0002007596December 312025Q3falsexbrli:sharesiso4217:USDiso4217:USDxbrli:sharestwfg:segmenttwfg:offeringxbrli:puretwfg:class_of_stocktwfg:votetwfg:tranche00020075962025-01-012025-09-300002007596us-gaap:CommonClassAMember2025-11-110002007596us-gaap:CommonClassBMember2025-11-110002007596us-gaap:CommonClassCMember2025-11-110002007596twfg:CommissionIncomeMemberus-gaap:RelatedPartyMember2025-07-012025-09-300002007596twfg:CommissionIncomeMemberus-gaap:RelatedPartyMember2024-07-012024-09-300002007596twfg:CommissionIncomeMemberus-gaap:RelatedPartyMember2025-01-012025-09-300002007596twfg:CommissionIncomeMemberus-gaap:RelatedPartyMember2024-01-012024-09-300002007596twfg:CommissionIncomeMember2025-07-012025-09-300002007596twfg:CommissionIncomeMember2024-07-012024-09-300002007596twfg:CommissionIncomeMember2025-01-012025-09-300002007596twfg:CommissionIncomeMember2024-01-012024-09-300002007596twfg:ContingentIncomeMember2025-07-012025-09-300002007596twfg:ContingentIncomeMember2024-07-012024-09-300002007596twfg:ContingentIncomeMember2025-01-012025-09-300002007596twfg:ContingentIncomeMember2024-01-012024-09-300002007596twfg:FeeIncomeMemberus-gaap:RelatedPartyMember2025-07-012025-09-300002007596twfg:FeeIncomeMemberus-gaap:RelatedPartyMember2024-07-012024-09-300002007596twfg:FeeIncomeMemberus-gaap:RelatedPartyMember2025-01-012025-09-300002007596twfg:FeeIncomeMemberus-gaap:RelatedPartyMember2024-01-012024-09-300002007596twfg:FeeIncomeMember2025-07-012025-09-300002007596twfg:FeeIncomeMember2024-07-012024-09-300002007596twfg:FeeIncomeMember2025-01-012025-09-300002007596twfg:FeeIncomeMember2024-01-012024-09-300002007596us-gaap:ProductAndServiceOtherMember2025-07-012025-09-300002007596us-gaap:ProductAndServiceOtherMember2024-07-012024-09-300002007596us-gaap:ProductAndServiceOtherMember2025-01-012025-09-300002007596us-gaap:ProductAndServiceOtherMember2024-01-012024-09-3000020075962025-07-012025-09-3000020075962024-07-012024-09-3000020075962024-01-012024-09-300002007596us-gaap:RelatedPartyMember2025-07-012025-09-300002007596us-gaap:RelatedPartyMember2024-07-012024-09-300002007596us-gaap:RelatedPartyMember2025-01-012025-09-300002007596us-gaap:RelatedPartyMember2024-01-012024-09-300002007596twfg:ReportableSegmentMember2024-01-012024-09-3000020075962025-09-3000020075962024-12-310002007596us-gaap:CommonClassAMember2024-12-310002007596us-gaap:CommonClassAMember2025-09-300002007596us-gaap:CommonClassBMember2025-09-300002007596us-gaap:CommonClassBMember2024-12-310002007596us-gaap:CommonClassCMember2025-09-300002007596us-gaap:CommonClassCMember2024-12-310002007596us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-12-310002007596us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-12-310002007596us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-12-310002007596us-gaap:AdditionalPaidInCapitalMember2024-12-310002007596us-gaap:RetainedEarningsMember2024-12-310002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310002007596us-gaap:ParentMember2024-12-310002007596us-gaap:NoncontrollingInterestMember2024-12-310002007596us-gaap:RetainedEarningsMember2025-01-012025-03-310002007596us-gaap:ParentMember2025-01-012025-03-310002007596us-gaap:NoncontrollingInterestMember2025-01-012025-03-3100020075962025-01-012025-03-310002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310002007596us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310002007596us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-01-012025-03-310002007596us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-03-310002007596us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-03-310002007596us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-03-310002007596us-gaap:AdditionalPaidInCapitalMember2025-03-310002007596us-gaap:RetainedEarningsMember2025-03-310002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310002007596us-gaap:ParentMember2025-03-310002007596us-gaap:NoncontrollingInterestMember2025-03-3100020075962025-03-310002007596us-gaap:RetainedEarningsMember2025-04-012025-06-300002007596us-gaap:ParentMember2025-04-012025-06-300002007596us-gaap:NoncontrollingInterestMember2025-04-012025-06-3000020075962025-04-012025-06-300002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300002007596us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300002007596us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-06-300002007596us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-06-300002007596us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-06-300002007596us-gaap:AdditionalPaidInCapitalMember2025-06-300002007596us-gaap:RetainedEarningsMember2025-06-300002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300002007596us-gaap:ParentMember2025-06-300002007596us-gaap:NoncontrollingInterestMember2025-06-3000020075962025-06-300002007596us-gaap:RetainedEarningsMember2025-07-012025-09-300002007596us-gaap:ParentMember2025-07-012025-09-300002007596us-gaap:NoncontrollingInterestMember2025-07-012025-09-300002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300002007596us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300002007596us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-07-012025-09-300002007596us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-09-300002007596us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-09-300002007596us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-09-300002007596us-gaap:AdditionalPaidInCapitalMember2025-09-300002007596us-gaap:RetainedEarningsMember2025-09-300002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300002007596us-gaap:ParentMember2025-09-300002007596us-gaap:NoncontrollingInterestMember2025-09-300002007596us-gaap:CommonStockMember2023-12-310002007596us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-12-310002007596us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-12-310002007596us-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-12-310002007596us-gaap:AdditionalPaidInCapitalMember2023-12-310002007596us-gaap:RetainedEarningsMember2023-12-310002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310002007596us-gaap:ParentMember2023-12-310002007596us-gaap:NoncontrollingInterestMember2023-12-3100020075962023-12-310002007596us-gaap:RetainedEarningsMember2024-01-012024-03-310002007596us-gaap:ParentMember2024-01-012024-03-3100020075962024-01-012024-03-310002007596us-gaap:CommonStockMember2024-01-012024-03-310002007596us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310002007596us-gaap:CommonStockMember2024-03-310002007596us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-03-310002007596us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-03-310002007596us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-03-310002007596us-gaap:AdditionalPaidInCapitalMember2024-03-310002007596us-gaap:RetainedEarningsMember2024-03-310002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310002007596us-gaap:ParentMember2024-03-310002007596us-gaap:NoncontrollingInterestMember2024-03-3100020075962024-03-310002007596us-gaap:RetainedEarningsMember2024-04-012024-06-300002007596us-gaap:ParentMember2024-04-012024-06-3000020075962024-04-012024-06-300002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300002007596us-gaap:CommonStockMember2024-06-300002007596us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-06-300002007596us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-06-300002007596us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-06-300002007596us-gaap:AdditionalPaidInCapitalMember2024-06-300002007596us-gaap:RetainedEarningsMember2024-06-300002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300002007596us-gaap:ParentMember2024-06-300002007596us-gaap:NoncontrollingInterestMember2024-06-3000020075962024-06-300002007596twfg:PrePublicStockOfferingReorganizationMemberus-gaap:RetainedEarningsMember2024-07-012024-09-300002007596twfg:PrePublicStockOfferingReorganizationMemberus-gaap:ParentMember2024-07-012024-09-300002007596twfg:PrePublicStockOfferingReorganizationMember2024-07-012024-09-300002007596twfg:PrePublicStockOfferingReorganizationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300002007596us-gaap:CommonStockMember2024-07-012024-09-300002007596us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-07-012024-09-300002007596us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-07-012024-09-300002007596us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-07-012024-09-300002007596us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300002007596us-gaap:ParentMember2024-07-012024-09-300002007596us-gaap:NoncontrollingInterestMember2024-07-012024-09-300002007596us-gaap:IPOMemberus-gaap:RetainedEarningsMember2024-07-012024-09-300002007596us-gaap:IPOMemberus-gaap:ParentMember2024-07-012024-09-300002007596us-gaap:IPOMemberus-gaap:NoncontrollingInterestMember2024-07-012024-09-300002007596us-gaap:IPOMember2024-07-012024-09-300002007596us-gaap:IPOMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300002007596us-gaap:CommonStockMember2024-09-300002007596us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-09-300002007596us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-09-300002007596us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-09-300002007596us-gaap:AdditionalPaidInCapitalMember2024-09-300002007596us-gaap:RetainedEarningsMember2024-09-300002007596us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300002007596us-gaap:ParentMember2024-09-300002007596us-gaap:NoncontrollingInterestMember2024-09-3000020075962024-09