
	June 30, 2026
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. government obligations and agencies	$	30,555	$	—	$	40	$	(466)	$	30,129
Corporate bonds	981,860		(879)		2,525		(27,597)		955,909
Mortgage-backed and asset-backed securities	530,106		(1)		1,652		(22,322)		509,435
Municipal bonds	11,379		(1)		—		(705)		10,673

Total	$	1,553,900	$	(881)	$	4,217	$	(51,090)	$	1,506,146


	December 31, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. government obligations and agencies	$	28,560	$	—	$	248	$	(243)	$	28,565
Corporate bonds	962,761		(568)		7,860		(24,730)		945,323
Mortgage-backed and asset-backed securities	452,405		—		3,726		(20,370)		435,761
Municipal bonds	15,157		(1)		11		(897)		14,270
Redeemable preferred stock	7,262		(62)		48		(139)		7,109
Total	$	1,466,145	$	(631)	$	11,893	$	(46,379)	$	1,431,028

The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands):


	June 30, 2026				December 31, 2025
Average Credit Ratings	Fair Value		% of Total Fair Value		Fair Value		% of Total Fair Value
AAA	$	496,769	32.9	%	$	452,520	31.6	%
AA	261,456		17.4	%	238,705		16.7	%
A	417,091		27.7	%	431,545		30.2	%
BBB	301,084		20.0	%	298,976		20.9	%

No Rating Available	29,746		2.0	%	9,282		0.6	%
Total	$	1,506,146	100.0	%	$	1,431,028	100.0	%

The table above includes credit quality ratings by Standard and Poor’s Rating Services, Inc. (“S&P”), Moody’s Investors Service, Inc. and Fitch Ratings, Inc. The Company has presented the highest rating of the three rating agencies for each investment position.


	June 30, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Mortgage-backed securities:
Agency	$	267,310	$	251,676	$	248,661	$	235,255
Non-agency	81,827		77,767		64,301		60,580
Asset-backed securities:
Auto loan receivables	80,095		80,148		60,011		60,626
Credit card receivables	5,461		5,478		5,437		5,514
Other receivables	95,413		94,366		73,995		73,786
Total	$	530,106	$	509,435	$	452,405	$	435,761

The following tables summarize available-for-sale debt securities, aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position, for which no allowance for expected credit losses has been recorded as of the dates presented (in thousands):


	June 30, 2026
	Less Than 12 Months					12 Months or Longer
		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Debt Securities:
U.S. government obligations and agencies		$	23,573	$	(219)		$	1,727	$	(248)
Corporate bonds		98,122		(1,411)			193,871		(13,390)
Mortgage-backed and asset-backed securities		210,527		(1,888)			142,809		(20,412)
Municipal bonds		2,381		(43)			6,000		(527)

Total		$	334,603	$	(3,561)		$	344,407	$	(34,577)


	December 31, 2025
	Less Than 12 Months					12 Months or Longer
		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Debt Securities:
U.S. government obligations and agencies		$	2,585	$	(4)		$	1,735	$	(239)
Corporate bonds		27,363		(103)			223,610		(13,306)
Mortgage-backed and asset-backed securities		41,071		(293)			154,470		(20,076)
Municipal bonds		1,815		(16)			8,207		(671)
Redeemable preferred stock		—		—			92		(54)
Total		$	72,834	$	(416)		$	388,114	$	(34,346)

Unrealized losses on available-for-sale debt securities in the above table as of June 30, 2026, have not been recognized into income as credit losses because the issuers are of high credit quality (investment grade securities), management does not intend to sell nor do they believe it is more likely than not it will be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. There were no material factors impacting any one category or specific security requiring an accrual for credit loss. The issuers continue to make principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.

The table of expected credit losses below presents the beginning and ending balances, along with the provision for or reversal of credit loss expenses, categorized by security type. This information pertains to available-for-sale debt securities that are in an unrealized loss position, necessitating a credit allowance (in thousands):


	Corporate Bonds		Mortgage-Backed and Asset-Backed Securities		Municipal Bonds		Redeemable Preferred Stock		Total
Balance, December 31, 2024	$	894	$	—	$	3	$	121	$	1,018

Provision for (or reversal of) credit loss expense	(326)		—		(2)		(59)		(387)
Balance, December 31, 2025	568		—		1		62		631
Provision for (or reversal of) credit loss expense	311		1		—		(62)		250
Balance, June 30, 2026	$	879	$	1	$	1	$	—	$	881

Refer to “Part II—Item 8—Note 2 (Summary of Significant Accounting Policies)” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for details of accounting policies and reporting in the condensed consolidated financial statements associated with available-for-sale debt securities and allowance for credit losses.


