OXBR 10-K & 10-Q changes, risk factors and insider trading

Our Web3-focused RWA tokenization business is still in the development stage, and our operating history in such business has been limited limited to the development and issuance of a token for participation in reinsurance contracts underwritten by our Oxbridge Re NS subsidiary. subsidiary. We have not yet announced any revenue-producing activities for tokenization of RWAs that are held by or being acquired by third parties, and we may not be able to successfully complete the development of any products or services relating to tokenization of third-party RWAs. Accordingly, we have only a very limited operating history and limited experience in this business and have not earned any revenues to date in this business (other than limited management fees from the issuance of the EpsilonCattokens in T42 and T20, ZetaCat Re and EtaCat Re, EpsilonCat Re and DeltaCat Re Tokensofferings,). If we are not able to develop this business as planned, we may not be able to generate material revenues from our developing tokenization business.

Although we currently only employ threefour individuals, two of whom are members of senior management, our future success may depend to a significant extent on the efforts of our senior management and other key personnel (who have not yet been hired) to implement our business strategy. We believe there are only a limited number of available, qualified executives with substantial experience in our industry. In addition, we will need to add personnel, including underwriters, to implement our business strategy. We could face challenges attracting personnel to the Cayman Islands. Accordingly, the loss of the services of one or more of the members of our senior management or other key personnel (when hired), or our inability to hire and retain other key personnel, could delay or prevent us from fully implementing our business strategy and, consequently, significantly and negatively affect our business.

We are a holding company and do not have any significant operations or assets other than our ownership of the shares of our subsidiaries Oxbridge Reinsurance LimitedLimited, and80% of Oxbridge Re NS.NS and 80% of SurancePlus. Dividends and other permitted distributions from our subsidiaries will be our primary source of funds to meet ongoing cash requirements, including future debt service payments, if any, and other expenses, and to pay dividends to our shareholders if we choose to do so. Our subsidiaries will be subject to applicable law as well as significant regulatory restrictions limiting their ability to declare and pay dividends. The inability of our subsidiaries to pay dividends in an amount sufficient to enable us to meet our cash requirements at the holding company level could have an adverse effect on our operations and our ability to pay dividends to our shareholders if we choose to do so and/or meet our debt service obligations, if any.

Provisions of our ThirdFourth Amended and Restated Memorandum and Articles of Association (“Articles”) could adversely affect the value of our securities.

The following is a discussion and analysis of our results of operations for the years ended December 31, 20242025 and 20232024 and our financial condition as of December 31, 20242025 and 2023.2024. The following discussion should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. References to “we,” “us,” “our,” “our company,” or “the Company” refer to Oxbridge Re Holdings Limited and its subsidiaries, Oxbridge Reinsurance Reinsurance Limited, Oxbridge Re NS, SurancePlus Holdings Ltd., SurancePlus,SurancePlus Inc. and DSN Blockchain Technologies Ltd., unless the context dictates dictates otherwise.

In addition to our historical reinsurance business operations, in 2023, our newestsubsidiary subsidiary,SurancePlus SurancePlus,Inc. (“SurancePlus”) began developing, offering, and selling a tokenized reinsurance security representing fractionalized interests in reinsurance contracts, with each token representing an interest in participating notes issued by Oxbridge Re NS. These efforts culminated in the development, launch, and issuance of our first tokenized reinsurance security, the DeltaCat Re Token, which we believe is the first “on-chain” reinsurance security of its kind to be developed by a subsidiary of a public company. InFollowing 2024,the issuance of the DeltaCat Re Token in 2023, we launchedissued EpsilonCat Re andtoken in 2025,2024, we launchedissued ZetaCat Re and EtaCat Re,Re in 2025, launched T42:2027 and weT20:2027 tokenized reinsurance securities in 2026, representing high yield and balanced yield tokens, and intend to develop, launch, and issue additional series of tokenized reinsurance securities representing fractional interests in reinsurance contracts,contracts andin wethe future. We are also using our tokenization experience and activities as a foundation for developing Web3-focused business offerings and products relating to the tokenization of other RWAs,real-world assets (RWAs), including RWAs held or being acquired by third parties. Our tokenization business will be conducted through SurancePlus and through other subsidiaries of our 80% owned subsidiary, SurancePlus Holdings Ltd. (“SurancePlus Holdings”), a Cayman Islands exempted company that we have organized to serve as a holding company for subsidiaries that will operate our developing Web3-focused business operations.

