Heritage Insurance Holdings, Inc.

For the period ended Sep 30, 2026. Filed Nov 6, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Nov 6, 2026

HRTG$32.96-0.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

Condensed Consolidated Balance Sheets

(Amounts in thousands, except per share and share amounts)

	September 30, 2026	December 31, 2025
ASSETS · (unaudited)
Fixed maturities, available-for-sale, at fair value (amortized cost of $895,936 and $726,774)	$852,630	$713,237
Equity securities, at fair value, (cost $816 and $1,064)	816	1,064
Other investments, net	1,210	1,285
Total investments	854,656	715,586
Cash and cash equivalents	532,098	559,274
Restricted cash	13,286	13,307
Accrued investment income	7,125	6,556
Premiums receivable, net	87,931	95,331
Reinsurance recoverable on paid and unpaid claims, net of allowance for credit losses of $175	218,885	318,588
Prepaid reinsurance premiums	383,966	307,039
Deferred income tax asset, net	15,128	5,855
Income taxes receivable, net	571	—
Deferred policy acquisition costs, net	64,852	64,544
Property and equipment, net	26,402	28,254
Right-of-use lease asset, finance	10,773	12,598
Right-of-use lease asset, operating	5,852	4,878
Intangibles, net	25,651	30,189
Other assets	15,646	33,823
Total Assets	$2,262,822	$2,195,822
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses	$459,875	$579,477
Unearned premiums	708,385	707,923
Reinsurance payable	339,143	232,801
Long-term debt, net	70,432	78,428
Advance premiums	26,776	19,164
Income taxes payable, net	—	4,282
Accrued compensation	8,703	8,844
Lease liability, finance	13,612	15,587
Lease liability, operating	6,073	5,800
Accounts payable and other liabilities	30,682	38,265
Total Liabilities	$1,663,681	$1,690,571
Commitments and contingencies (Note 17)
Stockholders’ Equity:
Common stock, $0.0001 par value, 50,000,000 shares authorized, 43,071,733 shares issued and 29,632,416 outstanding at September 30, 2026 and 43,171,585 shares issued and 30,833,776 outstanding at December 31, 2025	3	3
Additional paid-in capital	360,888	365,736
Accumulated other comprehensive loss, net of taxes	(33,243)	(10,555)
Treasury stock, at cost, 13,439,317 shares at September 30, 2026 and 12,337,809 shares at December 31, 2025	(161,074)	(133,183)
Retained earnings	432,567	283,250
Total Stockholders' Equity	599,141	505,251
Total Liabilities and Stockholders' Equity	$2,262,822	$2,195,822

Condensed Consolidated Statements of Operations and Other Comprehensive Income

(Amounts in thousands, except per share and share amounts)

	For The Three Months Ended September 30,		For The Nine Months Ended September 30,
	2026	2025	2026	2025
REVENUES:
Gross premiums written	$322,778	$333,160	$1,057,965	$1,100,125
Change in gross unearned premiums	30,003	28,801	(468)	(30,742)
Gross premiums earned	352,781	361,961	1,057,497	1,069,383
Ceded premiums	(147,190)	(166,829)	(451,089)	(477,901)
Net premiums earned	205,591	195,132	606,408	591,482
Net investment income	11,361	9,686	31,823	27,295
Net realized (losses) gains on debt securities and other investments	(38)	2,746	(59)	2,746
Other revenue	2,327	4,895	7,923	10,490
Total revenues	219,241	212,459	646,095	632,013
EXPENSES:
Losses and loss adjustment expenses	81,391	74,766	234,045	249,793
Policy acquisition costs, net of ceding commission income (1)	45,114	45,182	135,959	134,143
General and administrative expenses, net of ceding commission income(2)	23,506	22,345	72,194	70,604
Total expenses	150,011	142,293	442,198	454,540
Operating income	69,230	70,166	203,897	177,473
Interest expense, net	1,515	1,850	4,983	6,157
Income before income taxes	67,715	68,316	198,914	171,316
Income tax expense	16,591	17,895	49,597	42,397
Net income	$51,124	$50,421	$149,317	$128,919
OTHER COMPREHENSIVE (LOSS) INCOME
Change in net unrealized (losses) gains on investments	(23,421)	6,009	(29,859)	20,557
Reclassification adjustment for net realized investment (gains) losses	57	(5)	78	(5)
Income tax benefits (expense) related to items of other comprehensive income	5,567	(1,428)	7,093	(4,886)
Total comprehensive income	$33,327	$54,997	$126,629	$144,585
Weighted average shares outstanding
Basic	29,727,529	30,962,464	30,141,881	30,888,169
Diluted	29,784,837	31,021,780	30,200,528	30,947,450
Earnings per share
Basic	$1.72	$1.63	$4.95	$4.17
Diluted	$1.72	$1.63	$4.94	$4.17

(1)

Policy acquisition costs include $11.5 million and $33.9 million of ceding commission income for the three and nine months ended September 30, 2026 and $12.7 million and $37.5 million of ceding commission income for the three and nine months ended September 30, 2025.