-300002007596twfg:CommissionIncomeMembersrt:ScenarioPreviouslyReportedMember2024-07-012024-09-300002007596twfg:CommissionIncomeMembersrt:RestatementAdjustmentMember2024-07-012024-09-300002007596twfg:CommissionIncomeMembersrt:ScenarioPreviouslyReportedMember2024-01-012024-09-300002007596twfg:CommissionIncomeMembersrt:RestatementAdjustmentMember2024-01-012024-09-300002007596twfg:ContingentIncomeMembersrt:ScenarioPreviouslyReportedMember2024-07-012024-09-300002007596twfg:ContingentIncomeMembersrt:RestatementAdjustmentMember2024-07-012024-09-300002007596twfg:ContingentIncomeMembersrt:ScenarioPreviouslyReportedMember2024-01-012024-09-300002007596twfg:ContingentIncomeMembersrt:RestatementAdjustmentMember2024-01-012024-09-300002007596twfg:FeeIncomeMembersrt:ScenarioPreviouslyReportedMember2024-07-012024-09-300002007596twfg:FeeIncomeMembersrt:RestatementAdjustmentMember2024-07-012024-09-300002007596twfg:FeeIncomeMembersrt:ScenarioPreviouslyReportedMember2024-01-012024-09-300002007596twfg:FeeIncomeMembersrt:RestatementAdjustmentMember2024-01-012024-09-300002007596us-gaap:ProductAndServiceOtherMembersrt:ScenarioPreviouslyReportedMember2024-07-012024-09-300002007596us-gaap:ProductAndServiceOtherMembersrt:RestatementAdjustmentMember2024-07-012024-09-300002007596us-gaap:ProductAndServiceOtherMembersrt:ScenarioPreviouslyReportedMember2024-01-012024-09-300002007596us-gaap:ProductAndServiceOtherMembersrt:RestatementAdjustmentMember2024-01-012024-09-300002007596srt:ScenarioPreviouslyReportedMember2024-07-012024-09-300002007596srt:RestatementAdjustmentMember2024-07-012024-09-300002007596srt:ScenarioPreviouslyReportedMember2024-01-012024-09-300002007596srt:RestatementAdjustmentMember2024-01-012024-09-300002007596twfg:PolicyFeesMember2025-07-012025-09-300002007596twfg:PolicyFeesMember2024-07-012024-09-300002007596twfg:PolicyFeesMember2025-01-012025-09-300002007596twfg:PolicyFeesMember2024-01-012024-09-300002007596twfg:BranchFeesMember2025-07-012025-09-300002007596twfg:BranchFeesMember2024-07-012024-09-300002007596twfg:BranchFeesMember2025-01-012025-09-300002007596twfg:BranchFeesMember2024-01-012024-09-300002007596us-gaap:LicenseMember2025-07-012025-09-300002007596us-gaap:LicenseMember2024-07-012024-09-300002007596us-gaap:LicenseMember2025-01-012025-09-300002007596us-gaap:LicenseMember2024-01-012024-09-300002007596twfg:TPAFeesMember2025-07-012025-09-300002007596twfg:TPAFeesMember2024-07-012024-09-300002007596twfg:TPAFeesMember2025-01-012025-09-300002007596twfg:TPAFeesMember2024-01-012024-09-300002007596twfg:AgencyMember2025-07-012025-09-300002007596twfg:AgencyMember2024-07-012024-09-300002007596twfg:AgencyMember2025-01-012025-09-300002007596twfg:AgencyMember2024-01-012024-09-300002007596twfg:CorporateBranchesMember2025-07-012025-09-300002007596twfg:CorporateBranchesMember2024-07-012024-09-300002007596twfg:CorporateBranchesMember2025-01-012025-09-300002007596twfg:CorporateBranchesMember2024-01-012024-09-300002007596twfg:TWFGMGAMember2025-07-012025-09-300002007596twfg:TWFGMGAMember2024-07-012024-09-300002007596twfg:TWFGMGAMember2025-01-012025-09-300002007596twfg:TWFGMGAMember2024-01-012024-09-300002007596us-gaap:ServiceOtherMember2025-07-012025-09-300002007596us-gaap:ServiceOtherMember2024-07-012024-09-300002007596us-gaap:ServiceOtherMember2025-01-012025-09-300002007596us-gaap:ServiceOtherMember2024-01-012024-09-3000020075962024-01-010002007596twfg:TheProgressiveCorporationMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-07-012025-09-300002007596twfg:TheProgressiveCorporationMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2025-01-012025-09-300002007596twfg:TheProgressiveCorporationMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2024-07-012024-09-300002007596twfg:TheProgressiveCorporationMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2024-01-012024-09-300002007596us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2025-01-012025-09-300002007596us-gaap:CustomerListsMember2025-01-012025-09-300002007596us-gaap:ComputerSoftwareIntangibleAssetMember2025-01-012025-09-300002007596twfg:TWFGMGAFLLLCMember2025-06-012025-06-300002007596twfg:TWFGMGAFLLLCMember2025-06-300002007596us-gaap:CustomerRelationshipsMembertwfg:TWFGMGAFLLLCMember2025-06-012025-06-300002007596twfg:AIHSubMember2025-06-012025-06-300002007596us-gaap:CustomerListsMember2024-12-310002007596us-gaap:ComputerSoftwareIntangibleAssetMember2024-12-310002007596us-gaap:NoncompeteAgreementsMember2024-12-310002007596us-gaap:CustomerRelationshipsMember2024-12-310002007596us-gaap:CustomerListsMember2023-12-310002007596us-gaap:ComputerSoftwareIntangibleAssetMember2023-12-310002007596us-gaap:NoncompeteAgreementsMember2023-12-310002007596us-gaap:NoncompeteAgreementsMember2025-01-012025-09-300002007596us-gaap:CustomerRelationshipsMember2025-01-012025-09-300002007596us-gaap:CustomerListsMember2024-01-012024-12-310002007596us-gaap:ComputerSoftwareIntangibleAssetMember2024-01-012024-12-310002007596us-gaap:NoncompeteAgreementsMember2024-01-012024-12-3100020075962024-01-012024-12-310002007596us-gaap:CustomerListsMember2025-09-300002007596us-gaap:ComputerSoftwareIntangibleAssetMember2025-09-300002007596us-gaap:NoncompeteAgreementsMember2025-09-300002007596us-gaap:CustomerRelationshipsMember2025-09-300002007596us-gaap:CustomerListsMember2025-07-012025-09-300002007596us-gaap:ComputerSoftwareIntangibleAssetMember2025-07-012025-09-300002007596us-gaap:NoncompeteAgreementsMember2025-07-012025-09-300002007596us-gaap:CustomerRelationshipsMember2025-07-012025-09-300002007596us-gaap:CustomerListsMember2024-07-012024-09-300002007596us-gaap:ComputerSoftwareIntangibleAssetMember2024-07-012024-09-300002007596us-gaap:NoncompeteAgreementsMember2024-07-012024-09-300002007596us-gaap:CustomerListsMember2024-01-012024-09-300002007596us-gaap:ComputerSoftwareIntangibleAssetMember2024-01-012024-09-300002007596us-gaap:NoncompeteAgreementsMember2024-01-012024-09-300002007596us-gaap:SecuredDebtMembertwfg:A7YearTermLoanMemberus-gaap:LineOfCreditMember2025-01-012025-09-300002007596us-gaap:SecuredDebtMembertwfg:A7YearTermLoanMemberus-gaap:LineOfCreditMember2025-09-300002007596us-gaap:SecuredDebtMembertwfg:A7YearTermLoanMemberus-gaap:LineOfCreditMember2024-12-310002007596us-gaap:SecuredDebtMember2025-09-300002007596us-gaap:SecuredDebtMember2024-12-310002007596us-gaap:NotesPayableOtherPayablesMember2025-09-300002007596us-gaap:NotesPayableOtherPayablesMember2024-12-310002007596us-gaap:NotesPayableOtherPayablesMember2024-09-300002007596us-gaap:SecuredDebtMembertwfg:A7YearTermLoanMemberus-gaap:LineOfCreditMember2020-12-042020-12-040002007596us-gaap:SecuredDebtMembertwfg:A7YearTermLoanMemberus-gaap:LineOfCreditMember2020-12-040002007596us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-06-200002007596us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MinimumMemberus-gaap:LineOfCreditMember2024-06-202024-06-200002007596us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMemberus-gaap:LineOfCreditMember2024-06-202024-06-200002007596us-gaap:RevolvingCreditFacilityMembertwfg:SecuredOvernightFinancingRateSOFRAdjustmentMemberus-gaap:LineOfCreditMember2024-06-202024-06-200002007596us-gaap:RevolvingCreditFacilityMembertwfg:RevolvingFacilityMembersrt:MinimumMemberus-gaap:LineOfCreditMember2024-06-202024-06-200002007596us-gaap:RevolvingCreditFacilityMembertwfg:RevolvingFacilityMembersrt:MaximumMemberus-gaap:LineOfCreditMember2024-06-202024-06-200002007596us-gaap:RevolvingCreditFacilityMembertwfg:RevolvingFacilityMemberus-gaap:LineOfCreditMember2025-09-300002007596us-gaap:RevolvingCreditFacilityMembertwfg:RevolvingFacilityMemberus-gaap:LineOfCreditMember2024-12-310002007596us-gaap:CustomerListsMembertwfg:RalphE.WadeInsuranceAgencyInc.Member2023-04-012023-04-300002007596twfg:RalphE.WadeInsuranceAgencyInc.Member2023-04-012023-04-300002007596twfg:RalphE.WadeInsuranceAgencyInc.Membertwfg:AcquisitionRelatedNotesMemberus-gaap:NotesPayableOtherPayablesMember2023-04-012023-04-300002007596twfg:RalphE.WadeInsuranceAgencyInc.Membertwfg:AcquisitionRelatedNotesMemberus-gaap:NotesPayableOtherPayablesMember2023-04-300002007596twfg:March2024AcquisitionMember2024-03-012024-03-310002007596twfg:March2024AcquisitionMembertwfg:AcquisitionRelatedNotesMemberus-gaap:NotesPayableOtherPayablesMember2024-03-012024-03-310002007596twfg:March2024AcquisitionMembertwfg:AcquisitionRelatedNotesMemberus-gaap:NotesPayableOtherPayablesMember2024-03-310002007596twfg:October2024AcquisitionMember2024-10-012024-10-310002007596twfg:October2024AcquisitionMembertwfg:AcquisitionRelatedNotesMemberus-gaap:NotesPayableOtherPayablesMember2024-10-012024-10-310002007596twfg:October2024AcquisitionMembertwfg:AcquisitionRelatedNotesMemberus-gaap:NotesPayableOtherPayablesMember2024-10-310002007596us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300002007596us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300002007596us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310002007596us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310002007596us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NotesPayableOtherPayablesMember2025-09-300002007596us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NotesPayableOtherPayablesMember2025-09-300002007596us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:NotesPayableOtherPayablesMember2024-12-310002007596us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:NotesPayableOtherPayablesMember2024-12-310002007596us-gaap:CommonClassAMemberus-gaap:IPOMember2024-07-192024-07-190002007596