OCTAVE SPECIALTY GROUP INC
For the period ended Dec 31, 2025. Filed Mar 4, 2026.
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FY2025 · Filed Mar 4, 2026
OSG$4.99-2.9%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Total Comprehensive Income (Loss)
| (Dollars in thousands, except share data) Year Ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenues: | |||
| Commissions | $143,381 | $92,023 | $51,281 |
| Servicing and other fees | 20,419 | 6,353 | — |
| Net premiums earned | 67,232 | 99,005 | 51,911 |
| Program fees | 14,322 | 13,506 | 8,437 |
| Investment income | 10,647 | 14,448 | 13,159 |
| Other | (4,780) | 10,480 | (60) |
| Total revenues | 251,222 | 235,815 | 124,728 |
| Expenses: | |||
| Commissions | $37,037 | $40,876 | $29,465 |
| Losses and loss adjustment expenses | 47,193 | 72,626 | 36,712 |
| Policy acquisition costs | 15,790 | 23,666 | 10,557 |
| General and administrative | 191,624 | 129,166 | 66,985 |
| Intangible amortization and depreciation | 41,952 | 19,947 | 5,230 |
| Interest | 18,640 | 9,379 | — |
| Total expenses | 352,236 | 295,660 | 148,949 |
| Pretax income (loss) from continuing operations | (101,014) | (59,845) | (24,221) |
| Provision (benefit) for income taxes from continuing operations | (5,211) | (924) | (989) |
| Net income (loss) from continuing operations | (95,803) | (58,921) | (23,232) |
| Net income (loss) from discontinued operations, net of tax (including loss on disposal of $117,468 in 2025 and $570,145 in 2024) | (163,288) | (497,167) | 28,183 |
| Net income (loss) | (259,091) | (556,088) | 4,951 |
| Net (gain) loss attributable to noncontrolling interest | (2,601) | (361) | (1,319) |
| Net income (loss) attributable to shareholders | $(261,692) | $(556,449) | $3,632 |
| Net income (loss) attributable to shareholders | |||
| Continuing operations | $(98,404) | $(59,282) | $(24,551) |
| Discontinued operations | (163,288) | (497,167) | 28,183 |
| Total | $(261,692) | $(556,449) | $3,632 |
| Other comprehensive income (loss), after tax | |||
| Net income (loss) | $(259,091) | $(556,088) | $4,951 |
| Unrealized gains (losses) on securities, net of income tax provision (benefit) of $0, $1,295 and $2,095 | 19,643 | (939) | 51,184 |
| Gains (losses) on foreign currency translation, net of income tax provision (benefit) of $0, $0 and $0 | 201,367 | (22,156) | 40,132 |
| Credit risk changes of fair value option liabilities, net of income tax provision (benefit) of $0, $(118) and $177 | 1,108 | (356) | (88) |
| Changes to postretirement benefit, net of income tax provision (benefit) of $0, $0 and $0 | — | (4,939) | 1,569 |
| Total other comprehensive income (loss), net of income tax | 222,118 | (28,390) | 92,797 |
| Total comprehensive income (loss), net of income tax | (36,973) | (584,478) | 97,748 |
| Less: net (gain) loss attributable to noncontrolling interest | (2,601) | (361) | (1,319) |
| Less: (gain) loss on foreign currency translation attributable to noncontrolling interest | (25,200) | 3,074 | — |
| Total comprehensive income (loss) attributable to shareholders | $(64,774) | $(581,765) | $96,429 |
| Net income (loss) from continuing operations per share attributable to stockholders | |||
| Basic | $(2.47) | $(1.37) | $(0.43) |
| Diluted | $(2.47) | $(1.37) | $(0.43) |
| Net income (loss) from discontinued operations per share attributable to stockholders | |||
| Basic | $(3.46) | $(10.58) | $0.62 |
| Diluted | $(3.46) | $(10.58) | $0.62 |
| Net income (loss) per share attributable to stockholders | |||
