interest rate swap, which is classified within Level 2 of the fair value hierarchy. The fair value of the interest rate swap was determined using an income approach based on the terms of the contract and inputs corroborated by observable market data, including interest rate curves.

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 differing methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The fair value of contingent earnout liabilities is based on sales projections for the acquired entities, which are reassessed each reporting period. Based on the Company’s ongoing assessment of the fair value of its contingent earnout liabilities, the Company recorded a net increase in the estimated fair value of such liabilities of $12.3 million and $14.3 million for the three and six months ended June 30, 2026, respectively. The Company assessed its maximum estimated exposure to contingent earnout liabilities to be $699.9 million at June 30, 2026.

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

The fair value of the contingent earnout liabilities is based on 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 at times includes Monte Carlo simulations or a discounted cash flow analysis. 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, EBITDA growth and retention rates. Revenue growth rates generally ranged from 11.8% to 22.5% at June 30, 2026 and were generally 20% at December 31, 2025. 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 6% to 21% at June 30, 2026. No significant discount rates were applied to the remaining material contingent earnout liabilities at December 31, 2025 due, in part, to the short-term nature of a substantial portion of the liabilities wherein their fair values approximated their carrying values. 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 June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Balance at beginning of period	$	335,384	$	48,234	$	23,293	$	145,559
Change in fair value of contingent consideration(1)	12,303		(1,957)		14,272		6,104
Fair value of contingent consideration issuances	—		8,766		315,998		8,766
Settlement of contingent consideration(2)	(863)		(38,312)		(6,739)		(143,698)
Balance at end of period	$	346,824	$	16,731	$	346,824	$	16,731

__________

(1) The Company reclassified $1.5 million and $(1.6) million of its contingent earnout liabilities through the issuance (reduction) of colleague earnout incentives during the three and six months ended June 30, 2025, respectively, which resulted in a reclassification between the change in fair value of contingent consideration and colleague compensation and benefits expense in the condensed consolidated statements of comprehensive income (loss).

(2) The condensed consolidated statement of cash flows for the six months ended June 30, 2025 includes $5.6 million of payments of contingent earnout consideration related to non-cash settlements in prior periods.

Fair Value of Other Financial Instruments

The fair value of long-term debt and the revolving line of credit are based on estimates using discounted cash flow analyses and current borrowing rates for similar types of borrowing arrangements. The carrying amounts and estimated fair value of long-term debt and the revolving line of credit were as follows:


	Fair Value Hierarchy	June 30, 2026				December 31, 2025
(in thousands)		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt(1)	Level 2	$	2,193,045	$	2,157,201	$	1,603,606	$	1,620,092
Revolving line of credit	Level 2	302,000		298,415		107,000		107,985

__________

(1) The carrying amount of long-term debt reflects outstanding borrowings, which are presented net of unamortized debt discount and issuance costs of $26.2 million and $24.9 million at June 30, 2026 and December 31, 2025, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards that vested in period			$ 56.8	$ 46.8
Share-based compensation expense	$ 20.7	$ 17.0	$ 33.5	$ 29.8
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)	15,513,345		15,513,345
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
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

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

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)	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Assets:
Money market funds	$	245,055	$	229,922	$	—	$	—	$	—	$	—
Derivative instruments	—		—		7,450		815		—		—
Liabilities:
Contingent earnout liabilities	—		—		—		—		346,824		23,293

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 June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Balance at beginning of period	$	335,384	$	48,234	$	23,293	$	145,559
Change in fair value of contingent consideration(1)	12,303		(1,957)		14,272		6,104
Fair value of contingent consideration issuances	—		8,766		315,998		8,766
Settlement of contingent consideration(2)	(863)		(38,312)		(6,739)		(143,698)
Balance at end of period	$	346,824	$	16,731	$	346,824	$	16,731

__________

Schedule of Financial Instruments Not Measured at Fair Value

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


	Fair Value Hierarchy	June 30, 2026				December 31, 2025
(in thousands)		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt(1)	Level 2	$	2,193,045	$	2,157,201	$	1,603,606	$	1,620,092
Revolving line of credit	Level 2	302,000		298,415		107,000		107,985

__________

Intangible Assets, Net and Goodwill (Tables)

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:


	June 30, 2026						December 31, 2025
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired relationships	$	1,739,517	$	(430,185)	$	1,309,332	$	1,253,396	$	(344,992)	$	908,404
Software	211,823		(116,073)		95,750		163,514		(95,547)		67,967
Trade names	76,724		(31,766)		44,958		28,474		(26,411)		2,063
Total intangible assets	$	2,028,064	$	(578,024)	$	1,450,040	$	1,445,384	$	(466,950)	$	978,434

Schedule of Future Amortization Expense for Intangible Assets

Future annual estimated amortization expense over the next five years for intangible assets is as follows:


(in thousands)	Amortization
For the remainder of 2026	$	111,472
2027	192,865
2028	165,578
2029	143,361
2030	129,979
2031	104,071

Schedule of Goodwill

The changes in carrying value of goodwill by operating group for the periods are as follows:


(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Total
Balance at December 31, 2025	$	932,487	$	241,905	$	342,779	$	1,517,171
Goodwill of acquired businesses	940,290		194,605		—		1,134,895
Measurement period adjustments(1)	—		341		—		341
Balance at June 30, 2026	$	1,872,777	$	436,851	$	342,779	$	2,652,407

__________

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Subsequent Events (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Jul. 02, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Subsequent Event [Line Items]
Gain (loss) on divestitures		$ 0	$ (1,111)	$ 0	$ 290
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Media Guarantors Business
Subsequent Event [Line Items]
Assets held for sale		5,000		5,000
Fiduciary cash held for sale		3,300		3,300
Goodwill held for sale		1,300		1,300
Liabilities held for sale		3,600		3,600
Fiduciary liabilities held for sale		$ 3,300		$ 3,300
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Media Guarantors Business \| Subsequent Event
Subsequent Event [Line Items]
Total cash consideration	$ 4,000
Cash consideration held in escrow	$ 2,100