us-gaap:CommonClassAMemberus-gaap:IPOMember2024-07-190002007596us-gaap:CommonClassAMemberus-gaap:OverAllotmentOptionMember2024-07-232024-07-230002007596us-gaap:CommonClassAMemberus-gaap:OverAllotmentOptionMember2024-07-190002007596us-gaap:IPOMember2024-07-192024-07-1900020075962024-07-190002007596us-gaap:CommonClassAMember2024-07-192024-07-190002007596twfg:BunchFamilyHoldingsLLCMembertwfg:PrePublicStockOfferingReorganizationMember2024-07-192024-07-190002007596twfg:NewMembersMember2024-07-192024-07-190002007596twfg:RenReAndGHCMemberus-gaap:CommonClassBMember2024-07-192024-07-190002007596twfg:RenReAndGHCMemberus-gaap:CommonClassBMember2024-07-190002007596twfg:BunchFamilyHoldingsLLCMemberus-gaap:CommonClassCMember2024-07-192024-07-190002007596twfg:BunchFamilyHoldingsLLCMemberus-gaap:CommonClassCMember2024-07-190002007596us-gaap:CommonClassAMember2024-07-190002007596us-gaap:CommonClassAMember2025-01-012025-09-300002007596us-gaap:CommonClassBMember2024-07-190002007596us-gaap:CommonClassBMember2025-01-012025-09-300002007596us-gaap:CommonClassCMember2024-07-190002007596us-gaap:CommonClassCMember2025-01-012025-09-300002007596us-gaap:ParentMember2025-01-012025-09-300002007596twfg:TWFGIncMember2025-09-300002007596us-gaap:NoncontrollingInterestMember2025-01-012025-09-300002007596twfg:VariousNoncontrollingInterestHoldersMember2025-09-300002007596twfg:A2024OmnibusIncentivePlanMember2024-07-170002007596twfg:A2024OmnibusIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300002007596us-gaap:PerformanceSharesMember2025-01-012025-09-300002007596twfg:A2024OmnibusIncentivePlanMember2025-09-300002007596us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300002007596us-gaap:RestrictedStockUnitsRSUMember2024-12-310002007596us-gaap:RestrictedStockUnitsRSUMember2025-09-300002007596us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-01-012025-09-300002007596us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2025-01-012025-09-300002007596us-gaap:PerformanceSharesMember2024-12-310002007596us-gaap:PerformanceSharesMember2025-09-300002007596srt:MinimumMember2025-01-012025-09-300002007596srt:MaximumMember2025-01-012025-09-300002007596twfg:CommissionIncomeMemberus-gaap:RelatedPartyMembertwfg:TWICOMember2025-07-012025-09-300002007596twfg:CommissionIncomeMemberus-gaap:RelatedPartyMembertwfg:TWICOMember2025-01-012025-09-300002007596twfg:FeeIncomeMemberus-gaap:RelatedPartyMembertwfg:TWICOMember2025-07-012025-09-300002007596twfg:FeeIncomeMemberus-gaap:RelatedPartyMembertwfg:TWICOMember2025-01-012025-09-300002007596twfg:CommissionIncomeMemberus-gaap:RelatedPartyMembertwfg:TWICOMember2024-07-012024-09-300002007596twfg:CommissionIncomeMemberus-gaap:RelatedPartyMembertwfg:TWICOMember2024-01-012024-09-300002007596twfg:FeeIncomeMemberus-gaap:RelatedPartyMembertwfg:TWICOMember2024-07-012024-09-300002007596twfg:FeeIncomeMemberus-gaap:RelatedPartyMembertwfg:TWICOMember2024-01-012024-09-300002007596us-gaap:RelatedPartyMember2025-08-310002007596us-gaap:RelatedPartyMember2025-09-010002007596twfg:EvolutionAgencyManagementLLCMemberus-gaap:RelatedPartyMember2025-07-012025-09-300002007596twfg:EvolutionAgencyManagementLLCMemberus-gaap:RelatedPartyMember2025-01-012025-09-300002007596twfg:EvolutionAgencyManagementLLCMemberus-gaap:RelatedPartyMember2024-07-012024-09-300002007596twfg:EvolutionAgencyManagementLLCMemberus-gaap:RelatedPartyMember2024-01-012024-09-300002007596us-gaap:CustomerListsMembertwfg:RalphE.WadeInsuranceAgencyInc.Memberus-gaap:RelatedPartyMember2023-04-012023-04-300002007596twfg:RalphE.WadeInsuranceAgencyInc.Memberus-gaap:RelatedPartyMember2023-04-012023-04-300002007596twfg:RalphE.WadeInsuranceAgencyInc.Memberus-gaap:RelatedPartyMembertwfg:AcquisitionRelatedNotesMemberus-gaap:NotesPayableOtherPayablesMember2023-04-012023-04-300002007596twfg:Parkwood2LLCMemberus-gaap:RelatedPartyMember2024-12-310002007596us-gaap:RestrictedStockUnitsRSUMember2025-07-012025-09-300002007596us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300002007596us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300002007596us-gaap:PerformanceSharesMember2025-07-012025-09-300002007596us-gaap:PerformanceSharesMember2024-07-012024-09-300002007596us-gaap:PerformanceSharesMember2024-01-012024-09-300002007596us-gaap:CommonClassBMember2025-07-012025-09-300002007596us-gaap:CommonClassBMember2024-07-012024-09-300002007596us-gaap:CommonClassBMember2024-01-012024-09-300002007596us-gaap:CommonClassCMember2025-07-012025-09-300002007596us-gaap:CommonClassCMember2024-07-012024-09-300002007596us-gaap:CommonClassCMember2024-01-012024-09-300002007596twfg:ReportableSegmentMember2025-07-012025-09-300002007596twfg:ReportableSegmentMember2024-07-012024-09-300002007596twfg:ReportableSegmentMember2025-01-012025-09-30