| Basic | $(5.93) | $(11.96) | $0.18 |
| Diluted | $(5.93) | $(11.96) | $0.18 |
| Weighted average number of common shares outstanding: | |||
| Basic | 47,181,227 | 46,969,708 | 45,636,649 |
| Diluted | 47,181,227 | 46,969,708 | 45,636,649 |
Consolidated Statements of Stockholders’ Equity
| Years Ended December 31, 2023, 2024 and 2025 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stockholders' Equity · MezzanineEquityRedeemable NCI (1) | |||||||||||||||||||
| Octave Specialty Group, Inc. | |||||||||||||||||||
| ($ in thousands) · Total · Preferred Stock · Common Stock · Additional Paid-inCapital · AccumulatedOtherComprehensiveIncome (Loss) · Retained Earnings · Common Stock Held in Treasury, at Cost · Non-redeemable NCI(1) | |||||||||||||||||||
| Balance at December 31, 2022 | $1,305,250 | $— | $467 | $274,486 | $(252,843) | $1,245,491 | $(15,270) | $52,919 | $19,983 | ||||||||||
| Net income (loss) | 3,634 | 3,632 | 2 | 1,317 | |||||||||||||||
| Total other comprehensive income (loss) | 92,797 | 92,797 | |||||||||||||||||
| Stock-based compensation | 17,275 | 17,275 | |||||||||||||||||
| Cost of shares (acquired) issued under equity plan | (4,665) | (7,872) | 3,207 | ||||||||||||||||
| Cost of shares repurchased | (4,510) | (4,510) | |||||||||||||||||
| Changes to noncontrolling interest | 4,834 | 4,797 | 37 | (6,671) | |||||||||||||||
| Purchase of All Trans and Capacity Marine | 2,450 | ||||||||||||||||||
| Balance at December 31, 2023 | $1,414,615 | $— | $467 | $291,761 | $(160,046) | $1,246,048 | $(16,573) | $52,958 | $17,079 | ||||||||||
| Net income (loss) | (554,806) | (556,449) | 1,643 | (1,282) | |||||||||||||||
| Total other comprehensive income (loss) | (28,390) | (28,390) | — | — | (4,805) | ||||||||||||||
| Stock-based compensation | 8,995 | 8,995 | |||||||||||||||||
| Cost of shares (acquired) issued under equity plan | (701) | (634) | (67) | ||||||||||||||||
| Cost of shares repurchased | (11,699) | (11,699) | |||||||||||||||||
| Changes to noncontrolling interest | (9,225) | (5,322) | (3,903) | 2,941 | |||||||||||||||
| Purchase of Octave Ventures | 149,095 | 149,095 | 185,469 | ||||||||||||||||
| Acquisition of noncontrolling interest in subsidiary | (994) | 1,044 | (2,038) | ||||||||||||||||
| Issuance of common stock in connection with purchase of Octave Ventures | 29,229 | 22 | 29,207 | ||||||||||||||||
| Balance at December 31, 2024 | $996,119 | $— | $489 | $331,007 | $(188,436) | $683,643 | $(28,339) | $197,755 | $199,402 | ||||||||||
| Net income (loss) | (257,084) | (261,692) | 4,608 | (2,007) | |||||||||||||||
| Total other comprehensive income (loss) | 206,892 | 196,919 | 9,973 | 15,227 | |||||||||||||||
| Stock-based compensation | 9,707 | 9,707 | |||||||||||||||||
| Cost of shares (acquired) issued under equity plan | (8,535) | (33,343) | 24,808 | ||||||||||||||||
| Cost of shares repurchased | (29,942) | (29,942) | |||||||||||||||||
| Changes to noncontrolling interest | (50,054) | 12,146 | (18,177) | (44,023) | 39,000 | ||||||||||||||
| Purchase of Pivix | 1,359 | ||||||||||||||||||
| Issuance of warrants in connection with sale of AAC | 17,000 | 17,000 | |||||||||||||||||
| Impact of sale of discontinued operations | (50,918) | (50,918) | |||||||||||||||||
| Balance at December 31, 2025 | $833,185 | $— | $489 | $369,860 | $8,483 | $370,431 | $(33,473) | $117,395 | $252,981 | ||||||||||
(1) NCI = Noncontrolling interest
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