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Commission revenue	$ 488,789	$ 376,249	$ 1,017,650	$ 786,780
Cash proceeds received			567,889
Right-of-use assets	81,552		81,552		$ 61,976
Related Party
Related Party Transaction [Line Items]
Producer commissions received		100		200
Related Party \| Emerald Bay
Related Party Transaction [Line Items]
Investment in related party	2,300		2,300		2,300
Related Party \| The Estate of John Baldwin \| Book of Business Purchase
Related Party Transaction [Line Items]
Cash proceeds received			1,100
Related Party \| The Villages
Related Party Transaction [Line Items]
Rent expense	200	200	400	400
Right-of-use assets	1,900		1,900		1,700
Operating lease liabilities	1,900		1,900		1,800
Related Party \| The Villages \| Broker Services
Related Party Transaction [Line Items]
Commission revenue	1,000	200	1,800	2,000
Related Party \| Other Parties, Excluding Holding Company of the Villages, Inc.
Related Party Transaction [Line Items]
Rent expense	800	$ 900	1,700	$ 1,700
Right-of-use assets	9,000		9,000		7,600
Operating lease liabilities	$ 9,400		$ 9,400		$ 8,800

Revenue (Notes)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

The following table provides disaggregated revenues by major source:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Commission revenue(1)	$	373,060	$	299,243	$	793,614	$	638,105
Profit-sharing revenue(2)	29,534		19,960		55,645		44,300
Consulting and service fee revenue(3)	44,883		27,375		88,356		47,531
Policy fee and installment fee revenue(4)	21,201		19,684		41,943		37,664
Assumed premium earned(5)	15,309		5,488		29,500		9,805
Other income(6)	4,802		4,499		8,592		9,375
Investment income(7)	4,150		2,562		7,524		5,436
Total revenues	$	492,939	$	378,811	$	1,025,174	$	792,216

__________

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

(5) Assumed premium earned relates to the premiums earned in the Captive. Refer to Note 19 for additional information.

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

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

•The Company considers the policyholders as representative of its customers in the majority of contractual relationships, with the exception of Medicare contracts in its Mainstreet Insurance Solutions operating group, where the insurance company partner is considered its customer.

•Medicare contracts in the Mainstreet Insurance Solutions operating group are multi-year arrangements in which the Company is entitled to renewal commissions. However, the Company has applied a constraint to renewal commissions that limits revenue recognized 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.

•With respect to costs to fulfill a contract, because costs relating to unsatisfied performance obligations are not able to be distinguished from those relating to satisfied performance obligations, such costs 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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Business and Basis of Presentation (Notes)	6 Months Ended
Business and Basis of Presentation (Notes)	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation The Baldwin Insurance Group, Inc. was incorporated in the state of Delaware on July 1, 2019 as BRP Group, Inc. and, on May 2, 2024, was renamed The Baldwin Insurance Group, Inc. The Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC (“Baldwin Holdings”) and its sole material asset is its ownership interest in Baldwin Holdings, through which all of its business 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”), including Insurance Advisory Solutions, Underwriting, Capacity & Technology Solutions and Mainstreet Insurance Solutions, which are discussed in more detail in Note 18. 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 4 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 condensed consolidated balance sheet for the year ended December 31, 2025 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, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 26, 2026. 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 acquired relationships, the valuation of contingent consideration and the Tax Receivable Agreement liabilities. Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)—Disaggregation of Income Statement Expenses (“ASU 2024-03”) to improve the disclosures about a public business entity’s expenses and supply more detailed information about the types of expenses in commonly presented expense captions. These expense captions include purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions such as cost of sales, selling, general and administrative expense, and research and development. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company expects the adoption of this standard to expand its expense disclosures, but otherwise have no impact on the consolidated financial statements. In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). This ASU amends the guidance for identifying the accounting acquirer in a business combination effected primarily by exchanging equity interests when the legal acquiree is a variable interest entity (“VIE”) that meets the definition of a business. Under the new guidance, entities must consider the factors in ASC 805-10-55-12 through 55-15—such as relative voting rights, composition of the governing body and management, and size of the combining entities—regardless of whether the legal acquiree is a VIE. This change is intended to improve consistency and comparability in financial reporting for economically similar transactions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company will apply the amendments prospectively to business combinations occurring after the initial application. The Company expects the adoption of this standard to change how it evaluates the accounting acquirer in future business combinations involving a VIE, but otherwise have no impact on the consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 updates the accounting framework for internal-use software development costs to better reflect modern development practices, including agile methodologies. Key changes include replacing the traditional project stage model with a capitalization threshold based on management’s authorization and commitment to fund the project, along with a requirement that completion of the project be probable. ASU 2025-06 also supersedes guidance on website development costs. This guidance is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. The Company is currently evaluating the impact this standard will have on the consolidated financial statements. Changes in Presentation 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, results of operations or cash flows.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ (57,877)	$ 19,757
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	115,878	55,117
Change in fair value of contingent consideration	14,272	6,104
Share-based compensation expense	33,519	29,755
Payment of contingent earnout consideration in excess of purchase price accrual	(6,739)	(85,090)
Gain (Loss) on Disposition of Business	0	(290)
Amortization of deferred financing costs	8,633	2,843
Other operating activity	(2,602)	766
Changes in operating assets and liabilities:
Assumed premiums, commissions and fees receivable, net	(46,138)	(53,896)
Prepaid expenses and other current assets	(6,866)	(4,916)
Right-of-use assets	13,531	7,950
Accounts payable, accrued expenses and other current liabilities	(3,731)	(19,727)
Colleague earnout incentives	0	(31,824)
Operating lease liabilities	(7,521)	(7,253)
Deferred taxes	(14,873)	0
Net cash provided by (used in) operating activities	39,486	(80,704)
Cash flows from investing activities:
Cash consideration paid for business combinations, net of cash received	(447,503)	(11,699)
Deferred payments for business combinations	(25,000)	0
Capital expenditures	(27,848)	(20,310)
Investments in and loans for business ventures	(8,465)	(15,633)
Proceeds from divestitures, net of cash transferred	0	1,901
Cash consideration paid for asset acquisitions	(12,052)	(460)
Net cash used in investing activities	(520,868)	(46,201)
Cash flows from financing activities:
Change in fiduciary receivables and liabilities, net	98,968	55,283
Repurchase of common stock	(126,833)	0
Proceeds from revolving line of credit	371,000	121,000
Payments on revolving line of credit	(176,000)	(9,000)
Proceeds from refinancing of long-term debt	600,000	935,800
Payments relating to extinguishment and modification of long-term debt	0	(835,800)
Payments on long-term debt	(10,561)	(4,679)
Payments of deferred financing costs	(4,040)	0
Payment of contingent earnout consideration up to amount of purchase price accrual	0	(64,256)
Other financing activity	(7,361)	(510)
Net cash provided by financing activities	745,173	197,838
Net increase in cash and cash equivalents and fiduciary cash	263,791	70,933
Cash and cash equivalents and fiduciary cash at beginning of period	346,897	312,769
Cash and cash equivalents and fiduciary cash at end of period	610,688	383,702
Supplemental schedule of cash flow information:
Cash paid during the period for interest	76,315	54,528
Cash paid during the period for income taxes	759	1,340
Disclosure of non-cash investing and financing activities:
Equity issued in business combinations	510,561	863
Contingent earnout liabilities recognized in business combinations	315,998	8,766
Deferred payment obligations recognized in business combinations	165,164	0
Establish Tax Receivable Agreement liabilities	14,604	0
Establish deferred taxes arising from investment in Baldwin Holdings	7,281	0
Right-of-use assets obtained in exchange for operating lease liabilities	6,397	2,141
Right-of-use assets increased (decreased) through lease modifications and reassessments	(356)	950
Capital expenditures incurred but not yet paid	1,658	1,639
Increase in goodwill resulting from measurement period adjustments for prior year business combinations	$ 341	$ 0