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes o   No x

As of November 11, 2025, there were 15,028,681 shares of Class A common stock, 7,277,651 shares of Class B common stock and 33,893,810 shares of Class C common stock outstanding.

We have made statements in this Quarterly Report on Form 10-Q (this “Quarterly Report”) that are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on March 27, 2025 (our “Annual Report”) and Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of any subsequent Quarterly Reports on Form 10-Q. Many of these factors have previously been identified in filings or statements made by us or on our behalf.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

•“we,” “us,” “our,” the “Company,” “TWFG,” and similar references refer to: (i) TWFG, Inc. and, unless otherwise stated or the context otherwise requires, all of its subsidiaries, including TWFG Holding Company, LLC (“TWFG Holding”), for periods following the consummation of certain reorganization transactions (the “Reorganization Transactions”), including our initial public offering (“IPO”), and (ii) TWFG Holding and, unless otherwise stated or the context otherwise requires, all of its subsidiaries, for periods prior to the completion of the Reorganization Transactions, including our IPO;

•Adjusted Diluted Earnings Per Share: Adjusted Net Income divided by diluted shares outstanding after adjusting for the effect of (i) the exchange of 100% of the outstanding Class B common stock of the Company (the “Class B Common Stock”) and Class C common stock of the Company (the “Class C Common Stock”) (together with the related limited liability company units of TWFG Holding (the “LLC Units”)) into shares of Class A common stock of the Company (“Class A Common Stock”) and (ii) the vesting of 100% of the unvested equity awards and exchange into shares of Class A Common Stock;

•Adjusted EBITDA: EBITDA adjusted to exclude equity-based compensation and other non-operating items, including certain nonrecurring or non-operating gains or losses;

•Adjusted EBITDA Margin: Adjusted EBITDA divided by total revenues;

•Adjusted Free Cash Flow: Cash flow from operating activities (the most directly comparable GAAP measure) less cash payments for tax distributions, purchases of property and equipment and acquisition-related costs;

