Hamilton Insurance Group(NYSE:HG) 
Hamilton Insurance Group, Ltd., through its subsidiaries, engages in underwriting specialty insurance and reinsurance risks in Bermuda and internationally. The company offers casualty reinsurance products, such as commercial motor, general liability, healthcare, multiline, personal motor, profession...
Share this website to your friends
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | |||||||||||
gross premiums written | 940,110,000 | 668,968,000 | 698,845,000 | 712,026,000 | 843,306,000 | 543,937,000 | 553,401,000 | 603,304,000 | 721,941,000 | 433,791,000 | 474,123,000 |
reinsurance premiums ceded | -286,451,000 | -120,594,000 | -119,864,000 | -155,712,000 | -239,431,000 | -90,611,000 | -75,505,000 | -128,236,000 | -207,061,000 | -70,125,000 | -90,557,000 |
net premiums written | 653,659,000 | 548,374,000 | 578,981,000 | 556,314,000 | 603,875,000 | 453,326,000 | 477,896,000 | 475,068,000 | 514,880,000 | 363,666,000 | 383,566,000 |
net change in unearned premiums | -83,144,000 | 28,312,000 | -55,982,000 | -45,151,000 | -104,947,000 | 28,541,000 | -29,101,000 | -56,304,000 | -129,577,000 | 2,469,000 | -46,530,000 |
net premiums earned | 570,515,000 | 576,686,000 | 522,999,000 | 511,163,000 | 498,928,000 | 481,867,000 | 448,795,000 | 418,764,000 | 385,303,000 | 366,135,000 | 337,036,000 |
net realized and unrealized gains on investments | 151,075,000 | 115,147,000 | 115,136,000 | 208,034,000 | 248,793,000 | 56,556,000 | 48,228,000 | 151,251,000 | 255,371,000 | 107,518,000 | 47,343,000 |
net investment income | 26,029,000 | 25,300,000 | 22,727,000 | 21,067,000 | 18,927,000 | 19,600,000 | 17,330,000 | 13,720,000 | 12,618,000 | 12,737,000 | 8,069,000 |
total net realized and unrealized gains on investments and net investment income | 177,104,000 | 140,447,000 | 137,863,000 | 229,101,000 | 267,720,000 | 76,156,000 | 65,558,000 | 164,971,000 | 267,989,000 | ||
other income | 6,750,000 | 12,756,000 | 4,169,000 | 5,014,000 | 4,662,000 | 5,818,000 | 4,464,000 | 5,989,000 | 7,478,000 | 10,793,000 | 2,386,000 |
net foreign exchange gains | 4,539,000 | -1,563,000 | 2,619,000 | -4,513,000 | -2,529,000 | 6,652,000 | -5,973,000 | -1,782,000 | -2,125,000 | -2,232,000 | 1,432,000 |
total revenues | 758,908,000 | 728,326,000 | 667,650,000 | 740,765,000 | 768,781,000 | 570,493,000 | 512,844,000 | 587,942,000 | 658,645,000 | 495,162,000 | 396,266,000 |
yoy | -1.28% | 27.67% | 30.19% | 25.99% | 16.72% | 15.21% | 29.42% | ||||
qoq | 4.20% | 9.09% | -9.87% | -3.64% | 34.76% | 11.24% | -12.77% | -10.73% | 33.02% | 24.96% | |
expenses | |||||||||||
losses and loss adjustment expenses | 324,785,000 | 314,646,000 | 278,712,000 | 269,928,000 | 395,234,000 | 289,695,000 | 273,632,000 | 214,494,000 | 232,352,000 | 195,049,000 | 191,577,000 |
acquisition costs | 144,507,000 | 142,182,000 | 125,412,000 | 122,815,000 | 116,881,000 | 105,872,000 | 102,201,000 | 96,305,000 | 84,554,000 | 88,616,000 | 78,537,000 |
