Ranger Bermuda Topco | 10-Q: FY2025 Q3 Revenue: USD 17.45 M

Revenue: As of FY2025 Q3, the actual value is USD 17.45 M.

EPS: As of FY2025 Q3, the actual value is USD -0.65.

EBIT: As of FY2025 Q3, the actual value is USD 705 K.

Program Services Segment

• Fee Revenue: $1,621 for the three months ended September 30, 2025, and $2,972 for the nine months ended September 30, 2025.
• General and Administrative Expenses: $664 for the three months ended September 30, 2025, and $2,003 for the nine months ended September 30, 2025.
• Underwriting and Fee Income: $957 for the three months ended September 30, 2025, and $969 for the nine months ended September 30, 2025.

Legacy Reinsurance Segment

• Net Premiums Earned: $6,836 for the three months ended September 30, 2025, and $9,258 for the nine months ended September 30, 2025.
• Net Loss and LAE: -$10,406 for the three months ended September 30, 2025, and -$4,445 for the nine months ended September 30, 2025.
• Commission and Other Acquisition Expenses: -$1,718 for the three months ended September 30, 2025, and -$2,112 for the nine months ended September 30, 2025.
• General and Administrative Expenses: -$3,689 for the three months ended September 30, 2025, and -$5,432 for the nine months ended September 30, 2025.
• Underwriting Loss: -$8,977 for the three months ended September 30, 2025, and -$2,731 for the nine months ended September 30, 2025.

Cash Flow

• Net Cash Used in Operating Activities: -$30,436 for the nine months ended September 30, 2025.
• Net Cash Provided by Investing Activities: $104,412 for the nine months ended September 30, 2025.
• Net Cash Used in Financing Activities: -$40,000 for the nine months ended September 30, 2025.

Future Outlook and Strategy

• Core Business Focus: The strategic focus is on growing the fee income component of the program services business to increase EBITDA while managing the run-off of legacy Maiden alternative asset and reinsurance portfolios.
• Non-Core Business: The company plans to dispose of alternative investments to reposition the balance sheet and increase liquidity in support of growing the program services business.
• Priority: The company aims to utilize Maiden’s NOL carryforwards of $446.6 million to increase GAAP book value and shareholder value.