(2)

General and administrative expenses include $3.8 million and $11.2 million of ceding commission income for the three and nine months ended September 30, 2026 and $4.2 million and $12.4 million of ceding commission income for the three and nine months ended September 30, 2025.

Condensed Consolidated Statements of Stockholders’ Equity

(Amounts in thousands, except share amounts)

	Common Shares	Par Value	Additional Paid-In Capital	RetainedEarnings	Treasury Shares	Accumulated Other Comprehensive Loss	TotalStockholders'Equity
Balance at December 31, 2025	30,833,776	$3	$365,736	$283,250	$(133,183)	$(10,555)	$505,251
Net unrealized change in investments, net of tax	—	—	—	—	—	(3,433)	(3,433)
Issuance of restricted stock	188,225	—	—	—	—	—	—
Surrendered shares for tax withholdings	(316,592)	—	(8,909)	—	—	—	(8,909)
Stock-based compensation on restricted stock	—	—	986	—	—	—	986
Purchase of treasury stock	(370,484)	—	—	—	(10,006)	—	(10,006)
Net Income	—	—	—	36,483	—	—	36,483
Balance at March 31, 2026	30,334,925	$3	$357,813	$319,733	$(143,189)	$(13,988)	$520,372
Net unrealized change in investments, net of tax	—	—	—	—	—	(1,458)	(1,458)
Issuance of restricted stock	28,515	—	—	—	—	—	—
Stock-based compensation on restricted stock	—	—	1,688	—	—	—	1,688
Purchase of treasury stock	(631,024)	—	—	—	(14,584)	—	(14,584)
Net Income	—	—	—	61,710	—	—	61,710
Balance at June 30, 2026	29,732,416	$3	$359,501	$381,443	$(157,773)	$(15,446)	$567,728
Net unrealized change in investments, net of tax	—	—	—	—	—	(17,797)	(17,797)
Purchase of treasury stock	(100,000)	—	—	—	(3,301)	—	(3,301)
Stock-based compensation on restricted stock	—	—	1,387	—	—	—	1,387
Net Income	—	—	—	51,124	—	—	51,124
Balance at September 30, 2026	29,632,416	$3	$360,888	$432,567	$(161,074)	$(33,243)	$599,141

	Common Shares	Par Value	Additional Paid-In Capital	RetainedEarnings	Treasury Shares	Accumulated Other Comprehensive Loss	TotalStockholders'Equity
Balance at December 31, 2024	30,607,039	$3	$362,644	$87,656	$(130,900)	$(28,604)	$290,799
Net unrealized change in investments, net of tax	—	—	—	—	—	6,465	6,465
Issuance of restricted stock	386,231	—	—	—	—	—	—
Stock-based compensation on restricted stock	—	—	1,265	—	—	—	1,265
Net Income	—	—	—	30,474	—	—	30,474
Balance at March 31, 2025	30,993,270	$3	$363,909	$118,130	$(130,900)	$(22,139)	$329,003
Net unrealized change in investments, net of tax	—	—	—	—	—	4,625	4,625
Issuance of restricted stock	24,300	—	—	—	—	—	—
Stock-based compensation on restricted stock	—	—	1,650	—	—	—	1,650
Net Income	—	—	—	48,024	—	—	48,024
Balance at June 30, 2025	31,017,570	$3	$365,559	$166,154	$(130,900)	$(17,514)	$383,302
Net unrealized change in investments, net of tax	—	—	—	—	—	4,576	4,576
Purchase of treasury stock	(106,135)	—	—	—	(2,283)	—	(2,283)
Stock-based compensation on restricted stock	—	—	1,237	—	—	—	1,237
Net Income	—	—	—	50,421	—	—	50,421
Balance at September 30, 2025	30,911,435	$3	$366,796	$216,575	$(133,183)	$(12,938)	$437,253

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.