Company: SLDE
Filing Date: 2025-03-10
Form Type: DRS/A
Source: 0000950123-25-003025
Chunk: 255

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-03-10
Form: DRS/A
Chunk 255
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4 and 2023. F-36

Slide Insurance Holdings, Inc. Notes to Consolidated Financial Statements (Dollar amounts in thousands, except share and per share amounts, unless otherwise stated)

| 15. | Property and Equipment |

Property and equipment are summarized as follows:

|                                                |     |   |   2024 |     |   |  2023 |
|:-----------------------------------------------|:----|:--|-------:|:----|:--|------:|
| EDP equipment and software                     |     | $ | 16,449 |     | $ | 6,361 |
| Less accumulated depreciation and amortization |     |   |  2,871 |     |   |   424 |
| Property and equipment, net                    |     | $ | 13,578 |     | $ | 5,937 |

Depreciation expense was $2,447 and $424 for the year ended December 31, 2024, and 2023, respectively. These assets relate to the development and configuration of the Company’s policy and claims administration platforms placed in service in August 2024 and June 2024, respectively, and a policy administration platform placed in service in September 2023. In September of 2023, the Company began amortizing the software development costs that had been capitalized over a five-year period. The company performed an evaluation of all software development to date and recorded an impairment for software that had been previously capitalized during development but will not be deployed in production. The company recorded an impairment of $7,583, as part of General and administrative expense in the Consolidated Statement of Operations for costs previously capitalized in 2023 and 2022.

| 16. | Leases |

The Company has entered into operating leases primarily for real estate. The Company will determine whether an arrangement is a lease at inception of the agreement. The operating leases have terms of one to eight years, and often include one or more options to renew. These renewal terms can extend the lease term from two to ten years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The Company considers these options in determining the lease term used in establishing our right-of-useassets and lease obligations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Because the rate implicit in each operating lease is not readily determinable, the Company uses its incremental borrowing rate to determine present value of the lease payments