Octave's invested assets are primarily comprised of (i) fixed maturity securities classified as available for sale, (ii) an investment in a limited partnership and (iii) preferred equity investments. The investments in the limited partnership interest and preferred equity investments are reported within Other investments on the Consolidated Balance Sheets. The limited partnership, which holds pooled investments, is reported using the equity method.


	March 31, 2026:										December 31, 2025:
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized				Estimated Fair Value		Amortized Cost		Allowance for Credit Losses	Gross Unrealized				Estimated Fair Value
					Gains		Losses							Gains		Losses
Fixed maturity securities:
Municipal obligations	$	10,606			$	87	$	217	$	10,476	$	11,697	—	$	121	$	228	$	11,590
Corporate obligations	78,891				298		2,249		76,940		67,881		—	634		1,942		66,573

U.S. government obligations	39,094				166		218		39,042		35,190		—	365		131		35,424

Residential mortgage-backed securities	2,643				5		21		2,627		1,604		—	—		7		1,597
Commercial mortgage-backed securities	5,002				23		40		4,985		3,307		—	42		8		3,341
Collateralized debt obligations	1,626				5		1		1,630		1,963		—	12		—		1,975
Other asset-backed securities	1,380				12		—		1,392		1,772		—	23		—		1,795
Total fixed maturity securities	139,242		—		596		2,746		137,092		123,414		—	1,197		2,316		122,295
Short-term investments	92,295		—		—		—		92,295		146,434		—	8		—		146,442





Total available-for-sale investments	$	231,537	$	—	$	596	$	2,746	$	229,387	$	269,848	—	$	1,205	$	2,316	$	268,737

The amortized cost and estimated fair value of available-for-sale investments, by contractual maturity, were as follows:


	March 31, 2026
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	117,446	$	117,313
Due after one year through five years	47,546		45,845
Due after five years through ten years	55,344		55,042
Due after ten years	550		553
	220,886		218,753
Residential mortgage-backed securities	2,643		2,627
Commercial mortgage-backed securities	5,002		4,985
Collateralized debt obligations	1,626		1,630
Other asset-backed securities	1,380		1,392
Total available-for-sale investments	$	231,537	$	229,387


	December 31, 2025
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	180,013	$	179,824
Due after one year through five years	32,409		31,588
Due after five years through ten years	47,801		47,619
Due after ten years	979		998
	261,202		260,029
Residential mortgage-backed securities	1,604		1,597
Commercial mortgage-backed securities	3,307		3,341
Collateralized debt obligations	1,963		1,975
Other asset-backed securities	1,772		1,795
Total	$	269,848	$	268,737

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.

Unrealized Losses on Fixed Maturity Securities

The following table shows gross unrealized losses and fair values of Octave's available-for-sale investments, which at March 31, 2026 and December 31, 2025, did not have an allowance for credit losses under the CECL standard. This information is aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at March 31, 2026 and December 31, 2025:


	March 31, 2026												December 31, 2025
	Less Than 12 Months				12 Months or More				Total				Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss

Fixed maturity securities:
Municipal obligations	$	532	$	20	$	4,904	$	197	$	5,436	$	217	$	535	$	16	$	5,820	$	212	$	6,355	$	228
Corporate obligations	22,033		249		26,654		2,000		48,687		2,249		1,807		10		30,751		1,932		32,558		1,942

U.S. government obligations	14,522		124		6,770		94		21,292		218		2,206		14		9,491		117		11,697		131

Residential mortgage-backed securities	473		8		1,454		13		1,927		21		—		—		1,596		7		1,596		7
Commercial mortgage-backed securities	2,518		40		—		—		2,518		40		763		8		—		—		763		8
Collateralized debt obligations	68		—		—		1		68		1		—		—		—		—		—		—
Other asset-backed securities	—		—		—		—		—		—		—		—		—		—		—		—
	40,146		441		39,782		2,305		79,928		2,746		5,311		48		47,658		2,268		52,969		2,316
Short-term	—		—		—		—		—		—		—		—		—		—		—		—
	40,146		441		39,782		2,305		79,928		2,746		5,311		48		47,658		2,268		52,969		2,316




Total temporarily impaired securities	$	40,146	$	441	$	39,782	$	2,305	$	79,928	$	2,746	$	5,311	$	48	$	47,658	$	2,268	$	52,969	$	2,316

Management has determined that the securities in the above table do not have credit impairment as of March 31, 2026 and December 31, 2025, based upon (i) no actual or expected principal and interest payment defaults on these securities and (ii) analysis of the creditworthiness of the issuer.