SurancePlus, an indirect 80% owned subsidiary of the Company, was originally incorporated as a British Virgin Islands Business Company on December 19, 2022 for the purpose of tokenizing reinsurance contracts underwritten by its affiliated licensed reinsurer, Oxbridge Re NS.

On March 18, 2024, Oxbridge Re Holdings Limited (the “Company”) and its indirect 80% owned subsidiary SurancePlus Inc. (“SurancePlus”), a British Virgin Islands Business Company, announced the commencement of an offering by SurancePlus of Participation Shares (the “Securities”) represented by digital tokens to be issued under a 3-year Participation Share Investment Contract (the “PSIC”). The Participation Shares are not shares in SurancePlus and shall have no preemptive right or conversion rights. The Participation Shares solely conferred confered contractual rights against SurancePlus as contained in the PSIC. The quantity of Participation Shares to be issued in subsequent years of 2025, and 2026, shall be disclosed prior to their issuances. At the start of the offering, the Participation Shares were offered at an initial price of $10.00 per Participation Share.

On July 12, 2024, SurancePlus completed athe privatePrivate placement.Placement. The aggregate amount raised in the Private Placement was $2,878,048 Participation Shares (the “Securities”) represented by digital tokens issued under a 3-year Participation Share Investment Contract (for the issuance of 287,805287,808 of the Participation Shares represented by the digital tokens, of which approximately $1,469,000 was received from third-party investors and approximately $1,409,000 was received from Oxbridge Re Holdings Limited.

The Ordinary Shares were registered pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-262590), and offerings of the Ordinary Shares will bewere made only by means of a prospectus supplement.

The Investor purchased approximately $3.0 million in the Offering, consisting of an aggregate of 705,884 ordinary shares, an aggregate of 1,411,768 warrants consisting of Series A Warrants to purchase up to an aggregate of 529,413 ordinary shares (the “Series A Warrants”) and Series B Warrants to purchase up to an aggregate of 882,355 ordinary shares (the “Series B Warrants”) and together with the Series A Warrants,(collectively, the “Warrants”). The combined effective Offering price for each ordinary share and the accompanying Warrants was $4.25. The Series A Warrants arewere immediatelyexercisable exercisable,as expireof twoFebruary years24, from2025 thewith initialan exerciseexpiration date of February 24, 2027 and have an exercise price of $4.25 per share. The Series B Warrants will bewere exercisable on the earlieras of theMay 8, 2025 with an expiration date of shareholderMay approval8, or six months from the date of issuance, expire five years from the initial exercise date2030 and have an exercise price equal to the lower of (i) $5.00 and (ii) from and after the date the Company receives shareholder approval, $4.25 per share.

The net proceeds to the Company from the Offering, after deducting the fees of Maxim Group LLC (the “Placement Agent”) and the Company’s estimated offering expenses, are expected to bewere approximately $2.7 million.

The ordinary shares are beingwere offered and sold pursuant to the Company’s Registration Statement on Form S-3 (Registration No. 333-262590) previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective, the base prospectus included therein and the related prospectus supplement. The Warrants were issued in a private placement and were exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on Section 4(a)(2) thereof as a transaction not involving a public offering and/or Rule 506 of Regulation D promulgated thereunder. The Company has agreed to file a registration statement providing for the resale by the Investors of the ordinary shares issuable upon exercise of the Warrants within 60 days of the date of the Securities Purchase Agreement.

The Company paid the Placement Agent a cash fee of 6.0% of the gross proceeds from the Offering and reimbursereimbursed the Placement Agent for its expenses, including the reimbursement of legal fees up to an aggregate of $45,000.

Income from our investments is primarily comprised of net realized and unrealized gains (losses), interest income and dividends on investment securities. Such income is primarily from the Company’s investments, which includes other investments in Jet.AI and investments held in trust accounts that collateralize the reinsurance policies that we write. The investment parameters for trust accounts are generally be established by the cedant for the relevant policy.

During the year ended December 31, 2024,2025, the Company’s subsidiary, SurancePlus, effectively entered into subscription agreements for the sale of EpsilonCat ZetaCat Re and EtaCat Re Participation Shares representing fractionalized interest in reinsurance contracts underwritten by Oxbridge Re NS. The EpsilonCat ZetaCat Re and EtaCat Re Tokens were issued on the Avalanche blockchain.