general and administrative expenses | 61,464,000 | 73,078,000 | 74,302,000 | 68,828,000 | 62,702,000 | 88,960,000 | 62,392,000 | 64,917,000 | 54,855,000 | 101,781,000 | 63,035,000 |
amortization of intangible assets | 4,020,000 | 3,814,000 | 4,000,000 | 4,004,000 | 3,890,000 | 3,747,000 | 5,204,000 | 3,317,000 | 3,252,000 | 2,914,000 | 2,794,000 |
interest expense | 4,777,000 | 4,925,000 | 4,933,000 | 4,729,000 | 5,602,000 | 5,526,000 | 5,351,000 | 6,031,000 | 5,708,000 | 5,427,000 | 5,288,000 |
total expenses | 539,553,000 | 538,645,000 | 487,359,000 | 470,304,000 | 584,309,000 | 493,800,000 | 448,780,000 | 385,064,000 | 380,721,000 | 393,787,000 | 341,231,000 |
income before income tax | 219,355,000 | 189,681,000 | 180,291,000 | 270,461,000 | 184,472,000 | 76,693,000 | 64,064,000 | 202,878,000 | 277,924,000 | 101,375,000 | 55,035,000 |
income tax expense | 2,323,000 | -24,872,000 | 3,866,000 | 2,675,000 | 3,206,000 | 2,284,000 | 3,029,000 | 2,496,000 | 592,000 | -31,974,000 | 2,387,000 |
net income | 217,032,000 | 214,553,000 | 176,425,000 | 267,786,000 | 181,266,000 | 74,409,000 | 61,035,000 | 200,382,000 | 277,332,000 | 133,349,000 | 52,648,000 |
yoy | 19.73% | 188.34% | 189.06% | 33.64% | -34.64% | -44.20% | 15.93% | ||||
qoq | 1.16% | 21.61% | -34.12% | 47.73% | 143.61% | 21.91% | -69.54% | -27.75% | 107.97% | 153.28% | |
net income margin % | 28.60% | 29.46% | 26.42% | 36.15% | 23.58% | 13.04% | 11.90% | 34.08% | 42.11% | 26.93% | 13.29% |
net income attributable to non-controlling interest | 83,494,000 | 42,369,000 | 40,225,000 | 80,371,000 | 100,394,000 | 40,489,000 | -17,215,000 | 69,297,000 | 120,158,000 | 6,484,000 | 9,065,000 |
net income and other comprehensive income attributable to common shareholders | 133,538,000 | 172,184,000 | 136,200,000 | 187,415,000 | 80,872,000 | 33,920,000 | 78,250,000 | 131,085,000 | 157,174,000 | 126,865,000 | 43,583,000 |
per share data | |||||||||||
basic income per share attributable to common shareholders | 1.34 | 1.74 | 1.37 | 1.85 | 0.79 | 0.36 | 0.77 | 1.24 | 1.42 | 1.2 | 0.42 |
diluted income per share attributable to common shareholders | 1.31 | 1.67 | 1.32 | 1.79 | 0.77 | 0.34 | 0.74 | 1.2 | 1.38 | 1.18 | 0.41 |
total realized and unrealized gains on investments and net investment income | 29,900,000 | 55,412,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||
fixed maturity investments, at fair value | 3,016,314,000 | 3,238,543,000 | 3,022,441,000 | 2,698,470,000 | 2,425,986,000 | 2,377,862,000 | 2,320,184,000 | 2,068,930,000 | 1,877,130,000 | 1,631,471,000 |
short-term investments, at fair value | 451,185,000 | 200,459,000 | 248,847,000 | 307,129,000 | 406,207,000 | 497,110,000 | 507,947,000 | 463,542,000 | 352,068,000 | 348,968,000 |
investments in two sigma funds, at fair value | 1,685,031,000 | 1,587,658,000 | 1,500,672,000 | 1,453,781,000 | 1,341,079,000 | 939,381,000 | 932,787,000 | 923,682,000 | 953,659,000 | 979,986,000 |
total investments | 5,152,530,000 | 5,026,660,000 | 4,771,960,000 | 4,459,380,000 | 4,173,272,000 | 3,814,353,000 | 3,760,918,000 | 3,456,154,000 | 3,182,857,000 | 2,960,425,000 |
cash and cash equivalents | 842,484,000 | 1,062,359,000 | 955,130,000 | 985,649,000 | 838,514,000 | 996,493,000 | 957,372,000 | 1,016,573,000 | 1,085,038,000 | 804,548,000 |
restricted cash and cash equivalents | 113,033,000 | 109,731,000 | 110,087,000 | 85,648,000 | 74,548,000 | 104,359,000 | 93,883,000 | 98,279,000 | 95,565,000 | 98,979,000 |
premiums receivable | 1,154,469,000 | 939,777,000 | 1,012,000,000 | 1,048,580,000 | 989,656,000 | 771,707,000 | 885,744,000 | 933,211,000 | 856,111,000 | 689,042,000 |
paid losses recoverable | 100,187,000 | 93,659,000 | 115,847,000 | 131,833,000 | 91,701,000 | 134,406,000 | 146,008,000 | 147,690,000 | 169,469,000 | 138,314,000 |
deferred acquisition costs | 291,312,000 | 257,203,000 | 259,260,000 | 253,402,000 | 242,346,000 | 208,985,000 | 205,953,000 | 203,279,000 | 190,883,000 | 151,314,000 |
unpaid losses and loss adjustment expenses recoverable | 1,412,974,000 | 1,375,857,000 | 1,303,833,000 | 1,236,660,000 | 1,235,045,000 | 1,171,040,000 | 1,190,465,000 | 1,160,309,000 | 1,167,504,000 | 1,157,123,000 |
receivables for investments sold | 10,046,000 | 58,029,000 | 45,182,000 | 38,271,000 | 46,358,000 | 74,006,000 | 39,079,000 | 12,307,000 | 17,777,000 | 19,044,000 |
prepaid reinsurance | 418,978,000 | 296,351,000 | 334,025,000 | 360,890,000 | 329,213,000 | 218,921,000 | 260,174,000 | 299,574,000 | 285,984,000 | 232,211,000 |
intangible assets | 84,331,000 | 86,624,000 | 88,848,000 | 90,061,000 | 91,184,000 | 93,121,000 | 94,441,000 | 94,410,000 | 92,651,000 | |
other assets | 283,665,000 | 265,363,000 | 217,198,000 | 222,676,000 | 230,994,000 | 208,642,000 | 192,510,000 | 201,317,000 | 205,186,000 | 164,015,000 |
total assets | 9,864,009,000 | 9,571,613,000 | 9,213,370,000 | 8,913,050,000 | 8,342,831,000 | 7,796,033,000 | 7,826,547,000 | 7,623,103,000 | 7,349,025,000 | 6,504,604,000 |
liabilities, non-controlling interest, and shareholders’ equity | ||||||||||
liabilities | ||||||||||
reserve for losses and loss adjustment expenses | 4,595,810,000 | 4,415,176,000 | 4,206,077,000 | 3,984,281,000 | 3,815,307,000 | 3,532,491,000 | 3,434,800,000 | 3,242,893,000 | 3,148,782,000 | 2,948,822,000 |
unearned premiums | 1,583,245,000 | 1,377,474,000 | 1,443,460,000 | 1,414,344,000 | 1,337,516,000 | 1,122,277,000 | 1,192,071,000 | 1,202,371,000 | 1,132,477,000 | 951,596,000 |
reinsurance balances payable | 460,804,000 | 296,400,000 | 372,711,000 | 417,251,000 | 346,240,000 | 261,275,000 | 334,511,000 | 399,633,000 | 367,123,000 | 367,954,000 |
payables for investments purchased | 110,151,000 | 209,853,000 | 102,013,000 | 127,529,000 | 46,925,000 | 115,427,000 | 172,905,000 | 111,280,000 | 55,071,000 | 117,836,000 |
term loan, net of issuance costs | 149,769,000 | 149,743,000 | 149,717,000 | 149,691,000 | 149,974,000 | 149,945,000 | 149,916,000 | 149,887,000 | 149,859,000 | 149,801,000 |
