Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents our management operations segment revenue, significant segment expenses regularly provided to the CODM, and net income for the three months ended March 31:

(in thousands)	2026		2025
Management fee revenue	$	805,874	$	772,694
Administrative services reimbursement revenue	200,096		210,273
Service agreement revenue	5,941		6,432
Total operating revenue	1,011,911		989,399
Commissions	464,856		436,860
Personnel costs (1)	92,063		89,989
Sales and advertising (1)	4,905		6,952
Acquisition and underwriting support costs (1)	24,124		26,003
Technology infrastructure costs (1)	25,803		26,071
Professional fees (1)	19,321		26,276
Administrative and other (1)	13,956		15,599
Cost of operations - policy issuance and renewal services	645,028		627,750
Cost of operations - administrative services	200,096		210,273
Total operating expenses (2)	845,124		838,023
Operating income	166,787		151,376
Total investment income	22,119		19,536
Other income	1,420		3,834
Income tax expense	39,852		36,329
Net income	$	150,474	$	138,417

(1)    2025 amounts have been recast to conform to current period presentation.

(2)    Management operations segment depreciation and amortization expense included primarily in "Total operating expenses" as reported on our Consolidated Statements of Operations totaled $20.0 million and $15.8 million for the three months ended March 31, 2026 and 2025, respectively. The Exchange and its insurance subsidiaries reimbursed us approximately 32% and 29% in the three months ended March 31, 2026 and 2025, respectively, for depreciation and amortization expense on assets supporting administrative services. See our Consolidated Statements of Cash Flows for segment expenditures on fixed asset additions.