SurancePlus receives an incentive, technology, origination and management (“ITOM”) fee to cover costs associated with origination, structuring and the blockchain technology related to the EpsilonCatZetaCat Re and EtaCat Re Tokens. These fees are included in SurancePlus fees income line item in the consolidated statement of operations.

General. Net loss for the year ended December 31, 20242025 was $2.7$2.08 million or $0.45$0.28 basic and diluted loss per share compared to a net loss of of $9.9$2.72 million or $1.69$0.45 basic and diluted earningsloss per share for the year ended December 31, 2023.2024. The change is primarily due to the higher overall revenues driven by significant decrease in the negative change in theunrealized fairloss value ofon other investmentsinvestments, partially offset higher expenses and higher underwriting losses borne by tokenholders during the year ended December 31, 2024,2025, when compared with the prior year.period.

Losses Incurred.Net Therepremiums were no losses incurredearned for the yearyears ended December 31, 20242025 and 2023.2024 was $2.3 million.

Policy Acquisition Costs and Underwriting Expenses. Acquisition costs represent the amortization of the brokerage fees and federal excise taxes incurred on reinsurance contracts placed. Policy acquisition costs and underwriting expenses for the year ended December 31, 20242025 increaseddecreased to $254,000$252,000 from $141,000$254,000 for the year ended December 31, 2023.2024. The increasesdecreases are primarily due to the prior year recognizing only seven (7) months of policy acquisition costs because of premium and acquisition costs accelerationrates on thecontracts reinsurance contractsin in force at December 31, 2022. In contrast,during the current year ended December 31, 20242025, accountedwhen forcompared ato fullprior twelve (12) months of policy acquisition costs.year.

General and Administrative Expenses. General and administrative expenses for the year ended December 31, 20242025 decreasedincreased to $1.9$3.05 million million from $2.2$1.92 million for the year ended December 31, 2023.2024. The decreaseincrease in 20242025 is due to expenseincreased fluctuationsprofessional along with efficiencies associatedcosts with SurancePlus offerings being recognized during the year, in additionrelating to previousinvestor recognitionrelations, ofour web3 subsidiary tokenization costs, S-3 related costs, increased human resources and personnel costs associatedand withlegal Maxim equity distribution agreement in 2023.expenditures.

Premiums Assumed. We use gross premiums assumed to measure our sales of reinsurance products. Gross premiums assumed also correlates to our ability to generate net premiums earned. SeePremiums alsoassumed decreased by $104,000 from $2.37 million to $2.27 million for the analysisyear aboveended relatingDecember to31, the growth in premiums assumed.2025.

Loss Ratio. The loss ratio is the ratio of losses and loss adjustment expenses incurred to premiums earned and measures the underwriting profitability of our reinsurance business. The loss ratio remainedincreased consistentto at 0%119.9% for the year ended December 31, 20242025, andfrom 2023.0% for the year ended December 31, 2024. This was due to the losses recognized on our reinsurance contracts affected by Hurricane Milton.

Acquisition Cost Ratio. The acquisition cost ratio is the ratio of policy acquisition costs and other underwriting expenses to net premiums earned. The acquisition cost ratio measures our operational efficiency in producing, underwriting and administering our reinsurance business. The acquisition cost ratio decreasedremained marginallyunchanged to 11.0% forduring the year ended December 31, 20242025 from 11.2%11.0% in the prior year.

Expense Ratio. The expense ratio is the ratio of policy acquisition costs, other underwriting expensescosts and general and administrative expenses to net premiums earned. We use the expense ratio to measure our operating performance. The expense ratio decreasedincreased from 185.2% 94.3% for the year ended December 31, 2023 2024 to 94.3144.2 % for the year ended December 31, 2024.2025. The decreaseincreases isare primarily due to theincreased higherprofessional levelscosts ofrelating premiumto investor earnedrelations and lowerour generalweb3 administrativesubsidiary expensesmarketing incurredand operations, renewed S-3 related costs, increased human resources and personnel costs and legal expenditures during the year ended December 31, 2024.2025, when compared with the prior year.

Combined Ratio. We use the combined ratio to measure our underwriting performance. The combined ratio is the sum of the loss ratio and the expense ratio. The combined ratio decreasedincreased from 185.2%94.3% for the year ended December 31, 20232024 to 94.3264.1 % for the year ended December 31, 2024.2025. The decreaseincrease is due to the higher levels of premium earnedgeneral and lower general administrative expenses and the losses incurred during theyear year ended December 31, 2024.2025, when compared with the prior year.