accounts payable and accrued expenses | 149,185,000 | 177,320,000 | 167,882,000 | 141,838,000 | 137,667,000 | 185,361,000 | 168,658,000 | 158,187,000 | 155,684,000 | 159,681,000 |
payables to related parties | 62,058,000 | 123,376,000 | 28,338,000 | 50,233,000 | 70,709,000 | 100,420,000 | 43,030,000 | 75,797,000 | 9,060,000 | |
total liabilities | 7,111,022,000 | 6,749,342,000 | 6,470,198,000 | 6,285,167,000 | 5,904,338,000 | 5,467,196,000 | 5,452,861,000 | 5,307,281,000 | 5,084,793,000 | 4,704,750,000 |
non-controlling interest – ts hamilton fund | 30,537,000 | 172,000 | 81,179,000 | 69,292,000 | 39,154,000 | 128,000 | 60,060,000 | 77,275,000 | 54,727,000 | 129,000 |
shareholders’ equity | ||||||||||
common shares: | ||||||||||
class a, authorized | 173,000 | 173,000 | 178,000 | 178,000 | 178,000 | 178,000 | 178,000 | 195,000 | 286,000 | 305,000 |
class b, authorized | 665,000 | 663,000 | 645,000 | 663,000 | 660,000 | 643,000 | 637,000 | 574,000 | 568,000 | 427,000 |
class c, authorized | 154,000 | 154,000 | 160,000 | 160,000 | 179,000 | 194,000 | 199,000 | 250,000 | 255,000 | 305,000 |
additional paid-in capital | 1,127,868,000 | 1,134,985,000 | 1,135,815,000 | 1,148,571,000 | 1,160,569,000 | 1,163,609,000 | 1,172,331,000 | 1,171,585,000 | 1,255,055,000 | 1,128,553,000 |
accumulated other comprehensive loss | -4,441,000 | -4,441,000 | -4,441,000 | -4,441,000 | -4,441,000 | -4,441,000 | -4,441,000 | -4,441,000 | -4,441,000 | -4,441,000 |
retained earnings | 1,598,031,000 | 1,690,565,000 | 1,529,636,000 | 1,413,460,000 | 1,242,194,000 | 1,168,526,000 | 1,144,722,000 | 1,070,384,000 | 957,782,000 | 674,576,000 |
total shareholders’ equity | 2,722,450,000 | 2,822,099,000 | 2,661,993,000 | 2,558,591,000 | 2,399,339,000 | 2,328,709,000 | 2,313,626,000 | 2,238,547,000 | 2,209,505,000 | 1,799,725,000 |
total liabilities, non-controlling interest, and shareholders’ equity | 9,864,009,000 | 9,571,613,000 | 9,213,370,000 | 8,913,050,000 | 8,342,831,000 | 7,796,033,000 | 7,826,547,000 | 7,623,103,000 | 7,349,025,000 | 6,504,604,000 |
goodwill and intangible assets | 89,589,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-06-30 | 2024-03-31 | 2023-09-30 |
|---|---|---|---|---|---|---|---|---|---|
net income | 217,032,000 | 214,553,000 | 176,423,000 | 267,787,000 | 181,266,000 | 74,409,000 | 477,714,000 | 277,332,000 | 146,938,000 |
adjustments to reconcile net income to net cash from operating activities: | |||||||||
depreciation and amortization | 4,366,000 | 2,934,000 | 4,337,000 | 4,330,000 | 4,330,000 | 3,385,000 | 7,455,000 | 3,625,000 | 8,990,000 |
share compensation expense | 5,659,000 | 8,120,000 | 7,658,000 | 6,839,000 | 6,643,000 | 8,120,000 | 15,426,000 | 7,293,000 | 10,095,000 |
net realized losses on investments | -155,615,000 | -93,005,000 | -109,355,000 | -196,129,000 | -118,658,000 | -85,422,000 | -288,934,000 | -149,445,000 | -32,363,000 |