Segment Information - Summarized Financial Information by Operating Group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Revenues:
Commissions and fees	$ 488,789	$ 376,249	$ 1,017,650	$ 786,780
Investment income	4,150	2,562	7,524	5,436
Total revenues	492,939	378,811	1,025,174	792,216
Expenses [Abstract]
Colleague compensation and benefits	264,323	195,471	547,935	393,491
Outside commissions	71,798	73,586	138,477	139,409
Selling Expense	19,643	14,049	38,258	27,884
Operating Expenses	73,400	41,154	278,281	84,825
Administrative expense	105,610	59,888	209,664	120,236
All other (income) expense, net	14,146	(196)	(129,564)	6,614
Total expense	548,920	383,952	1,083,051	772,459
Net income (loss)	(55,981)	(5,141)	(57,877)	19,757
Other Segment Disclosures [Abstract]
Loss on change in fair value of contingent consideration	12,303	(1,957)	14,272	6,104
Depreciation and amortization expense	58,800	27,652	115,878	55,117
Interest (income) expense, net	45,666	31,320	84,566	61,296
(Gain) loss on divestitures	0	1,111	0	(290)
Loss on extinguishment and modification of debt	129	0	7,538	2,394
Share of net earnings of equity method investee	664	0	1,175	0
Capital expenditures			27,848	20,310
Total assets	6,174,724		6,174,724		$ 3,862,220
Commissions revenue
Revenues:
Commissions and fees	373,060	299,243	793,614	638,105
Profit-sharing revenue
Revenues:
Commissions and fees	29,534	19,960	55,645	44,300
Consulting and service fee revenue
Revenues:
Commissions and fees	44,883	27,375	88,356	47,531
Policy fee and installment fee revenue
Revenues:
Commissions and fees	21,201	19,684	41,943	37,664
Assumed premium earned
Revenues:
Commissions and fees	15,309	5,488	29,500	9,805
Other income
Revenues:
Commissions and fees	4,802	4,499	8,592	9,375
Inside advisor commissions
Expenses [Abstract]
Colleague compensation and benefits	74,911	49,131	170,157	113,370
Fixed compensation
Expenses [Abstract]
Colleague compensation and benefits	108,920	83,152	218,029	161,723
Benefits and other
Expenses [Abstract]
Colleague compensation and benefits	53,884	43,128	113,999	87,597
Share-based compensation
Expenses [Abstract]
Colleague compensation and benefits	20,701	16,952	33,519	29,755
Severance
Expenses [Abstract]
Colleague compensation and benefits	5,907	1,618	12,231	2,825
Colleague earnout incentives
Expenses [Abstract]
Colleague compensation and benefits		1,490		(1,779)
Insurance Advisory Solutions
Revenues:
Investment income	2,459	912	4,007	1,936
Total revenues	275,343	183,265	606,539	410,938
Expenses [Abstract]
Colleague compensation and benefits	190,144	127,290	402,068	264,242
Outside commissions	3,953	2,800	8,629	6,438
Selling Expense	11,571	6,424	23,236	12,522
Operating Expenses	28,093	14,420	56,173	29,036
Administrative expense	35,186	13,885	67,484	27,881
All other (income) expense, net	7,675	668	7,946	5,956
Total expense	276,622	165,487	565,536	346,075
Net income (loss)	(1,279)	17,778	41,003	64,863
Other Segment Disclosures [Abstract]
Loss on change in fair value of contingent consideration	5,105	(468)	5,403	6,670
Depreciation and amortization expense	32,946	13,519	65,201	27,385
Interest (income) expense, net	1,797	(1)	1,663	(1)
(Gain) loss on divestitures		(500)		(1,901)
Loss on extinguishment and modification of debt	0		0	0
Share of net earnings of equity method investee	0		0
Capital expenditures			4,661	2,689
Total assets	4,222,844		4,222,844		2,293,873
Insurance Advisory Solutions \| Commissions revenue
Revenues:
Commissions and fees	208,847	139,680	474,884	330,008
Insurance Advisory Solutions \| Profit-sharing revenue
Revenues:
Commissions and fees	17,833	14,003	36,859	28,973
Insurance Advisory Solutions \| Consulting and service fee revenue
Revenues:
Commissions and fees	42,935	25,993	85,000	44,580
Insurance Advisory Solutions \| Policy fee and installment fee revenue
Revenues:
Commissions and fees	0	0	0	0
Insurance Advisory Solutions \| Assumed premium earned
Revenues:
Commissions and fees	0	0	0	0
Insurance Advisory Solutions \| Other income
Revenues:
Commissions and fees	3,269	2,677	5,789	5,441
Insurance Advisory Solutions \| Inside advisor commissions
Expenses [Abstract]
Colleague compensation and benefits	66,039	41,031	151,753	96,794
Insurance Advisory Solutions \| Fixed compensation
Expenses [Abstract]
Colleague compensation and benefits	76,404	54,340	154,418	107,480
Insurance Advisory Solutions \| Benefits and other
Expenses [Abstract]
Colleague compensation and benefits	34,858	23,793	72,052	49,664
Insurance Advisory Solutions \| Share-based compensation
Expenses [Abstract]
Colleague compensation and benefits	9,257	5,904	14,919	10,757
Insurance Advisory Solutions \| Severance
Expenses [Abstract]
Colleague compensation and benefits	3,586	732	8,926	1,218
Insurance Advisory Solutions \| Colleague earnout incentives
Expenses [Abstract]
Colleague compensation and benefits		1,490		(1,671)
Insurance Advisory Solutions \| Intersegment Eliminations
Revenues:
Commissions and fees	(200)	(200)	(400)	(200)
Underwriting, Capacity & Technology Solutions
Revenues:
Investment income	1,425	1,135	2,759	2,173
Total revenues	160,247	147,510	295,190	272,684
Expenses [Abstract]
Colleague compensation and benefits	34,810	30,338	69,050	55,347
Outside commissions	66,551	70,716	124,311	131,879
Selling Expense	2,477	1,591	4,616	3,145
Operating Expenses	30,171	13,976	57,491	28,511
Administrative expense	14,790	5,339	25,347	10,154
All other (income) expense, net	4,755	(1,565)	5,176	(831)
Total expense	153,554	120,395	285,991	228,205
Net income (loss)	6,693	27,115	9,199	44,479
Other Segment Disclosures [Abstract]
Loss on change in fair value of contingent consideration	5,446	(1,554)	6,880	(845)
Depreciation and amortization expense	10,821	5,102	21,057	9,743
Interest (income) expense, net	3,642	110	3,721	219
(Gain) loss on divestitures		0		0
Loss on extinguishment and modification of debt	0		0	0
Share of net earnings of equity method investee	664		1,175
Capital expenditures			14,464	7,924
Total assets	1,184,295		1,184,295		758,085
Underwriting, Capacity & Technology Solutions \| Commissions revenue
Revenues:
Commissions and fees	114,990	117,060	209,460	212,009
Underwriting, Capacity & Technology Solutions \| Profit-sharing revenue
Revenues:
Commissions and fees	5,310	2,038	8,072	7,313
Underwriting, Capacity & Technology Solutions \| Consulting and service fee revenue
Revenues:
Commissions and fees	1,872	1,382	3,280	2,951
Underwriting, Capacity & Technology Solutions \| Policy fee and installment fee revenue
Revenues:
Commissions and fees	21,201	19,684	41,943	37,664
Underwriting, Capacity & Technology Solutions \| Assumed premium earned
Revenues:
Commissions and fees	15,309	5,488	29,500	9,805
Underwriting, Capacity & Technology Solutions \| Other income
Revenues:
Commissions and fees	140	723	176	769
Underwriting, Capacity & Technology Solutions \| Inside advisor commissions
Expenses [Abstract]
Colleague compensation and benefits	727	180	1,380	315
Underwriting, Capacity & Technology Solutions \| Fixed compensation
Expenses [Abstract]
Colleague compensation and benefits	19,319	16,016	37,788	29,960
Underwriting, Capacity & Technology Solutions \| Benefits and other
Expenses [Abstract]
Colleague compensation and benefits	9,802	10,022	21,930	18,572
Underwriting, Capacity & Technology Solutions \| Share-based compensation
Expenses [Abstract]
Colleague compensation and benefits	4,472	3,397	7,437	5,678
Underwriting, Capacity & Technology Solutions \| Severance
Expenses [Abstract]
Colleague compensation and benefits	490	723	515	930
Underwriting, Capacity & Technology Solutions \| Colleague earnout incentives
Expenses [Abstract]
Colleague compensation and benefits		0		(108)
Underwriting, Capacity & Technology Solutions \| Intersegment Eliminations
Revenues:
Commissions and fees	(18,000)	(18,800)	(33,800)	(36,900)
Mainstreet Insurance Solutions Segment
Revenues:
Investment income	21	56	52	114
Total revenues	75,327	66,564	156,985	144,433
Expenses [Abstract]
Colleague compensation and benefits	28,255	25,850	56,875	51,874
Outside commissions	19,517	19,057	39,783	38,144
Selling Expense	2,949	3,828	5,963	7,860
Operating Expenses	5,875	5,828	11,745	11,300
Administrative expense	13,222	7,744	26,128	15,356
All other (income) expense, net	1,745	34	1,905	742
Total expense	71,563	62,341	142,399	125,276
Net income (loss)	3,764	4,223	14,586	19,157
Other Segment Disclosures [Abstract]
Loss on change in fair value of contingent consideration	1,752	65	1,989	279
Depreciation and amortization expense	13,170	7,583	26,050	15,139
Interest (income) expense, net	3	24	14	34
(Gain) loss on divestitures		0		0
Loss on extinguishment and modification of debt	0		0	0
Share of net earnings of equity method investee	0		0
Capital expenditures			7,002	5,712
Total assets	694,213		694,213		712,639
Mainstreet Insurance Solutions Segment \| Commissions revenue
Revenues:
Commissions and fees	67,250	61,309	143,114	132,959
Mainstreet Insurance Solutions Segment \| Profit-sharing revenue
Revenues:
Commissions and fees	6,391	3,919	10,714	8,014
Mainstreet Insurance Solutions Segment \| Consulting and service fee revenue
Revenues:
Commissions and fees	76	0	76	0
Mainstreet Insurance Solutions Segment \| Policy fee and installment fee revenue
Revenues:
Commissions and fees	0	0	0	0
Mainstreet Insurance Solutions Segment \| Assumed premium earned
Revenues:
Commissions and fees	0	0	0	0
Mainstreet Insurance Solutions Segment \| Other income
Revenues:
Commissions and fees	1,589	1,280	3,029	3,346
Mainstreet Insurance Solutions Segment \| Inside advisor commissions
Expenses [Abstract]
Colleague compensation and benefits	8,145	7,920	17,024	16,261
Mainstreet Insurance Solutions Segment \| Fixed compensation
Expenses [Abstract]
Colleague compensation and benefits	10,527	9,995	20,752	19,521
Mainstreet Insurance Solutions Segment \| Benefits and other
Expenses [Abstract]
Colleague compensation and benefits	7,257	6,241	14,499	12,689
Mainstreet Insurance Solutions Segment \| Share-based compensation
Expenses [Abstract]
Colleague compensation and benefits	1,369	1,655	2,785	2,908
Mainstreet Insurance Solutions Segment \| Severance
Expenses [Abstract]
Colleague compensation and benefits	957	39	1,815	495
Mainstreet Insurance Solutions Segment \| Colleague earnout incentives
Expenses [Abstract]
Colleague compensation and benefits		0		0
Corporate Segment and Other Operating Segment
Revenues:
Investment income	245	459	706	1,213
Total revenues	(17,978)	(18,528)	(33,540)	(35,839)
Expenses [Abstract]
Colleague compensation and benefits	11,114	11,993	19,942	22,028
Outside commissions	(18,223)	(18,987)	(34,246)	(37,052)
Selling Expense	2,646	2,206	4,443	4,357
Operating Expenses	9,261	6,930	152,872	15,978
Administrative expense	42,412	32,920	90,705	66,845
All other (income) expense, net	(29)	667	(144,591)	747
Total expense	47,181	35,729	89,125	72,903
Net income (loss)	(65,159)	(54,257)	(122,665)	(108,742)
Other Segment Disclosures [Abstract]
Loss on change in fair value of contingent consideration	0	0	0	0
Depreciation and amortization expense	1,863	1,448	3,570	2,850
Interest (income) expense, net	40,224	31,187	79,168	61,044
(Gain) loss on divestitures		1,611		1,611
Loss on extinguishment and modification of debt	129		7,538	2,394
Share of net earnings of equity method investee	0		0
Capital expenditures			1,721	3,985
Total assets	73,372		73,372		$ 97,623
Corporate Segment and Other Operating Segment \| Commissions revenue
Revenues:
Commissions and fees	(18,027)	(18,806)	(33,844)	(36,871)
Corporate Segment and Other Operating Segment \| Profit-sharing revenue
Revenues:
Commissions and fees	0	0	0	0
Corporate Segment and Other Operating Segment \| Consulting and service fee revenue
Revenues:
Commissions and fees	0	0	0	0
Corporate Segment and Other Operating Segment \| Policy fee and installment fee revenue
Revenues:
Commissions and fees	0	0	0	0
Corporate Segment and Other Operating Segment \| Assumed premium earned
Revenues:
Commissions and fees	0	0	0	0
Corporate Segment and Other Operating Segment \| Other income
Revenues:
Commissions and fees	(196)	(181)	(402)	(181)
Corporate Segment and Other Operating Segment \| Inside advisor commissions
Expenses [Abstract]
Colleague compensation and benefits	0	0	0	0
Corporate Segment and Other Operating Segment \| Fixed compensation
Expenses [Abstract]
Colleague compensation and benefits	2,670	2,801	5,071	4,762
Corporate Segment and Other Operating Segment \| Benefits and other
Expenses [Abstract]
Colleague compensation and benefits	1,967	3,072	5,518	6,672
Corporate Segment and Other Operating Segment \| Share-based compensation
Expenses [Abstract]
Colleague compensation and benefits	5,603	5,996	8,378	10,412
Corporate Segment and Other Operating Segment \| Severance
Expenses [Abstract]
Colleague compensation and benefits	$ 874	124	$ 975	182
Corporate Segment and Other Operating Segment \| Colleague earnout incentives
Expenses [Abstract]
Colleague compensation and benefits		$ 0		$ 0