Restricted Cash and Cash Equivalents. As of December 31, 2024,2025, our cash and restricted cash increased by $2.2$1.08 million to $5.9$6.98 million from $3.7$5.89 million as of December 31, 2023.2024. The increase is primarily due to new collateral deposits for treaty year ending May 31, 20252026, more than offsetting funds being released from the underlying trusts for treatyloss yearpayments endingduring May2025 31,relating 2024.to Hurricane Milton.

Investments. As of December 31, 2024,2025, our equity securities decreased by $567,000$113,000 to $113,000,$0, from $680,000$113,000 as of December 31, 2023.2024. The decrease decrease is primarily a result of the sale of two of the equity securities andduring the decrease in value of the equity securities during the year ended December 31, 2024.2025.

OtherMezannine liabilitiesEquity – EpsilonCat Re / DeltaCat Re / ZetaCat Re and DeltaCatEtaCat Re Tokenholders. As of December 31, 2024,2025, amounts due to CatRe tokenholders increased decreased by $1.2 million, to $1.73 million$518,000 from $1.52$1.73 million at December 31, 2023.2024. The increasedecrease is due to the proceedstokenholders share from third-party investors purchasingin the EpsilonCatlimit Reloss participationexperienced sharesduring represented2025 on our reinsurance contracts affected by digitalHurricane tokens (net of management fees), plus seven months of underwriting-relating income that is attributable to third-party tokenholders outweighing returns paid to investors who invested in DeltaCat Re.Milton.

Unearned Premiums Reserve. As of December 31, 2024,2025, our unearned premiums reserve increaseddecreased by $76,000,$65,000, to $991,000$926,000 from $915,000$991,000 at December 31, 2024. The increasedecrease is due to net recognition of reinsurance premium on contracts placedin forforce during the 2024-2025year treatyended year.December 31, 2025.

We are organized as a holding company and provide administrative and management services to our subsidiaries, as well as to Oxbridge Acquisition up to the time of its business combination with Jet.AI in August 2023.subsidiaries. Our operations are conducted through our reinsurance subsidiaries, Oxbridge Reinsurance Limited and Oxbridge Re NS and our Web3web3 focused subsidiary,subsidiary SurancePlus,SurancePlus Inc. which includes the underwriting ofunderwrites risks associated with our property and casualty reinsurance programs,programs as well as the tokenization of RWAs such as reinsurance Reinsurance contracts. We have minimal continuing cash needs at the holding company level, with such needs principally being related to the payment of administrative expenses and shareholder dividends (if any).dividends. There are restrictions on Oxbridge Reinsurance Limited’s and Oxbridge Re NS’ ability to pay dividends which are described in more detail below.

Net cash used in operating activities for the year ended December 31, 2024 totaled $1,232,$(284) which consisted primarily of cash received on net written premiums less cash disbursed for operating expenses. Net cash provided by investing activities of $780 which is due proceeds from sale of equity securities, as well as proceeds from redemption of of investment in note receivable and Series A-1 Preferred Stock from Jet.AI. Net cash provided by financing activities was $2,600$1,652 which consisted consisted of net proceeds from EpsilonCat Re and proceeds from the issuance of ordinary shares through the Company’s ATM facility.

As at December 31, 20242025 we had no reserves for loss and loss adjustment expenses of $91,000 due to no significant events occurring during the yearadverse development of Hurricane Milton and no reported claims on contractour inreinsurance force.contracts. See Note 7 to the consolidated financial statements.

There have been no material changes to our risk factors during the three-monthssix-months ended MarchJune 31,30, 2026.

The following is a discussion and analysis of our results of operations for the three-monthsix-month periods ended MarchJune 31,30, 2026 and 2025 and our financial financial condition as of MarchJune 31,30, 2026 and December 31, 2025. The following discussion should be read in conjunction with our consolidated financial financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 30, 2026. References to “we,” “us,” “our,” “our company,” or “the Company” refer to Oxbridge Re Holdings Limited and its subsidiaries, Oxbridge Reinsurance Limited, Oxbridge Re NS, SurancePlus Holdings Ltd., SurancePlus, Inc. and DSN Blockchain Technologies Ltd., unless the context dictates otherwise.