change in net unrealized losses on investments | 4,540,000 | -22,142,000 | -5,781,000 | -11,906,000 | -130,135,000 | 28,866,000 | -117,688,000 | -105,926,000 | -69,518,000 |
other items | 2,110,000 | -1,973,000 | -78,000 | -18,071,000 | -8,546,000 | 15,617,000 | 1,648,000 | 2,367,000 | 1,330,000 |
change in: | |||||||||
premiums receivable | -214,692,000 | 72,223,000 | 36,580,000 | -58,924,000 | -217,949,000 | 114,037,000 | -274,848,000 | -197,748,000 | -166,372,000 |
paid losses recoverable | -6,528,000 | 22,188,000 | 15,986,000 | -40,132,000 | 42,705,000 | 11,602,000 | -2,488,000 | -24,267,000 | -47,659,000 |
deferred acquisition costs | -34,109,000 | 2,057,000 | -5,858,000 | -11,056,000 | -33,361,000 | -3,032,000 | -46,384,000 | -33,988,000 | -36,167,000 |
prepaid reinsurance | -122,627,000 | 37,674,000 | 26,865,000 | -31,677,000 | -110,292,000 | 41,253,000 | -105,268,000 | -91,678,000 | -67,898,000 |
unpaid losses and loss adjustment expenses recoverable | -37,117,000 | -72,024,000 | -67,173,000 | -1,615,000 | -64,005,000 | 19,425,000 | 768,000 | -6,427,000 | 20,740,000 |
other assets | -17,153,000 | -48,458,000 | 5,488,000 | 8,457,000 | -22,712,000 | -15,953,000 | 8,018,000 | 4,135,000 | 3,253,000 |
reserve for losses and loss adjustment expenses | 180,634,000 | 209,099,000 | 221,796,000 | 168,974,000 | 282,816,000 | 97,691,000 | 212,856,000 | 118,745,000 | 92,547,000 |
unearned premiums | 205,771,000 | -65,986,000 | 29,116,000 | 76,828,000 | 215,239,000 | -69,794,000 | 291,149,000 | 221,255,000 | 233,408,000 |
reinsurance balances payable | 164,404,000 | -76,311,000 | -44,540,000 | 71,011,000 | 84,965,000 | -73,236,000 | 127,323,000 | 94,813,000 | 123,634,000 |
accounts payable and accrued expenses and other | -95,847,000 | 104,476,000 | 4,149,000 | -16,305,000 | -77,405,000 | 117,122,000 | 7,891,000 | 38,114,000 | 26,711,000 |
net cash from operating activities | 100,828,000 | 293,425,000 | 295,613,000 | 218,411,000 | 34,901,000 | 284,090,000 | 314,638,000 | 158,200,000 | 247,669,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 100,828,000 | 293,425,000 | 295,613,000 | 218,411,000 | 34,901,000 | 284,090,000 | 314,638,000 | 158,200,000 | 247,669,000 |
investing activities | |||||||||
proceeds from redemptions from two sigma funds | 841,983,000 | 475,498,000 | 728,989,000 | 729,515,000 | 719,512,000 | 745,163,000 | 1,518,920,000 | 837,829,000 | 1,821,046,000 |
contributions to two sigma funds | -754,124,000 | -456,744,000 | -675,669,000 | -669,312,000 | -913,091,000 | -644,495,000 | -1,186,327,000 | -678,366,000 | -1,954,119,000 |
purchases of fixed maturity investments | -1,157,855,000 | -710,360,000 | -690,429,000 | -648,794,000 | -435,886,000 | -463,169,000 | -910,380,000 | -447,062,000 | -809,646,000 |
proceeds from sales, redemptions and maturity of fixed maturity investments | 1,344,269,000 | 502,025,000 | 379,315,000 | 408,806,000 | 424,163,000 | 348,464,000 | 657,390,000 | 387,133,000 | 418,677,000 |