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents	$ 184,499	$ 123,669
Assumed premiums, commissions and fees receivable, net	433,617	342,136
Prepaid expenses and other current assets	19,592	13,650
Total current assets	1,846,091	1,199,718
Right-of-use assets	81,552	61,976
Other assets	111,257	82,419
Intangible assets, net	1,450,040	978,434
Goodwill	2,652,407	1,517,171
Total assets	6,174,724	3,862,220
Commissions payable	97,040	50,933
Accrued expenses and other current liabilities	294,241	252,560
Total current liabilities	1,720,565	1,032,760
Operating lease liabilities, less current portion	75,128	57,651
Total liabilities	$ 4,752,937	$ 2,777,822
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	96,368,518	71,779,608
Common stock, shares outstanding	96,368,518	71,779,608
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	43,059,762	46,703,818
Common stock, shares outstanding	43,059,762	46,703,818
Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents	$ 3,324	$ 2,523
Assumed premiums, commissions and fees receivable, net	1,828	1,198
Prepaid expenses and other current assets	157	76
Total current assets	5,309	3,797
Right-of-use assets	75	20
Other assets	5	5
Intangible assets, net	57,300	63,336
Goodwill	50,834	50,834
Total assets	113,523	117,992
Commissions payable	232	77
Accrued expenses and other current liabilities	4,998	4,910
Total current liabilities	5,230	4,987
Operating lease liabilities, less current portion	38	0
Total liabilities	$ 5,268	$ 4,987