SurancePlus,SurancePlus Inc. (“SurancePlus”), an indirectlyindirect 80% owned subsidiary of theOxbridge Company,Re Holdings Limited, was incorporated as a British Virgin Islands Business Company on December 19, 2022 for the purposepurposes of tokenizing reinsurance contracts underwritten by its affiliated licensed reinsurer, Oxbridge Re NS.

SubsequentDuring to the period ended MarchJune 31,30, 2026, we have sold 300,000 ordinary shares under the ATM program for gross proceeds of $352,000$352,136 at an average price of $1.17 per share. After deducting commissions related to the ATM offering of $10,500,$10,564, the net proceeds we received from the transactions were $341,500.$341,572. The proceeds from the ATM sales are being used for general corporate purposes.

The following is our consolidated statement of operations and performance ratios for the three and six month periods ended March 31,June, 2026 and 2025 (dollars in thousands, except per share amounts):

General. Net income for the quarter Marchended 31,June 30, 2026 was $22,000,$176,000, or $0.003$0.02 basic and diluted income per share compared to a net loss of $1.87 $139,000, million or ($0.02$0.25) basic and diluted loss per share, for the quarter ended MarchJune 31,30, 2025. The increase in net income / decrease in net loss is primarily due to a decreased allocation of underwriting income to tokenholders, as the Company itself is the major contributor toward 2025/26 treaty contracts in place, coupled with a decrease in unrealizedloss and loss onadjustment otherexpenses investmentsas duringthere were no underwriting losses recorded for the quarterperiod ended MarchJune 31,30, 20262026. whenSurancePlus comparedmanagement fee income along with reduced professional fees and overall compensation also contributed towards the prior period.net income result for the quarter.

Net premiums earned for the quarter ended MarchJune 31,30, 2026 decreased to $555,000$368,000 from $595,000$582,000 for the quarter ended MarchJune 31,30, 2025. The decrease decrease is due to lower weighted average rate on reinsurance contracts in force during the quarter ended MarchJune 31,30, 2026, as well as a lower amount of capital deployed into reinsurance contracts during the quarter when compared to the prior period.

Losses Incurred. There were no losses incurred during the three-month periodsperiod ending MarchJune 31,30, 2026. 2026During the three- month period ending June 30, 2025, one of the reinsurance contracts experienced adverse loss development and 2025.a full limit loss of $2.3 million was recognized.

Policy Acquisition Costs. Acquisition costs represent the amortization of the brokerage fees and federal excise taxes incurred on reinsurance reinsurance contracts placed. Policy acquisition costs for the quarterthree-months ending MarchJune 31,30, 2026 decreased to $61,000$44,000 from $65,000 $64,000 for the quarter ending March 31,June 30, 2025. The decrease is due to the rateslower onlevel of capital deployed in contracts in force in the quarter ended MarchJune 31,30, 2026, and the resulting acquisition costs, when compared to the rates on contracts in the prior-year period.

General and Administrative Expenses. General and administrative expenses for the quarter ended MarchJune 31,30, 2026 increaseddecreased to $522,000$603,000 from from $505,000$1.3 million for the quarter ended MarchJune 31,30, 2025. The increase is primarily due to increasedReduced professional costs relating to investor relations and our web3 subsidiary marketingfees and operations.overall compensation contributed toward the decrease for the quarter.

Loss Ratio. The loss ratio is the ratio of losses and loss adjustment expenses incurred to premiums earned and measures the underwriting profitability of our reinsurance business. The loss ratio remaineddecreased consistent atto 0% from 394% for the three-month period ended MarchJune 31,30, 2026 when compared with prior comparative period. This was due to no losses being recorded for the three-month period ending June 30, 2026 whereas a full limit loss was recognized for one of the reinsurance contracts during the three-month period ending June 30, 2025.

Acquisition Cost Ratio. The acquisition cost ratio is the ratio of policy acquisition costs and other underwriting expenses to net premiums earned. The acquisition cost ratio measures our operational efficiency in producing, underwriting and administering our reinsurance business.

Expense Ratio. The expense ratio is the ratio of policy acquisition costs and general and administrative expenses to net premiums earned. earned. We use the expense ratio to measure our operating performance. For the three-month periodquarter ended MarchJune 31,30, 2026, the expense ratio increased decreased to 105%,175.8%, from 95.8%227% for the three-month periodquarter ended MarchJune 31,30, 2025. The increasedecrease is primarily due to increased reduced professional costs relating to investor relationsfees and ouroverall web3compensation subsidiaryduring marketingthe andquarter, operations.when compared with the prior year period.