purchases of short-term investments | -442,235,000 | -199,207,000 | -241,914,000 | -275,302,000 | -383,266,000 | -496,593,000 | -819,859,000 | -350,125,000 | -1,078,631,000 |
proceeds from sales of short-term investments | 195,099,000 | 251,503,000 | 304,717,000 | 379,499,000 | 480,871,000 | 516,392,000 | 806,005,000 | 436,591,000 | 1,032,091,000 |
change in receivables for investments sold | 47,983,000 | -12,847,000 | -6,911,000 | 8,087,000 | 27,648,000 | -34,927,000 | 30,112,000 | 24,642,000 | -18,673,000 |
change in payables for investments purchased | -99,702,000 | 107,840,000 | -25,516,000 | 80,604,000 | -68,502,000 | -57,478,000 | 44,674,000 | -11,535,000 | 69,741,000 |
other | -3,220,000 | -416,000 | -3,135,000 | -3,345,000 | -2,033,000 | -2,241,000 | -10,626,000 | -4,980,000 | -11,425,000 |
net cash from investing activities | -27,802,000 | -42,708,000 | -230,553,000 | 9,758,000 | -150,584,000 | -88,884,000 | 129,909,000 | 194,127,000 | -530,939,000 |
financing activities | |||||||||
issuance of common shares | 13,000 | 14,000 | 0 | 0 | 11,000 | 15,000 | 11,000 | 10,000 | 8,000 |
repurchases of common shares | -33,086,000 | -20,198,000 | -40,454,000 | -35,002,000 | -16,885,000 | -26,956,000 | -113,385,000 | -3,209,000 | |
contribution of additional paid-in capital | -13,000 | -14,000 | 0 | -1,000 | -11,000 | -16,000 | 386,000 | 387,000 | -8,000 |
withdrawal of non-controlling interest | -53,129,000 | -123,376,000 | -28,338,000 | -50,233,000 | -61,368,000 | -100,421,000 | -112,313,000 | -65,564,000 | -15,066,000 |
dividends on common shares paid | -199,366,000 | ||||||||
net cash from financing activities | -285,581,000 | -143,574,000 | -68,792,000 | -85,547,000 | -78,253,000 | -127,378,000 | -225,301,000 | -68,376,000 | -17,313,000 |
effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | -4,018,000 | -270,000 | -2,348,000 | 15,613,000 | 6,146,000 | -18,231,000 | -5,254,000 | -4,208,000 | -3,093,000 |
net increase in cash and cash equivalents and restricted cash and cash equivalents | -216,573,000 | 106,873,000 | -6,080,000 | 158,235,000 | -187,790,000 | 49,597,000 | 213,992,000 | 279,743,000 | -303,676,000 |
cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 1,172,090,000 | 0 | 0 | 1,100,852,000 | 0 | 900,860,000 | 900,860,000 | 1,207,203,000 | |
cash and cash equivalents and restricted cash and cash equivalents, end of period | 955,517,000 | -6,080,000 | 158,235,000 | 913,062,000 | 49,597,000 | 1,114,852,000 | 1,180,603,000 | 903,527,000 | |
operating activities | |||||||||
term loan, net of issuance costs | 0 | 0 | |||||||
cash and cash equivalents and restricted cash and cash equivalents, beginning of year | |||||||||
cash and cash equivalents and restricted cash and cash equivalents, end of year | |||||||||
net income taxes paid | |||||||||
interest paid | |||||||||
impairment of goodwill | |||||||||
repurchases of common shares and options | -2,247,000 | ||||||||
term loan renewal costs |