Redeemable Noncontrolling Interests

9 Months Ended

Sep. 30, 2025

Note 19 -- Redeemable Noncontrolling Interests

Exzeo - Series A Preferred Stock

Exzeo previously issued shares of its Series A Preferred Stock to a private investment management fund. These shares were presented as redeemable noncontrolling interest on the consolidated balance sheet until the redemption was completed during the first quarter of 2024. For the nine months ended September 30, 2024, net income attributable to redeemable noncontrolling interest was $10,149, consisting of accrued cash dividends of $424, accretion related to increasing dividend rates of $111, an adjustment to maximum redemption value of $6,228, and a deemed dividend resulting from warrant modifications of $3,386.

VIE - Subscriber Surplus Contribution

Subscriber surplus contributions in redeemable noncontrolling interests represent a refundable portion of the surplus contributions received from policyholders of the VIEs.

The following table summarizes the activity of the refundable portion of subscriber surplus contributions during the three and nine months ended September 30, 2025 and 2024:


	2025			2024
Balance as of January 1	$	1,691		$	—
Cash contribution		833			—
Return of contribution		(3	)		—
Reclassification to noncontrolling interests		(884	)		—
Balance as of March 31		1,637			—
Cash contribution		1,937			864
Return of contribution		(31	)		—
Reclassification to noncontrolling interests		(1,138	)		(73	)
Balance as of June 30		2,405			791
Cash contribution		2,206			1,181
Return of contribution		(33	)		—
Reclassification to noncontrolling interests		(1,355	)		(481	)
Balance as of September 30	$	3,223		$	1,491

HCI Group, Inc. 10-Q