OCTAVE SPECIALTY GROUP INC (OSG) Form 10-Q — Aug 6, 2026

$OSGForm 10-QFiled Aug 6, 2026, 5:03 PM ET0001628280-26-054446Original filing

Octave Specialty Group (OSG) reported Q2 2026 total revenues of $83.0 million, up 51% from $55.0 million a year earlier, driven by its Insurance Distribution and Specialty P&C Insurance segments. Net loss attributable to shareholders narrowed to $14.4 million, or $(0.33) per share, from $72.7 million, or $(1.51) per share, in Q2 2025, which had included losses from the discontinued Ambac Assurance (Legacy Financial Guarantee) business sold in September 2025. Adjusted EBITDA swung to a positive $9.1 million in the quarter from a $2.5 million loss a year ago, with premiums placed of $306.7 million and gross premiums written of $94.7 million.

Key figures

Revenue: $82.995 million (Q2 2026 total revenues); $187.165 million (H1 2026)
Net Income: -$12.156 million Q2 2026 net loss (continuing ops); -$14.429 million attributable to shareholders; H1 2026: -$21.280 million attributable to shareholders
Total Debt: $155.459 million (long-term debt)
Revenue Yoy: +51% Q2 YoY (vs $54.957M); +59% H1 YoY (vs $117.713M) — derived from stated figures
Total Assets: $2,280.857 million
Cash Position: $79.096 million (including $52.308 million restricted cash)
Shares Outstanding: 45051486
Warrant: $4.855 million cash settlement of 1,697,569 warrant shares; 3,395,138 shares remain at $18.50 strike, expiring March 29, 2032
Goodwill: $534.304 million
Redeemable nci: $197.529 million
Credit facility: $100 million term loan plus $20 million revolver, maturing October 31, 2030
Intangible assets: $447.448 million
Loss and lae reserves: $499.043 million
Term loan outstanding: $138.5 million at June 30, 2026 after $40 million April 2026 add-on
Everspan ambest rating: A- (Excellent), affirmed July 17, 2025
Adjusted ebitda h1 2026: $1.873 million (vs -$15.345 million H1 2025)
Adjusted ebitda q2 2026: $9.109 million (vs -$2.508 million in Q2 2025)
Premiums placed q2 2026: $306.667 million (vs $249.912 million)
Nci put consideration paid: $43.644 million cash settled April 2026 (carrying value $49.214 million acquired)
Buyback unused authorization: $8.449 million remaining of $50 million authorization
Net premiums written q2 2026: $23.142 million
Gross premiums written q2 2026: $94.702 million
H1 operating cash flow continuing ops: -$20.310 million

Price after filing

1 day: +0.9%7 days: -16.3%30 days: -11.7%

Close on the filing date to close N calendar days later (from $5.63). Historical, not a forecast.

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