ADDED
As of February 20, 2026, there were 96,721,068 shares of Class A common stock outstanding and 46,136,333 shares of Class B common stock outstanding.
4 Commonly Used Defined Terms The following terms have the following meanings throughout this Annual Report on Form 10-K unless the context indicates or requires otherwise: 2019 Stockholders Agreement Stockholders Agreement between Baldwin and the applicable holders of LLC Units in Baldwin Holdings entered into on October 28, 2019 2024 Stockholders Agreement Stockholders Agreement between Baldwin and the applicable holders of LLC Units in Baldwin Holdings entered into on October 30, 2024 2025 Refinancings Amendment No.
2 to Amended and Restated Credit Agreement, dated as of January 10, 2025, Amendment No.
3 to Amended and Restated Credit Agreement, dated as of September 18, 2025, and Amendment No.
Our team now comprises approximately 5,000 colleagues including those who joined us through our January 2026 partnerships.
Among them are approximately 900 risk advisors, who are fiercely independent, relentlessly competitive and insurance geeks.
In the United States, our industry is comprised of large, global participants alongside a highly fragmented group of regional and community participants that vary significantly in size and scope.
While the insurance brokerage industry has experienced recent consolidation, it remains highly fragmented, creating opportunities for us to continue acquiring high-quality partners.
Our partnership strategy has contributed meaningful inorganic growth to Baldwin and we expect to remain active and opportunistic in pursuing potential transactions that will contribute to our long-term growth strategy.
We believe our success attracting high quality partners has validated our differentiated value proposition we have consummated partnerships with 37 firms since the beginning of 2020, for a total of $909.0 million of acquired revenue, which includes nine Top 100 firms since 2020, including our recently announced partnership with CAC Group, a nationally recognized specialty and middle-market insurance brokerage firm.
REMOVED
As of February 20, 2025, there were 68,152,042 shares of Class A common stock outstanding and 49,440,870 shares of Class B common stock outstanding.
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.
Securities and Exchange Commission Securities Act Securities Act of 1933, as amended Senior Secured Notes 7.125% senior secured notes with an aggregate principal amount of $600 million due May 15, 2031 SOFR Secured Overnight Financing Rate Tax Receivable Agreement Tax Receivable Agreement between Baldwin and certain holders of LLC Units in Baldwin Holdings entered into on October 28, 2019 Westwood Westwood Insurance Agency, a 2022 partner Wholesale Business Our specialty wholesale broker business, which was sold on March 1, 2024 6 PART I ITEM 1.
Our 4,000 plus colleagues include over 700 risk advisors, who are fiercely independent, relentlessly competitive and insurance geeks.
In the United States, our industry is comprised of large, global participants, such as those described in the section titled Competition below.
The remainder of our industry is highly fragmented and comprised of over 30,000 regional and community participants that vary significantly in size and scope.
Despite the recent consolidation in the insurance brokerage industry, the industry remains highly fragmented, and the number of independent agencies has remained roughly constant since 2006.
The fragmented industry landscape presents us with the opportunity to continue acquiring high-quality partners.
We did not execute any partnerships during 2024 and we continue to anticipate relatively little partnership activity in 2025.
Though partnerships have contributed meaningful inorganic growth to Baldwin and we expect them to contribute to our long-term growth strategy, we anticipate they will be episodic in nature going forward.