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Principles of Consolidation	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 4 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	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 acquired relationships, the valuation of contingent consideration and the Tax Receivable Agreement liabilities.
Recent Accounting Standards	In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)—Disaggregation of Income Statement Expenses (“ASU 2024-03”) to improve the disclosures about a public business entity’s expenses and supply more detailed information about the types of expenses in commonly presented expense captions. These expense captions include purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions such as cost of sales, selling, general and administrative expense, and research and development. This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company expects the adoption of this standard to expand its expense disclosures, but otherwise have no impact on the consolidated financial statements. In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). This ASU amends the guidance for identifying the accounting acquirer in a business combination effected primarily by exchanging equity interests when the legal acquiree is a variable interest entity (“VIE”) that meets the definition of a business. Under the new guidance, entities must consider the factors in ASC 805-10-55-12 through 55-15—such as relative voting rights, composition of the governing body and management, and size of the combining entities—regardless of whether the legal acquiree is a VIE. This change is intended to improve consistency and comparability in financial reporting for economically similar transactions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company will apply the amendments prospectively to business combinations occurring after the initial application. The Company expects the adoption of this standard to change how it evaluates the accounting acquirer in future business combinations involving a VIE, but otherwise have no impact on the consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 updates the accounting framework for internal-use software development costs to better reflect modern development practices, including agile methodologies. Key changes include replacing the traditional project stage model with a capitalization threshold based on management’s authorization and commitment to fund the project, along with a requirement that completion of the project be probable. ASU 2025-06 also supersedes guidance on website development costs. This guidance is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. The Company is currently evaluating the impact this standard will have on the consolidated financial statements.
Repurchases Of Common Stock	Repurchases of Class A Common Stock The Company accounts for repurchases of its Class A common stock using the constructive retirement method. Shares repurchased are retired immediately upon repurchase and are returned to the status of authorized but unissued shares. Any excess of the repurchase cost over par value is recorded as a reduction to accumulated deficit. No treasury stock is carried on the condensed consolidated balance sheets. In connection with each repurchase of a share of Class A common stock, a corresponding LLC Unit of Baldwin Holdings held by the Company and a corresponding share of Class B common stock are cancelled, which results in a reduction to noncontrolling interest.
Tax Receivable Agreement	Tax Receivable Agreement Baldwin is a party to the Tax Receivable Agreement with Baldwin Holdings’ LLC Members that provides for the payment by Baldwin to Baldwin Holdings’ LLC Members of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that Baldwin actually realizes as a result of (i) any increase in tax basis in Baldwin Holdings’ assets resulting from (a) previous acquisitions by Baldwin of LLC Units from Baldwin Holdings’ LLC Members, (b) the acquisition of LLC Units from Baldwin Holdings’ LLC Members using the net proceeds from any future offering, (c) redemptions or exchanges by Baldwin Holdings’ LLC Members of LLC Units and the corresponding number of shares of Class B common stock for shares of Class A common stock or cash or (d) payments under the Tax Receivable Agreement, and (ii) tax benefits related to imputed interest resulting from payments made under the Tax Receivable Agreement. This payment obligation is an obligation of Baldwin and not of Baldwin Holdings. For purposes of the Tax Receivable Agreement, the cash tax savings in income tax will be computed by comparing the actual income tax liability of Baldwin (calculated with certain assumptions) to the amount of such taxes that Baldwin would have been required to pay had there been no increase to the tax basis of the assets of Baldwin Holdings as a result of the redemptions or exchanges and had Baldwin not entered into the Tax Receivable Agreement. The Company accounts for amounts payable under the Tax Receivable Agreement in accordance with ASC Topic 450, Contingencies (“Topic 450”). Estimating the amount of payments that may be made under the Tax Receivable Agreement is by its nature imprecise, insofar as the calculation of amounts payable depends on a variety of factors. The actual increase in tax basis, as well as the amount and timing of any payments under the Tax Receivable Agreement, will vary depending upon a number of factors, including the timing of redemptions or exchanges, the price of shares of our Class A common stock at the time of the redemption or exchange, the extent to which such redemptions or exchanges are taxable and the amount and timing of our income. Any such changes in these factors or changes in the Company’s determination of the need for a valuation allowance related to the tax benefits acquired under the Tax Receivable Agreement, including changes in the expected realization of tax benefits, which may be informed by, but not solely determined by, valuation allowance assessments, could adjust the Tax Receivable Agreement liabilities recognized on the condensed consolidated balance sheets. The Company accounts for the effects of these increases in tax basis and associated payments under the Tax Receivable Agreement arising from future redemptions or exchanges as follows: •records an increase in deferred tax assets through additional paid-in capital for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the redemption or exchange; •to the extent it is estimated that the Company will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, our expectation of future earnings, the Company reduces the deferred tax asset with a valuation allowance, also recorded to additional paid-in capital; and •records 85% of the estimated realizable tax benefit as defined in the Tax Receivable Agreement as an increase to the liability due under the Tax Receivable Agreement, with the offset to additional paid-in capital. Subsequent changes to the initial establishment of the increases in deferred tax assets and Tax Receivable Agreement liability between reporting periods will be recognized in the condensed consolidated statements of stockholders’ equity and mezzanine equity as the exchanges represent transactions among stockholders. Subsequent changes in any of our estimates after the date of the redemption or exchange, as well as any interest accrued on the Tax Receivable Agreement between the Company’s annual tax filing date and the Tax Receivable Agreement payment date, are recognized in the condensed consolidated statements of comprehensive income (loss). In the unlikely event of an early termination of the Tax Receivable Agreement, the Company is required to pay to each holder of the Tax Receivable Agreement an early termination payment equal to the discounted present value of all unpaid Tax Receivable Agreement payments.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Business Divestitures During the second quarter of 2026, management formally committed to a plan to sell CACH Media Guarantors Insurance Solutions, LLC ("Media Guarantors"), an indirect subsidiary of Baldwin and provider of completion guaranty products for film and television production, whose operations are reported within the Insurance Advisory Solutions operating group. The Company was in active negotiations to sell Media Guarantors as of June 30, 2026, and the Company concluded that the disposal group met the criteria for held-for-sale classification under ASC Topic 360, Property, Plant, and Equipment. Accordingly, the assets and liabilities of Media Guarantors have been classified 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. As a result, no impairment loss was recorded in conjunction with the reclassification of the disposal group. As of June 30, 2026, the Company recognized assets held for sale of $5.0 million, which included $3.3 million of fiduciary cash and $1.3 million of goodwill, and liabilities held for sale of $3.6 million, which included $3.3 million of fiduciary liabilities. However, management has concluded that the relative size of the assets and liabilities held for sale, and of the potential proceeds from the disposal, are immaterial to the Company’s financial position, results of operations and cash flows as a whole and, accordingly, the associated assets and liabilities have not been presented separately on the face of the condensed consolidated balance sheets. The Company determined that the disposal group does not qualify for discontinued operations presentation under ASC Subtopic 205-20, Presentation of Financial Statements—Discontinued Operations. Accordingly, the results of Media Guarantors continue to be reported within continuing operations in the condensed consolidated statements of comprehensive income (loss) for all periods presented. On July 2, 2026, subsequent to the reporting date, the Company entered into a definitive agreement to sell 100% of the equity interests of Media Guarantors for total cash consideration of $4.0 million, of which approximately $2.1 million is subject to escrow as a contingent liability. The Company expects to recognize a nominal pre-tax gain on the sale of Media Guarantors in the third quarter of 2026.