Octave's assessment about whether a security is credit impaired reflects management’s current judgment regarding facts and circumstances specific to the security and other factors. If that judgment changes, Octave may record a charge for credit impairment in future periods.

The declines in fair value and resultant unrealized losses across asset classes as of March 31, 2026, included in the above table resulted primarily from the impact of increasing interest rates

since the securities were purchased. Management has determined that the securities with unrealized losses are not credit impaired. Additionally, management does not intend to sell and it is not more likely than not that the Company will be required to sell the securities with unrealized losses before recovery of their amortized cost basis. Further discussion of management's assessment with respect to security categories with larger unrealized loss balances is below.

Corporate obligations

The gross unrealized losses on corporate obligations as of March 31, 2026, resulted primarily from an increase in interest rates since the securities were purchased. Management believes that the full and timely receipt of all principal and interest

payment on corporate obligations with unrealized losses as of March 31, 2026, is probable.

Accrued interest receivable for available-for-sale investments, excluded from amortized cost above and included in Other assets on the Consolidated Balance Sheets, at March 31, 2026 and December 31, 2025 was $1,494 and $1,432, respectively. Accrued interest receivable is not measured for credit impairment and is written off by reversing interest income when the receivable becomes 90 days past due.

Investment Income (Loss)

Net investment income (loss) was comprised of the following for the three months ended March 31, 2026 and 2025:



Three Months Ended March 31,	2026		2025
Fixed maturity securities	$	1,211	$	1,400
Short-term investments	1,244		1,457
Loans	—		35
Investment expense	(100)		2
Securities available-for-sale and short-term	2,355		2,894

Other investments	—		(79)
Total net investment income (loss)	$	2,355	$	2,815

Net investment income (loss) from Other investments primarily represents changes in the fair value of equity securities, including income from investment limited partnerships, and other equity interests accounted for under the equity method.

Net Investments Gains (Losses), including Impairments

Realized gains and losses on the sale of investments are determined on a first-in-first-out basis. The following table details amounts included in net investment gains (losses) and impairments included in Revenues, other, on the Consolidated Statements of Income (Loss) for the three months ended March 31, 2026 and 2025:



Three Months Ended March 31,	2026		2025
Gross realized gains on securities	$	5	$	—
Gross realized losses on securities	(2)		(3)

Credit impairments	—		—

Net investment gains (losses), including impairments	$	3	$	(3)

Securities with a carrying value of $37,507 and $34,016, at March 31, 2026 and December 31, 2025, respectively, were deposited by Octave's insurance subsidiaries with governmental authorities or designated custodian banks as required by laws affecting insurance companies. Fixed maturity securities with a carrying value of $152 and $153, at March 31, 2026 and December 31, 2025, respectively, were deposited as security in connection with a letter of credit issued for a corporate office lease. Fiduciary funds held by Octave's insurance distribution subsidiaries, carried at $1,691 and $2,656, at March 31, 2026 and December 31, 2025, respectively, are included in invested assets.

Octave's investment portfolio includes a limited partnership interest in a private equity fund that seeks to generate long-term capital appreciation through investments in private equity, equity-related and other instruments. The fair value of Octave's investment in the fund was $7,454 and $7,454 as of March 31, 2026 and December 31, 2025, respectively, determined using net asset value ("NAV") as a practical expedient. Redemptions may be made quarterly with 90 days notice subject to withdrawal limitations and/or redemption fees, which vary with the timing and notification of withdrawal provided by the investor. Octave's unfunded commitments total $1,501 on this private equity fund at March 31, 2026.