•Adjusted Net Income: Net income (the most directly comparable GAAP measure) before amortization, non-recurring or non-operating income and expenses, including equity-based compensation, adjusted to assume a single class of stock (Class A) and assuming noncontrolling interests do not exist;

•Adjusted Net Income Margin: Adjusted Net Income divided by total revenues;

•Admitted: The insurance market comprising insurance carriers licensed to write business on an “admitted” basis by the insurance commissioner of the state in which the risk is located. Insurance rates and forms in this market are highly regulated by each state and coverages are largely uniform;

•Book of Business: Active Client list;

•Branch: An independent agency that contracts with our Insurance Services offering, operates its agency through TWFG’s “Agency-in-a-Box” and with TWFG’s branding, and receives all benefits of working with TWFG, including a work and revenue share, TWFG back-office support, marketing and access to a fully integrated agency management system. TWFG branding is restricted to the Branches and Corporate Branches, all of which are listed on our website and can be found using the location filter. Branches and Corporate Branches are exclusive to TWFG, meaning that they can only write certain insurance business through TWFG;

•Client: Individual or entity that purchases an insurance policy or seeks to purchase an insurance policy from TWFG Agencies;

•Corporate Branch: An agency within our Insurance Services offering that is wholly owned by TWFG;

•EBITDA: Earnings before interest, income taxes, depreciation and amortization;

•M&A: Mergers and acquisitions;

•MGA: Managing general agency;

•MGA Agencies: Independent agencies that contract with TWFG MGA to obtain access to additional insurance carriers or programs. TWFG MGA Agencies do not include TWFG branding and are not exclusive to TWFG;

•Organic Revenue: Total revenues (the most directly comparable GAAP measure) for the relevant period, excluding contingent income, non-policy fee income, other income and those revenues generated from acquired businesses;

•Organic Revenue Growth: Organic Revenue Growth is the change in Organic Revenue period-to-period;

•P&C: Property and casualty insurance;

•Total Written Premium: The total amount of current premium (net of cancellations) placed with insurance carriers;

•TWFG Agencies: Branches, Corporate Branches and MGA Agencies; and

•TWFG MGA: TWFG’s managing general agency.

			September 30, 2025						December 31, 2024
Assets
Current assets
Cash and cash equivalents			$	150,985					$	195,772
Restricted cash			11,557						9,551
Commissions receivable, net			27,529						27,067
Accounts receivable			8,169						7,839
Other current assets, net			13,087						1,619
Total current assets			211,327						241,848
Non-current assets
Intangible assets, net			129,386						72,978
Property and equipment, net			3,209						3,499
Lease right-of-use assets, net			4,515						4,493
Other non-current assets			734						610
Total assets			$	349,171					$	323,428
Liabilities, Redeemable Noncontrolling Interest and Equity
Current liabilities
Commissions payable			$	15,897					$	13,848
Carrier liabilities			14,074						12,392
Operating lease liabilities, current			1,393						1,013
Short-term bank debt			1,956						1,912
Deferred acquisition payable, current			2,508						601
Other current liabilities			9,309						9,851
Total current liabilities			45,137						39,617
Non-current liabilities
Operating lease liabilities, net of current portion			3,135						3,372
Long-term bank debt			2,534						4,007
Deferred acquisition payable, non-current			2,620						1,122
Other non-current liabilities			—						24
Total liabilities			53,426						48,142
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest			11,427						—
Stockholders' Equity
Class A common stock ($0.01 par value per share - 300,000,000 authorized, 15,005,426 and 14,811,874 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively )			150						148
Class B common stock ($0.00001 par value per share - 100,000,000 authorized, 7,277,651 shares issued and outstanding at September 30, 2025 and December 31, 2024)			—						—
Class C common stock ($0.00001 par value per share - 100,000,000 authorized, 33,893,810 shares issued and outstanding at September 30, 2025 and December 31, 2024)			—						—
Additional paid-in capital			58,869						58,365
Retained earnings			20,305						15,288
Accumulated other comprehensive income			40						83
Total stockholders' equity attributable to TWFG, Inc.			79,364						73,884
Noncontrolling interests			204,954						201,402
Total stockholders' equity			284,318						275,286
Total liabilities, redeemable noncontrolling interest and equity			$	349,171					$	323,428

    