Related Party Transactions (Notes)	6 Months Ended
Related Party Transactions (Notes)	Jun. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Related Party Balances Baldwin Holdings holds an ownership interest in Emerald Bay Risk Solutions, LLC (“Emerald Bay”), an entity formed for the benefit of the MGA business, to which Baldwin Holdings, Lowry Baldwin (the Company’s Chairman), and members of the Company's executive management team have made capital commitments. The carrying value of the Company’s investment in Emerald Bay was $2.3 million at June 30, 2026 and December 31, 2025. Investments are included in other assets on the condensed consolidated balance sheets. 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 $1.0 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively, and $1.8 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively. Family Relationships Two brothers of Lowry Baldwin, the Company’s Chairman, collectively received producer commissions from the Company comprising $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively. The Estate of John Baldwin, brother of Lowry Baldwin, the Company’s Chairman, received $1.1 million in proceeds from the Company for the sale of John Baldwin’s book of business during the six months ended June 30, 2026. 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 $0.2 million for each of the three months ended June 30, 2026 and 2025, and $0.4 million for each of the six months ended June 30, 2026 and 2025. Total right-of-use assets and operating lease liabilities included on the Company’s condensed consolidated balance sheets relating to these lease agreements were $1.9 million and $1.9 million, respectively, at June 30, 2026 and $1.7 million and $1.8 million, respectively, at December 31, 2025. The Company has various agreements to lease office space from other related parties. Total rent expense incurred with respect to other related parties was $0.8 million and $0.9 million for the three months ended June 30, 2026 and 2025, respectively, and $1.7 million for each of the six months ended June 30, 2026 and 2025. Total right-of-use assets and operating lease liabilities included on the Company’s condensed consolidated balance sheets relating to these lease agreements were $9.0 million and $9.4 million, respectively, at June 30, 2026 and $7.6 million and $8.8 million, respectively, at December 31, 2025.

