| Schedule of Assets Measured for at Fair Value on Recurring Basis |
The following tables set forth by level within the fair value hierarchy the Company’s assets measured at fair value on a recurring basis as of the dates presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | As of June 30, 2025 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Available-For-Sale Debt Securities: | | | | | | | | | U.S. government obligations and agencies | $ | — | | | $ | 24,189 | | | $ | — | | | $ | 24,189 | | | Corporate bonds | — | | | 949,653 | | | — | | | 949,653 | | | Mortgage-backed and asset-backed securities | — | | | 397,272 | | | — | | | 397,272 | | | Municipal bonds | — | | | 14,769 | | | — | | | 14,769 | | | Redeemable preferred stock | — | | | 9,146 | | | — | | | 9,146 | | | Equity Securities: | | | | | | | | | Common stock | 32,242 | | | — | | | — | | | 32,242 | | | Mutual funds | 60,624 | | | — | | | — | | | 60,624 | | | | | | | | | | | Total assets accounted for at fair value | $ | 92,866 | | | $ | 1,395,029 | | | $ | — | | | $ | 1,487,895 | | | Assets carried at NAV, which approximates fair value and which are not categorized within the fair value hierarchy, reported as of: | | | | | | | | | Investment in Private Equity Limited Partnerships | | | | | | | $ | 3,932 | | | Total assets at fair value | | | | | | | $ | 1,491,827 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | As of December 31, 2024 | | Level 1 | | Level 2 | | Level 3 | | Total | | Available-For-Sale Debt Securities: | | | | | | | | | U.S. government obligations and agencies | $ | — | | | $ | 19,747 | | | $ | — | | | $ | 19,747 | | | Corporate bonds | — | | | 868,948 | | | — | | | 868,948 | | | Mortgage-backed and asset-backed securities | — | | | 357,030 | | | — | | | 357,030 | | | Municipal bonds | — | | | 14,354 | | | — | | | 14,354 | | | Redeemable preferred stock | — | | | 9,000 | | | — | | | 9,000 | | | Equity Securities: | | | | | | | | | Common stock | 14,409 | | | — | | | — | | | 14,409 | | | Mutual funds | 63,343 | | | — | | | — | | | 63,343 | | | Investment in Private Equity Limited Partnership | — | | | — | | | 12,202 | | | 12,202 | | | | | | | | | | | Total assets accounted for at fair value | $ | 77,752 | | | $ | 1,269,079 | | | $ | 12,202 | | | $ | 1,359,033 | | | Assets carried at NAV, which approximates fair value and which are not categorized within the fair value hierarchy, reported as of: | | | | | | | | | Investment in Private Equity Limited Partnerships | | | | | | | $ | 3,921 | | | Total assets at fair value | | | | | | | $ | 1,362,954 | |
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| Summary of Reconciliation of the Change in Level 3 Assets with Recurring Fair Value Measurements |
The table below is a reconciliation of the change in Level 3 assets with recurring fair value measurements for the reported period: | | | | | | | | | | | Assets Reported at Fair Value | Balance as of December 31, 2024 | | $ | 12,202 | | Change in unrealized gains (losses) | | (7,408) | | Realized gains (losses) | | 6,669 | | Sale of investment | | (11,463) | | Balance as of June 30, 2025 | | $ | — | | | | | | | | | | |
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following table summarizes quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of the dates presented (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of: | | | | | | | | Range | | | | June 30, 2025 | | December 31, 2024 | | Valuation Methodology | | Unobservable Input | | Weighted Average Mean | | Minimum | | Maximum | | Assets: | | | | | | | | | | | | | | | | Investment in Private Equity Limited Partnership | | $ | — | | | $ | 12,202 | | | Market Approach | | Trailing Twelve Month EBITDA Multiple | | 5.8x | | 5.3x | | 7.0x | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value |
The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments not carried at fair value as of the dates presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | As of December 31, 2024 | | Carrying Value | | Estimated Fair Value | | Carrying Value | | Estimated Fair Value | | Liabilities (debt): | | | | | | | | | Surplus note (1) | $ | 1,838 | | | $ | 1,782 | | | $ | 2,573 | | | $ | 2,481 | | 5.625% Senior unsecured notes (2) | 100,000 | | | 99,413 | | | 100,000 | | | 99,086 | | | Total debt | $ | 101,838 | | | $ | 101,195 | | | $ | 102,573 | | | $ | 101,567 | |
(1) The fair value of the surplus note was determined by management from the expected cash flows discounted using the interest rate quoted by the holder. The SBA is the holder of the surplus note and the quoted interest rate is below prevailing rates quoted by private lending institutions. However, as the Company’s use of funds from the surplus note is limited by the terms of the agreement, the Company has determined the interest rate quoted by the SBA to be appropriate for the purpose of establishing the fair value of the note (Level 2). (2) The fair value of the senior unsecured notes was determined based on pricing from quoted prices for similar assets in active markets and was included as Level 2.
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