| Assets Measured at Estimated Fair Value on a Recurring Basis |
The following tables present information about the Company’s financial assets measured at estimated fair value on a recurring basis. The tables indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of March 31, 2025 and December 31, 2024:
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|
|
|
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|
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Fair Value Measurements Using |
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|
|
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|
(Level 1) |
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|
(Level 2) |
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|
(Level 3) |
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|
Total |
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As of March 31, 2025 |
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Financial Assets: |
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Cash and cash equivalents |
|
$ |
754,481 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
754,481 |
|
Restricted cash |
|
$ |
3,722 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,722 |
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Fixed-maturity securities: |
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|
|
|
|
|
|
|
|
|
|
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U.S. Treasury and U.S. government agencies |
|
$ |
626,082 |
|
|
$ |
491 |
|
|
$ |
— |
|
|
$ |
626,573 |
|
Corporate bonds |
|
|
18,656 |
|
|
|
7,168 |
|
|
|
— |
|
|
|
25,824 |
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Exchange-traded debt |
|
|
464 |
|
|
|
— |
|
|
|
— |
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|
|
464 |
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Total available-for-sale securities |
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$ |
645,202 |
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|
$ |
7,659 |
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|
$ |
— |
|
|
$ |
652,861 |
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Equity securities |
|
$ |
55,226 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
55,226 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Fair Value Measurements Using |
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|
|
|
|
(Level 1) |
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|
(Level 2) |
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|
(Level 3) |
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Total |
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As of December 31, 2024 |
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Financial Assets: |
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Cash and cash equivalents |
|
$ |
532,471 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
532,471 |
|
Restricted cash |
|
$ |
3,714 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,714 |
|
Fixed-maturity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and U.S. government agencies |
|
$ |
686,929 |
|
|
$ |
487 |
|
|
$ |
— |
|
|
$ |
687,416 |
|
Corporate bonds |
|
|
21,358 |
|
|
|
9,267 |
|
|
|
— |
|
|
|
30,625 |
|
Exchange-traded debt |
|
|
496 |
|
|
|
— |
|
|
|
— |
|
|
|
496 |
|
Total available-for-sale securities |
|
$ |
708,783 |
|
|
$ |
9,754 |
|
|
$ |
— |
|
|
$ |
718,537 |
|
Equity securities |
|
$ |
56,200 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
56,200 |
|
|
| Schedule of Fair Value Information for Financial Liabilities Carried on Balance Sheet |
The following tables present fair value information for liabilities that are carried on the consolidated balance sheets at amounts other than fair value as of March 31, 2025 and December 31, 2024:
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Carrying |
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|
Fair Value Measurements Using |
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Estimated |
|
|
|
Value |
|
|
(Level 1) |
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|
(Level 2) |
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|
(Level 3) |
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|
Fair Value |
|
As of March 31, 2025 |
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Financial Liabilities: |
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|
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Revolving credit facility |
|
$ |
42,000 |
|
|
$ |
— |
|
|
$ |
42,000 |
|
|
$ |
— |
|
|
$ |
42,000 |
|
Long-term debt: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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4.75% Convertible Senior Notes |
|
$ |
169,602 |
|
|
$ |
— |
|
|
$ |
323,746 |
|
|
$ |
— |
|
|
$ |
323,746 |
|
4.55% Promissory Note |
|
|
4,296 |
|
|
|
— |
|
|
|
— |
|
|
|
4,057 |
|
|
|
4,057 |
|
5.50% Promissory Note |
|
|
11,434 |
|
|
|
— |
|
|
|
— |
|
|
|
11,676 |
|
|
|
11,676 |
|
Total long-term debt |
|
$ |
185,332 |
|
|
$ |
— |
|
|
$ |
323,746 |
|
|
$ |
15,733 |
|
|
$ |
339,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Carrying |
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|
Fair Value Measurements Using |
|
|
Estimated |
|
|
|
Value |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Fair Value |
|
As of December 31, 2024 |
|
|
|
|
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|
|
|
|
|
|
|
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Financial Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit facility |
|
$ |
44,000 |
|
|
$ |
— |
|
|
$ |
44,000 |
|
|
$ |
— |
|
|
$ |
44,000 |
|
Long-term debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.75% Convertible Senior Notes |
|
$ |
169,397 |
|
|
$ |
— |
|
|
$ |
266,989 |
|
|
$ |
— |
|
|
$ |
266,989 |
|
5.50% Promissory Note |
|
|
11,491 |
|
|
|
— |
|
|
|
— |
|
|
|
11,307 |
|
|
|
11,307 |
|
4.55% Promissory Note |
|
|
4,366 |
|
|
|
— |
|
|
|
— |
|
|
|
4,043 |
|
|
|
4,043 |
|
Total long-term debt |
|
$ |
185,254 |
|
|
$ |
— |
|
|
$ |
266,989 |
|
|
$ |
15,350 |
|
|
$ |
282,339 |
|
|