TWFG, Inc.

For the period ended Mar 31, 2025. Filed May 13, 2025.

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.

Mar 31, 2025 · Filed May 13, 2025

TWFG$27.09+1.1%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Income for the

Condensed Consolidated Statements of Income

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

	Three Months EndedMarch 31,
	2025	2024
Revenues
Commission income (related party of $3,135 and $1,109 for the three months ended March 31, 2025 and 2024, respectively)	$48,785	$42,545
Contingent income	1,663	1,076
Fee income (related party of $834 and $354 for the three months ended March 31, 2025 and 2024, respectively)	3,011	2,232
Other income	364	290
Total revenues	53,823	46,143
Expenses
Commission expense	31,814	26,443
Salaries and employee benefits	8,196	6,254
Other administrative expenses (related party of $770 and $401 for the three months ended March 31, 2025 and 2024, respectively)	4,724	3,130
Depreciation and amortization	3,359	3,013
Total operating expenses	48,093	38,840
Operating income	5,730	7,303
Interest expense	83	842
Interest income	1,863	170
Other non-operating expense	1	2
Income before tax	7,509	6,629
Income tax expense	656	—
Net income	6,853	6,629
Less: net income attributable to noncontrolling interests	5,515	6,629
Net income attributable to TWFG, Inc.	$1,338	$—
Weighted average shares of common stock outstanding (see Note 12):
Basic	14,889,739
Diluted	15,055,553
Earnings per share (see Note 12):
Basic	$0.09
Diluted	$0.09

ContentsView on SEC.gov

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