- 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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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
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 Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($) $ in Thousands	Total	Redepmtion Of Class B Common Stock [Member]	Repurchase Of Class A Common Stock [Member]	Common Class A Redepmtion Of Class B Common Stock [Member]	Common Stock Common Class A	Common Stock Common Class A Redepmtion Of Class B Common Stock [Member]	Common Stock Common Class A Repurchase Of Class A Common Stock [Member]	Common Stock Common Class B	Common Stock Common Class B Redepmtion Of Class B Common Stock [Member]	Additional Paid-In Capital	Additional Paid-In Capital Redepmtion Of Class B Common Stock [Member]	Accumulated Deficit	Accumulated Deficit Repurchase Of Class A Common Stock [Member]	Accumulated Other Comprehensive Income	Noncontrolling Interest	Noncontrolling Interest Redepmtion Of Class B Common Stock [Member]	Noncontrolling Interest Repurchase Of Class A Common Stock [Member]	Redeemable Noncontrolling Interest
Balance at beginning of period (in shares) at Dec. 31, 2024					67,979,419			49,552,686
Balance at beginning of period, stockholders' equity at Dec. 31, 2024	$ 1,008,344				$ 680			$ 5		$ 793,954		$ (211,423)			$ 425,128
Balance at beginning of period, mezzanine equity at Dec. 31, 2024																		$ 453
Stockholders' Equity [Roll Forward]
Net income (loss)	19,600											10,775			8,825			157
Equity issued in business combinations (in shares)					23,202
Equity issued in business combinations	863									515					348
Share-based compensation, net of forfeitures (in shares)					1,082,105
Share-based compensation, net of forfeitures	21,462				$ 11					12,721					8,730
Redemption or repurchase of common stock (in shares)					2,193,957			(2,193,957)
Redemption or repurchase of common stock	0				$ 22					23,545					(23,567)
Distributions to variable interest entities	(345)														(345)			(165)
Other comprehensive income	0
Balance at end of period (in shares) at Jun. 30, 2025					71,278,683			47,358,729
Balance at end of period, stockholders' equity at Jun. 30, 2025	1,049,924				$ 713			$ 5		830,735		(200,648)			419,119
Balance at end of period, mezzanine equity at Jun. 30, 2025																		445
Balance at beginning of period (in shares) at Mar. 31, 2025					69,852,390			48,292,594
Balance at beginning of period, stockholders' equity at Mar. 31, 2025	1,048,024				$ 699			$ 5		816,418		(197,484)			428,386
Balance at beginning of period, mezzanine equity at Mar. 31, 2025																		371
Stockholders' Equity [Roll Forward]
Net income (loss)	(5,237)											(3,164)			(2,073)			96
Equity issued in business combinations (in shares)					23,202
Equity issued in business combinations	863									515					348
Share-based compensation, net of forfeitures (in shares)					469,226
Share-based compensation, net of forfeitures	6,274				$ 5					3,761					2,508
Redemption or repurchase of common stock (in shares)					933,865			(933,865)
Redemption or repurchase of common stock	0				$ 9					10,041					(10,050)
Distributions to variable interest entities																		(22)
Other comprehensive income	0
Balance at end of period (in shares) at Jun. 30, 2025					71,278,683			47,358,729
Balance at end of period, stockholders' equity at Jun. 30, 2025	1,049,924				$ 713			$ 5		830,735		(200,648)			419,119
Balance at end of period, mezzanine equity at Jun. 30, 2025																		445
Balance at beginning of period (in shares) at Dec. 31, 2025					71,779,608			46,703,818
Balance at beginning of period, stockholders' equity at Dec. 31, 2025	1,083,879				$ 718			$ 5		844,236		(245,236)		$ 492	483,664
Balance at beginning of period, mezzanine equity at Dec. 31, 2025																		519
Stockholders' Equity [Roll Forward]
Net income (loss)	(58,031)											(36,654)			(21,377)			154
Equity issued in business combinations (in shares)					23,951,021
Equity issued in business combinations	510,561				$ 239					382,138					128,184
Share-based compensation, net of forfeitures (in shares)					3,027,199
Share-based compensation, net of forfeitures	34,124				$ 30					23,238					10,856
Redemption or repurchase of common stock (in shares)				(3,644,056)		3,644,056	(6,033,366)		(3,644,056)
Redemption or repurchase of common stock		$ 0	$ (126,833)			$ 37	$ (60)		$ (1)		$ 19,174		$ (86,578)			$ (19,210)	$ (40,195)
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes	(21,885)									(21,885)
Distributions to variable interest entities	(7,277)														(7,277)			(59)
Other comprehensive income	6,635													4,535	2,100
Balance at end of period (in shares) at Jun. 30, 2026					96,368,518			43,059,762
Balance at end of period, stockholders' equity at Jun. 30, 2026	1,421,173				$ 964			$ 4		1,246,901		(368,468)		5,027	536,745
Balance at end of period, mezzanine equity at Jun. 30, 2026																		614
Balance at beginning of period (in shares) at Mar. 31, 2026					96,647,096			45,213,446
Balance at beginning of period, stockholders' equity at Mar. 31, 2026	1,551,118				$ 966			$ 5		1,235,101		(274,870)		2,738	587,178
Balance at beginning of period, mezzanine equity at Mar. 31, 2026																		537
Stockholders' Equity [Roll Forward]
Net income (loss)	(56,081)											(38,995)			(17,086)			100
Share-based compensation, net of forfeitures (in shares)					1,407,675
Share-based compensation, net of forfeitures	7,406				$ 14					5,073					2,319
Redemption or repurchase of common stock (in shares)						2,153,684	(3,839,937)		(2,153,684)
Redemption or repurchase of common stock		$ 0	$ (79,867)			$ 22	$ (38)		$ (1)		$ 6,727		$ (54,603)			$ (6,748)	$ (25,226)
Distributions to variable interest entities	(4,746)														(4,746)			(23)
Other comprehensive income	3,343													2,289	1,054
Balance at end of period (in shares) at Jun. 30, 2026					96,368,518			43,059,762
Balance at end of period, stockholders' equity at Jun. 30, 2026	$ 1,421,173				$ 964			$ 4		$ 1,246,901		$ (368,468)		$ 5,027	$ 536,745
Balance at end of period, mezzanine equity at Jun. 30, 2026																		$ 614

