Trevor Baldwin - 11 Jun 2025 Form 4 Insider Report for Baldwin Insurance Group, Inc. (BWIN)

Role: Chief Executive Officer, Director, Member of 10% Owner Group
Signature: /s/ Seth Cohen, as Attorney-in Fact, for Trevor Baldwin
Issuer symbol: BWIN
Transactions as of: 11 Jun 2025
Net transactions value: -$6,892,106
Form type: 4
Filing time: 13 Jun 2025, 17:24:11 UTC
Previous filing: 18 Mar 2025
Next filing: 25 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Baldwin Trevor	Chief Executive Officer, Director, Member of 10% Owner Group	C/O THE BALDWIN INSURANCE GROUP, INC., 4211 W. BOY SCOUT BLVD., SUITE 800, TAMPA	/s/ Seth Cohen, as Attorney-in Fact, for Trevor Baldwin	13 Jun 2025	0001787711

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BWIN	Class B Common Stock	Conversion of derivative security	$0	-175,000	-8.3%	$0.000000	1,942,388	11 Jun 2025	By TLB 2020 Trust
transaction	BWIN	Class A Common Stock	Conversion of derivative security	$0	+175,000	+632%	$0.000000	202,676	11 Jun 2025	By TLB 2020 Trust
transaction	BWIN	Class A Common Stock	Sale	$2,231,840	-58,000	-29%	$38.48	144,676	11 Jun 2025	By TLB 2020 Trust	F1
transaction	BWIN	Class A Common Stock	Sale	$3,693,308	-92,820	-64%	$39.79	51,856	12 Jun 2025	By TLB 2020 Trust	F2
transaction	BWIN	Class A Common Stock	Sale	$966,958	-24,180	-47%	$39.99	27,676	12 Jun 2025	By TLB 2020 Trust	F3
holding	BWIN	Class A Common Stock						11,334	11 Jun 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BWIN	LLC Units in The Baldwin Insurance Group Holdings, LLC	Conversion of derivative security	$0	-175,000	-8.3%	$0.000000	1,942,388	11 Jun 2025	Class A Common Stock	175,000	$0.000000	By TLB 2020 Trust	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $38.12 to $38.81. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
F2	The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $38.96 to $39.95. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
F3	The price reported is a weighted average price. The reported securities were sold in multiple transactions at prices ranging from $39.97 to $40.11. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
F4	Each LLC Unit, together with a share of Class B common stock, may be exchanged by the holder for one share of Class A common stock at any time. The LLC Units do not expire.