ATLANTIC AMERICAN CORP

For the period ended Dec 31, 2025. Filed Oct 16, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Oct 16, 2026

AAME$1.13+1.8%Stored close · as of Nov 9, 2026

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Contents

Schedule II

BALANCE SHEETS

	December 31,
	2025	2024
(Restated)
ASSETS · (In thousands)
Cash and cash equivalents	$2,196	$3,916
Investments	1,909	1,696
Investment in subsidiaries	133,212	122,232
Investments in unconsolidated trusts	1,238	1,238
Deferred tax asset, net	15,044	15,970
Income taxes receivable from subsidiaries	2,839	658
Other assets	10,353	9,874
Total assets	$166,791	$155,584
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other payables	$7,244	$7,252
Revolving credit facility	5,021	4,023
Junior subordinated debentures obligations, net	33,738	33,738
Total liabilities	46,003	45,013
Shareholders’ equity	120,788	110,571
Total liabilities and shareholders’ equity	$166,791	$155,584

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2025	2024
(Restated)
(In thousands)
Revenue
Fee income from subsidiaries	$9,694	$9,531
Distributed earnings from subsidiaries	8,400	9,000
Unrealized losses on equity securities, net	168	(187)
Other	(164)	(159)
Total revenue	18,098	18,185
General and administrative expenses	16,489	16,073
Interest expense	3,081	3,419
	(1,472)	(1,307)
Income tax benefit(1)	2,805	1,922
	1,333	615
Equity in undistributed earnings of subsidiaries, net	4,684	(2,008)
Net income (loss)	$6,017	$(1,393)

(1)Under the terms of a tax-sharing agreement, income tax provisions for the subsidiary companies are computed on a separate company basis. Accordingly, the Company’s income tax benefit results from the utilization of the Parent’s separate return loss to reduce the consolidated taxable income of the Company.

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2025	2024
(Restated)
(In thousands)
Cash flows from operating activities:
Net income (loss)	$6,017	$(1,393)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Unrealized (gains) losses on equity securities, net	(168)	187
Depreciation and amortization	89	190
Compensation expense related to share awards	2	11
(Deficit) equity in undistributed earnings of consolidated subsidiaries	(4,684)	2,008
(Increase) decrease in intercompany taxes	(2,180)	1,330
Deferred income tax (benefit) expense	(413)	(3,290)
(Increase) decrease in accounts payable and accrued expenses	(8)	3,303
Other, net	(366)	(1,336)
Net cash (used in) provided by operating activities	(1,711)	1,010
Cash flows from investing activities:
Additions to property and equipment	(198)	(53)
Net cash used in investing activities	(198)	(53)
Cash flows from financing activities:
Payment of dividends on Series D preferred stock	(399)	(399)
Payment of dividends on common stock	(408)	(408)
Proceeds from shares issued under stock plans	-	-
Proceeds from revolving credit facility, net	1,000	1,000
Treasury stock acquired — net employee share-based compensation	(4)	(7)
Net cash provided by financing activities	189	186
Net increase in cash	(1,720)	1,143
Cash and cash equivalents at beginning of year	3,916	2,773
Cash and cash equivalents at end of year	$2,196	$3,916
Supplemental disclosure:
Cash paid for interest	$3,106	$3,445
Cash paid for federal income taxes	$1,652	$580
Cash paid for state income taxes	$187	$213
Intercompany tax settlement from subsidiaries	$1,319	$4,352

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