Investments In Securities and Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities

The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturity securities by major classification are as follows:


As of March 31, 2026 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Governmental obligations	$	1,082	$	—	$	(8)	$	1,074
General obligations of U.S. states, territories and political subdivisions	11,253		38		(100)		11,191
Special revenue issuer obligations of U.S. states, territories and political subdivisions	10,755		34		(33)		10,756
Corporate debt securities	93,938		678		(300)		94,316
Total	$	117,028	$	750	$	(441)	$	117,337


As of December 31, 2025 (in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
General obligations of U.S. states, territories and political subdivisions	$	12,449	$	74	$	(31)	$	12,492
Special revenue issuer obligations of U.S. states, territories and political subdivisions	10,760		47		(10)		10,797
Corporate debt securities	93,643		1,236		(52)		94,827
Total	$	116,852	$	1,357	$	(93)	$	118,116

The cost and estimated fair value of equity securities are as follows:


As of March 31, 2026 (in thousands)	Cost		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	33,048	$	46,361
Total	$	33,048	$	46,361


As of December 31, 2025 (in thousands)	Cost		Estimated Fair Value
Equity securities, at fair value:
Common stocks	$	28,575	$	41,481
Total	$	28,575	$	41,481

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at March 31, 2026 are as follows:


	Available-for-Sale
(in thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	34,756	$	34,828
Due one year through five years	58,346		58,474
Due five years through ten years	21,525		21,435
Due after ten years	2,401		2,600
Total	$	117,028	$	117,337

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on fixed maturity securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2026 and December 31, 2025:


	Less than 12 Months				12 Months or Longer				Total
As of March 31, 2026 (in thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Governmental obligations	$	1,074	$	(8)	$	—	$	—	$	1,074	$	(8)
General obligations of U.S. states, territories and political subdivisions	5,922		(100)		—		—		5,922		(100)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	4,269		(28)		300		(5)		4,569		(33)
Corporate debt securities	26,283		(300)		—		—		26,283		(300)
Total	$	37,548	$	(436)	$	300	$	(5)	$	37,848	$	(441)


	Less than 12 Months				12 Months or Longer				Total
As of December 31, 2025 (in thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	5,924	$	(31)	$	—	$	—	$	5,924	$	(31)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	1,192		(3)		1,260		(7)		2,452		(10)
Corporate debt securities	13,659		(52)		—		—		13,659		(52)
Total	$	20,775	$	(86)	$	1,260	$	(7)	$	22,035	$	(93)

Gain (Loss) on Securities

Gross investment gains and losses for the three-month periods ended March 31, 2026 and 2025 are summarized as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Gross realized gains from securities:
Corporate debt securities	$	34	$	3
Common stocks	189		2,557
Total	$	223	$	2,560
Gross realized losses from securities:
Common stocks	$	(106)	$	(287)
Total	$	(106)	$	(287)
Net realized gains from securities	$	117	$	2,273
Gross realized gains (losses) on other investments:
Gains on other investments	$	—	$	1
Write-down of other assets	—		(275)
Total	$	—	$	(274)
Net realized investment gains	$	117	$	1,999
Changes in the estimated fair value of equity security investments	$	407	$	(3,178)
Net investment gains (losses)	$	524	$	(1,179)

Schedule of Variable Interest Entities

The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of March 31, 2026 and December 31, 2025:


March 31, 2026 (in thousands)	Balance Sheet Classification	Carrying Value		Estimated Fair Value		Maximum Potential Loss (a)
Real estate LLCs or LPs	Other investments	$	12,611	$	14,780	$	16,592
Small business investment LPs	Other investments	636		636		—
Total		$	13,247	$	15,416	$	16,592

December 31, 2025 (in thousands)	Balance Sheet Classification	Carrying Value		Estimated Fair Value		Maximum Potential Loss (a)
Real estate LLCs or LPs	Other investments	$	13,238	$	14,877	$	16,592
Small business investment LPs	Other investments	668		668		—
Total		$	13,906	$	15,545	$	16,592


(a)						Maximum potential loss is calculated as the total investment in the LLC or LP, including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment.

Schedule Of Fair Value Assets Measured On Recurring Basis

The following table presents, by level, fixed maturity securities carried at estimated fair value as of March 31, 2026 and December 31, 2025:


As of March 31, 2026 (in thousands)	Level 1		Level 2 *		Level 3		Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions	$	1,074	$	21,947	$	—	$	23,021
Corporate debt securities	—		94,316		—		94,316
Total	$	1,074	$	116,263	$	—	$	117,337


As of December 31, 2025 (in thousands)	Level 1		Level 2 *		Level 3		Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions	$	—	$	23,289	$	—	$	23,289
Corporate debt securities	—		94,827		—		94,827
Total	$	—	$	118,116	$	—	$	118,116

*Denotes fair market value obtained from pricing services.

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

The following table presents, by level, estimated fair values of equity investments and other financial instruments as of March 31, 2026 and December 31, 2025:


As of March 31, 2026 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	26,703	$	—	$	—	$	26,703
Accrued interest and dividends	1,605		—		—		1,605
Equity securities, at fair value:
Common stocks	46,361		—		—		46,361
Short-term investments:
Money market funds and U.S. Treasury bills	58,437		—		—		58,437
Total	$	133,106	$	—	$	—	$	133,106


As of December 31, 2025 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	20,838	$	—	$	—	$	20,838
Accrued interest and dividends	1,476		—		—		1,476
Equity securities, at fair value:
Common stocks	41,481		—		—		41,481
Short-term investments:
Money market funds and U.S. Treasury bills	68,763		—		—		68,763
Total	$	132,558	$	—	$	—	$	132,558

Fair Value Measurements, Nonrecurring

The following tables present assets measured at fair value on a non-recurring basis as of March 31, 2026 and December 31, 2025:


As of March 31, 2026 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Equity investments in unconsolidated affiliates, measurement alternative	$	—	$	—	$	7,517	$	7,517
Notes receivable	—		—		890		890
Total	$	—	$	—	$	8,407	$	8,407


As of December 31, 2025 (in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Equity investments in unconsolidated affiliates, measurement alternative	$	—	$	—	$	7,863	$	7,863
Notes receivable	—		—		891		891
Total	$	—	$	—	$	8,754	$	8,754

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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