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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON D.C. 20549\n\n \n\nForm 10-Q\n\n \n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission File Number\n\n001-36462\n\n \n\nHeritage Insurance Holdings, Inc.\n\n(Exact name of Registrant as specified in its charter)\n\n \n\n \n\nDelaware\n\n \n\n45-5338504\n\n(State of Incorporation)\n\n(IRS Employer\n\nIdentification No.)\n\n1401 N. Westshore Blvd\n\nTampa, FL 33607\n\n(Address, including zip code, of principal executive offices)\n\n(727) 362-7200\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nCommon Stock, par value $0.0001 per share\n\nHRTG\n\nNew York Stock Exchange\n\nIndicate 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. Yes ☒ No ☐\n\nIndicate 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). Yes ☒ No ☐\n\nIndicate 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.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☒\n\nEmerging growth company\n\n☐\n\nNon-accelerated filer\n\n☐\n\nSmaller reporting company\n\n☐\n\n \n\n \n\nIf 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. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nThe aggregate number of shares of the Registrant’s Common Stock outstanding on May 1, 2026 was 30,349,925\n\n \n\n \n\n \n\n \n\nHERITAGE INSURANCE HOLDINGS, INC.\n\nTable of Contents\n\n \n\n \n\n \n\nPage\n\n[PART I – FINANCIAL INFORMATION](#section4)\n\n \n\n \n\n[Item 1 Unaudited Financial Statements](#section2)\n\n \n\n \n\nCondensed Consolidated Balance Sheets: March 31, 2026 (unaudited) and December 31, 2025\n\n \n\n2\n\n[Condensed Consolidated Statements of Operations and Other Comprehensive Income](#section7)[: Three Months Ended March 31, 202](#section7)[6](#section7)[and 202](#section7)[5](#section7)[(unaudited)](#section7)\n\n \n\n[3](#section7)\n\n[Condensed Consolidated Statements of Stockholders’ Equity: Three Months Ended March 31, 202](#section8)[6](#section8)[and 202](#section8)[5](#section8)[(unaudited)](#section8)\n\n \n\n[4](#section8)\n\n[Condensed Consolidated Statements of Cash Flows: Three Months Ended March 31, 202](#section9)[6](#section9)[and 202](#section9)[5](#section9)[(unaudited)](#section9)\n\n \n\n[5](#section9)\n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#section10)\n\n \n\n[7](#section10)\n\n[Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations](#section34)\n\n \n\n[2](#section34)[5](#section34)\n\n[Item 3 Quantitative and Qualitative Disclosures about Market Risk](#section48)\n\n \n\n[3](#section48)[5](#section48)\n\n[Item 4 Controls and Procedures](#section49)\n\n \n\n[3](#section49)[5](#section49)\n\n[PART II – OTHER INFORMATION](#section50)\n\n \n\n \n\n[Item 1 Legal Proceedings](#section51)\n\n \n\n[3](#section51)[6](#section51)\n\n[Item 1A Risk Factors](#section52)\n\n \n\n[3](#section52)[6](#section52)\n\n[Item 2 Unregistered Sales of Equity Securities and Use of Proceeds](#section53)\n\n \n\n[3](#section53)[6](#section53)\n\n[Item 5 Other Information](#section54)\n\n \n\n[3](#section54)[6](#section54)\n\n[Item 6 Exhibits](#section55)\n\n \n\n[3](#section55)[6](#section55)\n\n[Signatures](#section56)\n\n \n\n[3](#section56)[8](#section56)\n\n \n\n \n\n \n\n \n\n \n\n \n\nFORWARD-LOOKING STATEMENTS\n\nStatements in this Quarterly Report on Form 10-Q (“Form 10-Q”) or in documents incorporated by reference that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, expectations or beliefs regarding: (i) our core strategy and ability to fully execute our business plan; (ii) our growth, including by geographic expansion, new lines of business, additional policies and new products and services, competitive strengths, proprietary capabilities, processes and new technology, results of operations and liquidity; (iii) strategic initiatives and their impact on shareholder value; (iv) projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; (v) management’s goals and objectives, including intentions to pursue certain business and the handling of certain claims; (vi) projections of revenue, earnings, capital structure, reserves, liquidity and other financial items; (vii) potential for rising costs of materials and labor; (viii) the supply of catastrophe reinsurance and its costs; (ix) assumptions underlying our critical accounting policies and estimates; (x) assumptions underlying statements regarding us and our business; (xi) the impact of legislation; (xii) claims and related expenses, and our reinsurers’ obligations; (xiii) pending legal proceedings and their effect on our financial position; (xiv) effects of updated claims, policy, and billing systems; and (xv) other similar expressions concerning matters that are not historical facts. These forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included throughout this filing and particularly in Item 1A: \"Risk Factors\" set forth in our 2025 Annual Report on Form 10-K and Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in this quarterly report on Form 10-Q. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to revise or publicly release any revision to any such forward-looking statement, except as may otherwise be required by law.\n\nThese statements are based on current expectations, estimates and projections about the industry and market in which we operate, and management’s beliefs and assumptions. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” or “continue” or the negative variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties include, without limitation:\n\n•\nthe possibility that actual losses may exceed reserves, which are based on estimates;\n\n•\nthe concentration of our business in coastal states, which could be impacted by hurricane losses or other significant weather-related events such as northeastern winter storms;\n\n•\nour exposure to catastrophic weather-related events, including hurricanes and wildfires;\n\n•\nour failure to adequately assess and price the risks we underwrite;\n\n•\nthe fluctuation in our results of operations, including as a result of factors outside of our control;\n\n•\nincreased costs of reinsurance, non-availability of reinsurance, non-collectability of reinsurance and our ability to obtain reinsurance on terms and at a cost acceptable to us;\n\n•\ninherent uncertainty of our models and our reliance on such models as a tool to evaluate risk;\n\n•\nincreased competition, competitive pressures, industry developments and market conditions;\n\n•\ncontinued and increased impact of abusive and unwarranted claims;\n\n•\nour inability to effectively manage our growth and integrate acquired companies;\n\n•\nour failure to execute our diversification strategy;\n\n•\nour reliance on independent agents to write insurance policies for us on a voluntary basis and our ability to attract and retain agents;\n\n•\nthe failure of our claims department to effectively manage or remediate claims;\n\n•\nthe failure of policy renewals to meet our expectations;\n\n•\nour inability to maintain our financial stability rating;\n\n•\nour ability to access sufficient liquidity or obtain additional financing to fund our operations and expand our business;\n\n•\nour inability to generate investment income;\n\n•\neffects of emerging claim and coverage issues relating to legal, judicial, environmental and social conditions;\n\n•\nthe failure of our risk mitigation strategies or loss limitation methods;\n\n•\nlack of effectiveness of exclusions and loss limitation methods in the insurance policies we assume or write;\n\n•\nthe regulation of our insurance operations;\n\n•\nchanges in regulations and our failure to meet increased regulatory requirements, including minimum capital and surplus requirements;\n\n \n\n \n\n•\nclimate change, health crisis, severe weather conditions and other catastrophe events;\n\n•\nlitigation or regulatory actions;\n\n•\nregulation limiting rate increases or that require us to participate in loss sharing or assessments;\n\n•\nthe terms of our indebtedness, including restrictions that limit our flexibility in operating our business, and our inability to comply with the financial and other covenants of our debt facilities;\n\n•\nour ability to maintain effective internal controls over financial reporting;\n\n•\ncertain characteristics of our common stock;\n\n•\nfailure of our information technology systems or those of our key service providers and unsuccessful development and implementation of new technologies; and\n\n•\nour failure to attract and retain qualified employees and independent agents or our loss of key personnel.\n\nAdditional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or operating results. The forward-looking statements speak only as of the date on which they are made, and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrences of anticipated events. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in the forward-looking statements. Consequently, you should not place undue reliance on forward-looking statements.\n\n \n\n \n\nPART I – FINANCIAL INFORMATION"}