For the Nine Months Ended September 30, 2025
												Class A Common Stock												Class B Voting Stock												Class C Voting Stock
																		Shares						Amount						Shares						Amount						Shares						Amount																		Additional Paid-In Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total Stockholders’ Equity Attributable to TWFG, Inc.						Noncontrolling Interests						Total Stockholders’ Equity						Redeemable Noncontrolling Interest
Balance at December 31, 2024																		14,811,874						$	148					7,277,651						$	—					33,893,810						$	—																	$	58,365					$	15,288					$	83					$	73,884					$	201,402					$	275,286					$	—
Net income																		—						—						—						—						—						—																		—						1,338						—						1,338						5,515						6,853						—
Cash distributions to members																		—						—						—						—						—						—																		—						—						—						—						(2,024)						(2,024)						—
Other comprehensive income																		—						—						—						—						—						—																		—						—						(18)						(18)						(50)						(68)						—
Stock-based compensation																		—						—						—						—						—						—																		1,204						—						—						1,204						—						1,204						—
Vesting of restricted stock units																		134,018						1						—						—						—						—																		—						—						—						1						—						1						—
Tax withholding on vesting of equity awards																		(41,809)						—						—						—						—						—																		(1,195)						—						—						(1,195)						—						(1,195)						—
Balance at March 31, 2025																		14,904,083						$	149					7,277,651						$	—					33,893,810						$	—																	$	58,374					$	16,626					$	65					$	75,214					$	204,843					$	280,057					$	—
Net income																		—						—						—						—						—						—																		—						1,957						—						1,957						6,970						8,927						73
Cash distributions to members																		—						—						—						—						—						—																		—						—						—						—						(11,239)						(11,239)						—
Other comprehensive income																		—						—						—						—						—						—																		—						—						(13)						(13)						(37)						(50)						—
Acquisition of TWFG MGA FL, LLC																		—						—						—						—						—						—																		—						—						—						—						—						—						9,688
Stock-based compensation																		—						—						—						—						—						—																		1,515						—						—						1,515						—						1,515						—
Balance at June 30, 2025																		14,904,083						$	149					7,277,651						$	—					33,893,810						$	—																	$	59,889					$	18,583					$	52					$	78,673					$	200,537					$	279,210					$	9,761
Net income																		—						—						—						—						—						—																		—						1,722						—						1,722						7,033						8,755						865
Cash distributions to members																		—						—						—						—						—						—																		—						—						—						—						(2,587)						(2,587)						—
Other comprehensive income																		—						—						—						—						—						—																		—						—						(12)						(12)						(29)						(41)						—
Acquisition of TWFG MGA FL, LLC																		—						—						—						—						—						—																		—						—						—						—						—						—						801
Stock-based compensation																		—						—						—						—						—						—																		987						—						—						987						—						987						—
Vesting of restricted stock units																		151,174						1						—						—						—						—																		—						—						—						1						—						1						—
Tax withholding on vesting of equity awards																		(49,831)						—						—						—						—						—																		(1,562)						—						—						(1,562)						—						(1,562)						—
Shelf registration costs																		—						—						—						—						—						—																		(445)						—						—						(445)						—						(445)						—
Balance at September 30, 2025																		15,005,426						$	150					7,277,651						$	—					33,893,810						$	—																	$	58,869					$	20,305					$	40					$	79,364					$	204,954					$	284,318					$	11,427

1.ORGANIZATION AND BASIS OF PRESENTATION

TWFG, Inc. (“TWFG” or the “Company”) was incorporated as a Delaware corporation on January 8, 2024 for the purpose of facilitating an initial public offering (“IPO”). TWFG is a holding company with its principal asset being a controlling ownership in TWFG Holding Company, LLC (“TWFG Holding”) and its consolidated subsidiaries. All of TWFG’s business is conducted through TWFG Holding and its consolidated subsidiaries, and the financial results of TWFG Holding and its consolidated subsidiaries are included in the Condensed Consolidated Financial Statements of TWFG.

TWFG is a leading, high-growth, independent distribution platform for personal and commercial insurance in the United States. TWFG and its subsidiaries operate through one reportable segment, which is discussed in more detail in Note 14 Segment.

The accompanying unaudited Condensed Consolidated Financial Statements of the Company and its consolidated subsidiaries are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The interim financial information is unaudited but reflects all normal adjustments that are necessary to provide a fair statement of results for the interim periods presented. Accordingly, these Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2025 (the “Annual Report”). The Condensed Consolidated Balance Sheet as of December 31, 2024 has been derived from the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Subsequent to the issuance of the Company’s consolidated financial statements as of and for the nine months ended September 30, 2024, management identified an immaterial presentation error in which certain amounts of investment income were previously included within revenue instead of within non-operating income. As a result, the Company restated the prior period financial statements to correct the errors within the Condensed Consolidated Statements of Income for all periods presented to reflect the correction. Additionally, comparative prior period amounts in the applicable notes to the Condensed Consolidated Financial Statements have been corrected.

Management evaluated the materiality of the error and concluded that it is not material to the prior period financial statements. The correction had no impact on previously reported net income. The following table presents the effects of the correction to the Company’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024.