v3.25.3

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues
Total revenues	$ 64,123	$ 52,863	$ 178,254	$ 152,017
Expenses
Commission expense	34,639	30,766	100,604	89,171
Salaries and employee benefits	9,929	8,331	27,618	21,401
Other administrative expenses (related party of $785 and $339 for the three months ended and $2,333 and $1,122 for the nine months ended September 30, 2025 and 2024, respectively)	5,194	4,813	15,318	11,687
Depreciation and amortization	5,327	2,985	12,587	8,966
Total operating expenses	55,089	46,895	156,127	131,225
Operating income	9,034	5,968	22,127	20,792
Interest expense	70	411	221	2,125
Interest income	1,574	1,777	5,188	2,202
Other non-operating income (expense), net	59	(4)	632	8
Income before tax	10,597	7,330	27,726	20,877
Income tax expense	977	437	2,253	437
Net income	9,620	6,893	25,473	20,440
Less: net income attributable to noncontrolling interests	7,898	5,739	20,456	19,286
Net income attributable to TWFG, Inc.	$ 1,722	$ 1,154	$ 5,017	$ 1,154
Weighted average shares of common stock outstanding (see Note 12):
Basic (in shares)	15,005,426	14,722,685	14,933,242	14,722,685
Diluted (in shares)	15,100,655	14,890,382	15,088,031	14,890,382
Earnings per share (see Note 12):
Basic (in dollars per share)	$ 0.11	$ 0.08	$ 0.34	$ 0.08
Diluted (in dollars per share)	$ 0.11	$ 0.08	$ 0.34	$ 0.08
Commission income
Revenues
Total revenues	$ 58,270	$ 48,240	$ 161,617	$ 139,447
Contingent income
Revenues
Total revenues	2,095	1,383	5,791	3,717
Fee income
Revenues
Total revenues	3,466	2,890	9,806	7,811
Other income
Revenues
Total revenues	$ 292	$ 350	$ 1,040	$ 1,042

The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

TWFG, Inc. 10-Q