Accelerant Holdings

(1)General and administrative expenses include share-based compensation expenses of $27.0 million and $2.5 million for the three months ended September 30, 2025 and 2024, respectively and $32.4 million and $6.3 million for the nine months ended September 30, 2025 and 2024, respectively.

(2)Non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of 65,270,453 Class A common shares of the Company held by Accelerant Holdings LP to certain officers and employees of the Company that fully vested upon the Company's July 25, 2025 initial public offering (IPO). The ultimate settlement of the profit interest awards was equity neutral because the contribution of the shares to officers and employees was reflected as a capital contribution to the Company by Accelerant Holdings LP, which represented an equal and offsetting amount to the associated non-cash expense. For further information, refer to Note 12.

(1) Amount represents the sub-set of share-based compensation associated with our common shares, representing a portion of the total $27.0 million of share-based compensation recorded through our statement of operations in the period (which includes additional expenses related to subsidiary and MGA share-based incentive plans). For further information, refer to Note 12.

Accelerant Holdings

Condensed Consolidated Statements of Equity (unaudited) (continued)

(1)Share-based compensation expenses related to our Class A common shares. For additional information, refer to Note 12.

(2) For additional information regarding the July 2025 IPO of our Class A common shares and related issuance costs, refer to Note 10.

Supplemental non-cash activity information:

For the nine months ended September 30, 2025, we had the following significant non-cash investing and financing activities:

•We recognized non-cash profits interest distribution expenses related to the settlement of all outstanding profits interest awards through the distribution of 65,270,453 Class A common shares of the Company held by Accelerant Holdings LP to certain officers and employees of the Company that fully vested at the time of the IPO. For further information, refer to Note 12.

•In connection with the IPO, all outstanding Class A convertible preference shares and Class B convertible preference shares automatically converted into Class A common shares and Class B common shares (as applicable). The carrying values of Class A convertible preference shares and Class B convertible preference shares at the conversion were $236.7 million and $145.1 million, respectively. For further information, refer to Note 10.

•We issued 1,833,481 of our Class A common shares in exchange for the remaining 25% equity interests of Agribusiness Risk Underwriters that we did not previously own. For further information, refer to Note 11.

For the nine months ended September 30, 2024, we had non-cash operating activities related to a novation transaction consisting of the recognition of a deposit liability of $43.6 million within "Accounts payable and other liabilities " equal to the amount of premium consideration receivable in anticipation of the transfer of a trust balance in settlement of the deposit liability. Additionally, we recorded $19.8 million of unearned premiums, net of commission, related to the assumption of policies with an unexpired portion of risk coverage period, to be settled in cash. In each case, the amounts receivable are recorded within "Premiums receivable" in our condensed consolidated balance sheets.

For the nine months ended September 30, 2024, we had non-cash financing activities consisting of the issuance of common shares with a fair value of $7.0 million as consideration for the acquisition of all the outstanding common equity ownership interest in Mission, together with the issuance of convertible preference shares as an anti-dilutive measure to existing shareholders for no consideration.