Combined Ratio. We use the combined ratio to measure our underwriting performance. The combined ratio is the sum of the loss ratio and and the expense ratio. For the three-month periodquarter ended MarchJune 31,30, 2026, the combined ratio increaseddecreased to 105%,175.8%, from 95.8%621% for the three-month periodquarter ended June March 31,30, 2025. The increasedecrease is primarily due to increaseddecreased underwriting losses, as well as reduced professional costs relating to investor relationsfees and ouroverall web3 subsidiarycompensation marketingduring andthe operations.quarter, when compared with the prior year period.

FINANCIAL CONDITION –MarchJune 31,30, 2026 COMPARED TO DECEMBER 31, 2025

Restricted Cash and Cash Equivalents. As of MarchJune 31,30, 2026, our restricted cash and cash equivalents increased by $1.21$12.85 million to $19.82 $8.19 million, from $6.98 million as of December 31, 2025. The increase is the net result of the investment in the new tokenized securities, release of collateral from 25-26 reinsurance treaty contracts and premium deposits made during the three-monthssix months ending endingJune March30, 31, 2026 and the $1 million proceeds from the loan payable.2026.

Notes Payable to Noteholders. As of MarchJune 31,30, 2026, our notes payable remained at $118,000 as there were no redemptions during the period.

MezannineMezzanine Equity –Cat Re Tokenholders. As of MarchJune 31,,30, 2026, amounts due to CatRe tokenholders increased to $520,000$12.6 million from $518,000 at December 31, 2025. The increase is due to the investment in new tokenized securities and the recognition of threefive months of underwriting-relating income that is attributable to third-party tokenholders.

Unearned Premiums Reserve. As of MarchJune 31,30, 2026, our unearned premiums reserve decreased by $556,000,$610,000, to $370,000$316,000 from $926,000 at December 31, 2025. The decrease is due to change in unearned premium reserves for the threesix month period ended MarchJune 31,30, 2026.

As of MarchJune 31,30, 2026, we believe we had sufficient cash flows from operations to meet our liquidity requirements in the short term. We expect expect that our operational needs for liquidity will be met by cash, investment income, sales under our existing ATM facilities, funds generated from underwriting activities and/or proceeds from the short-term loan we secured, which we intend to settlesettled in June 2026. We have no current plans to issue further debt, and we expect to fund our operations for the foreseeable future from operating cash flows, as well as from current and potential future equity offerings. However, we cannot provide assurances that in the future we will not incur indebtedness to implement our business strategy, pay claims or make acquisitions.

Although Oxbridge Re Holdings Limited is not subject to any significant legal prohibitions on the payment of dividends, its subsidiaries Oxbridge Reinsurance Limited and Oxbridge Re NS are subject to Cayman Islands regulatory constraints that affect its ability to pay dividends to us and include a minimum net worth requirement. Currently, the minimum net worth requirement for each subsidiary is $500. As of MarchJune 31,30, 2026, each subsidiary exceeded the minimum required. By law, each subsidiary is restricted from paying a dividend if such a dividend would cause its net worth to drop to less than the required minimum.

Our cash flows from operating, investing, and financing activities for the three-monthsix-month periods ended MarchJune 31,30, 2026 and 2025 are summarized below.

Cash Flows for the threesix months ended MarchJune 31,30, 2026 (in thousands)

Net cash providedused byin operating activities for the three-monthssix-months ended MarchJune 31,30, 2026 totaled $210,$57, which consisted primarily of cash received net written premiums less cash disbursed for operating expenses. Net cash provided by financing activities was $1$12.90 million and primarily consisted of the proceeds from theinvestment loanin payablenew duringtokenized the period.securities.

Cash Flows for the Threesix months ended MarchJune 31,30, 2025 (in thousands)

Net cash providedused byin operating activities for the threesix months ended MarchJune 31,30, 2025 totaled $272,$1,899, which consisted primarily of cash received net net written premiums less cash disbursed for operating expenses. Net provided by investing activities was $63, which consisted of consideration received on sale of otherinvestment investment.in Jet.AI. Net cash provided by financing activities was $3.4 million$2,596 which consisted of net proceeds from issuance of ordinary shares through the Company’s ATM facility and the registered direct offering completed during the quarter.period.

As of MarchJune 31,30, 2026, we had no off-balance sheet arrangements as defined in Item 303(a)(4) of Regulation S-K.