TWFG — what changed in the latest 10-Q
A section-by-section comparison of TWFG's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-08 vs the prior 10-Q · 2025-11-12
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +44 | −78 | ~31 | 43 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~3 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +1 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-08
Comparison of the Three Months Ended March 31, 2026 and 2025
•License fees for the three months ended March 31, 2026 decreased by $0.2 million, or 13.0%, compared to the same period in the prior year.
Salaries and employee benefits for the three months ended March 31, 2026 was $9.9 million compared to $8.2 million in the same period in the prior year, reflecting a 20.8% total increase, primarily driven by $1.5 million in salaries and employee benefit expenses driven by acquisitions, increase in c…
Interest income for the three months ended March 31, 2026 was $1.2 million, compared to $1.9 million in the same period in the prior year, reflecting a decrease of $0.7 million. The decrease was attributable to the decline in cash balances which averaged $155.8 million over the three months ended Ma…
Income tax expense for the three months ended March 31, 2026 was $1.1 million compared to $0.7 million for the same period in the prior year.
Text removed vs the prior filing · source: 10-Q · 2025-11-12
Three Months Ended September 30,Nine Months Ended September 30,
Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Three Months Ended September 30,Nine Months Ended September 30,
Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Comparison of the Three Months Ended September 30, 2025 and 2024
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-08
defined in Regulation S-K, Item 408, that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice