OTHER INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

At March 31, 2026, the breakdown of the Company’s other investments was as follows:


At March 31, 2026	Cost		Unrealized gains		Unrealized losses		Accrued interest		Fair value / carrying value
Private equity securities	$	32,921	$	38,629	$	(5,695)	$	—	$	65,855
Private debt securities	586		—		—		—		586
Total other investments	$	33,507	$	38,629	$	(5,695)	$	—	$	66,441

At December 31, 2025, the breakdown of the Company’s other investments was as follows:


At December 31, 2025	Cost		Unrealized gains		Unrealized losses		Accrued interest		Fair value / carrying value
Private equity securities	$	29,787	$	38,086	$	(6,054)	$	—	$	61,819
Private debt securities	1,585		—		(572)		79		1,092
Total other investments	$	31,372	$	38,086	$	(6,626)	$	79	$	62,911

Schedule of Carrying Values of Private Investments and Unlisted Equity Securities Carried under Measurement Alternative

The Company recognized the following adjustments to the carrying values of the private investments and unlisted equity securities, resulting from observable price changes in orderly transactions and impairments:


	Three months ended March 31
		2026		2025
Upward adjustments (1)		$	698	$	483
Downward adjustments and impairments(2)		$	(320)	$	(377)

(1) The cumulative upward carrying value changes from inception to March 31, 2026, for outstanding holdings, totaled $60.0 million.

(2) The cumulative downward carrying value changes from inception to March 31, 2026, for outstanding holdings, totaled $28.4 million.

Schedule of Gain (Loss) on Securities

The following table summarizes the net realized and unrealized gains (losses) for the fixed maturity investments:


	Three months ended March 31
Three months ended March 31		2026		2025
Net realized gains (losses)		7		—
Change in net unrealized gains (losses)		(628)		—
Net realized and unrealized gains (losses) for fixed maturity investments		$	(621)	$	—

The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “Net investment income” in the condensed consolidated statements of operations (see Note 14):


	Three months ended March 31
		2026		2025
Gross realized gains		$	—	$	5
Gross realized losses		(1,087)		—
Net realized gains (losses)		$	(1,087)	$	5
Change in unrealized gains		1,474		106
Net realized and unrealized gains (losses) on other investments		$	387	$	111