Deferred Commission Expense (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30,				For the Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Balance at beginning of period	$	39,434	$	34,775	$	38,645	$	33,844
Costs capitalized	5,233		5,777		9,648		9,589
Amortization	(3,783)		(3,073)		(7,409)		(5,954)
Balance at end of period	$	40,884	$	37,479	$	40,884	$	37,479

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of Operating Groups	3

Intangible Assets, Net and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Goodwill [Roll Forward]
Balance at December 31, 2025	$ 1,517,171
Goodwill of acquired businesses	1,134,895
Measurement period adjustments	341	$ 0
Balance at June 30, 2026	2,652,407
Insurance Advisory Solutions
Goodwill [Roll Forward]
Balance at December 31, 2025	932,487
Goodwill of acquired businesses	940,290
Measurement period adjustments	0
Balance at June 30, 2026	1,872,777
Underwriting, Capacity & Technology Solutions
Goodwill [Roll Forward]
Balance at December 31, 2025	241,905
Goodwill of acquired businesses	194,605
Measurement period adjustments	341
Balance at June 30, 2026	436,851
Mainstreet Insurance Solutions Segment
Goodwill [Roll Forward]
Balance at December 31, 2025	342,779
Goodwill of acquired businesses	0
Measurement period adjustments	0
Balance at June 30, 2026	$ 342,779

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 740
-Name Accounting Standards Codification
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

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		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 335,384	$ 48,234	$ 23,293	$ 145,559
Change in fair value of contingent consideration	12,303	(1,957)	14,272	6,104
Fair value of contingent consideration issuances	0	8,766	315,998	8,766
Settlement of contingent consideration	(863)	(38,312)	(6,739)	(143,698)
Balance at end of period	$ 346,824	16,731	$ 346,824	16,731
Contingent earnout liabilities settled through issuance (reduction) of earnout incentive bonus payable		$ 1,500		(1,600)
Contingent earnout liabilities settled through the issuance of related party notes payable included as payments of contingent earnout consideration				$ 5,600

Earnings (Loss) Per Share (Notes)

6 Months Ended

Jun. 30, 2026

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 earnings (loss) per share:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands, except per share data)	2026		2025		2026		2025
Basic earnings (loss) per share:
Net income (loss) attributable to Baldwin	$	(38,995)	$	(3,164)	$	(36,654)	$	10,775
Shares used for basic earnings (loss) per share:
Weighted-average shares of Class A common stock outstanding - basic	92,761		68,010		93,278		67,045
Basic earnings (loss) per share	$	(0.42)	$	(0.05)	$	(0.39)	$	0.16

Diluted earnings (loss) per share:
Net income (loss) attributable to Baldwin	$	(38,995)	$	(3,164)	$	(36,654)	$	10,775
Shares used for diluted earnings (loss) per share:
Weighted-average shares of Class A common stock outstanding - basic	92,761		68,010		93,278		67,045
Dilutive effect of unvested stock awards	—		—		—		3,348
Weighted-average shares of Class A common stock outstanding - diluted	92,761		68,010		93,278		70,393
Diluted earnings (loss) per share	$	(0.42)	$	(0.05)	$	(0.39)	$	0.15

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 June 30,		For the Six Months Ended June 30,
	2026	2025	2026	2025
Unvested RSAs and PSUs	4,188,835	3,435,770	3,614,054	—
Shares of Class B common stock	44,373,223	47,717,482	45,163,810	48,377,222

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 earnings (loss) per share of Class B common stock under the two-class method has not been included.