	June 30, 2026
	Amortized Cost		Fair Value
Due in one year or less	$	172,864	$	171,681
Due after one year through five years	818,401		794,836
Due after five years through ten years	527,320		508,100
Due after ten years	35,315		31,529

Total	$	1,553,900	$	1,506,146

All securities, except those with perpetual maturities, were categorized in the table above utilizing years to effective maturity. Effective maturity takes into consideration all forms of potential prepayment, such as call features or prepayment schedules, that shorten the lifespan of contractual maturity dates.

The following table provides certain information related to available-for-sale debt securities and equity securities, during the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities	$	85,372	$	78,569	$	190,810	$	115,254
Equity securities	$	30,620	$	3,446	$	37,495	$	3,446
Other investments	$	—	$	11,463	$	—	$	11,463
Gross realized gains on sale of securities:
Available-for-sale debt securities	$	52	$	33	$	276	$	57
Equity securities	$	6,152	$	984	$	7,812	$	984
Other investments	$	—	$	6,669	$	—	$	6,669
Gross realized losses on sale of securities:
Available-for-sale debt securities	$	(807)	$	(342)	$	(1,595)	$	(380)
Equity securities	$	(4,140)	$	(2,065)	$	(4,502)	$	(2,065)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Available-for-sale debt securities	$	14,720	$	11,615	$	28,248	$	22,334
Equity securities	1,046		933		1,962		1,729

Cash and cash equivalents (1)	5,088		5,331		10,750		10,453
Other (2)	162		158		333		324
Total investment income	21,016		18,037		41,293		34,840
Less: Investment expenses (3)	(803)		(779)		(1,593)		(1,522)
Net investment income	$	20,213	$	17,258	$	39,700	$	33,318


(1)						Includes interest earned on restricted cash and cash equivalents.
(2)						Includes investment income earned on real estate investments.
(3)						Includes custodial fees, investment accounting and advisory fees, and expenses associated with real estate investments.

The following table provides the unrealized gains and (losses) recognized for the periods presented on equity securities still held at the end of the reported period (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period	$	2,259	$	(45)	$	719	$	180


	June 30,		December 31,
	2026		2025
Income Producing:
Investment real estate	$	7,433	$	7,426
Less: Accumulated depreciation	(2,066)		(1,963)
Investment real estate, net	$	5,367	$	5,463

The Company has ownership interests in limited partnerships that are not registered or readily tradable on a securities exchange. These partnerships are with private equity funds managed by general partners who make decisions with regard to financial policies and operations. As such, the Company is not the primary beneficiary and does not consolidate these partnerships.

The fair value of the Company's investments in certain private equity funds is also determined using Net Asset Value (“NAV”). The timing of the delivery of the funds’ financial statements and financial information is on a three-month lag which results in a three-month delay in the recognition of our share of the change in NAV. As this is the best information available, it is used for the estimate of the net asset value as well as the fair value, unless conditions have changed significantly in the economy or securities markets. In such a case, we will adjust our estimate with assistance from the general partner(s).


	As of June 30, 2026
	Fair Value (a)		Unfunded Commitments		Redemption Frequency (if Currently Eligible)	Redemption Notice Period
Investments in private equity limited partnerships - Net Asset Value (a)	$	11,155	$	—	N/A	N/A
Total	$	11,155	$	—
(a)This class includes private equity funds that have invested in cybersecurity and space launch companies, which are subject to a contractual restriction on the transfer or sale by the Company prior to liquidation or dissolution of the partnership agreement by the general partner. Distributions are received through liquidation of the underlying assets of the fund. The fair value of these assets have been estimated using the net asset value per share of investments. It is estimated that these investments will be liquidated over three to eight years.


	As of December 31, 2025
	Fair Value (a)		Unfunded Commitments		Redemption Frequency (if Currently Eligible)	Redemption Notice Period
Investments in private equity limited partnerships - Net Asset Value (a)	$	10,693	$	—	N/A	N/A
Total	$	10,693	$	—
(a)This class includes private equity funds that have invested in cybersecurity and space launch companies, which are subject to a contractual restriction on the transfer or sale by the Company prior to liquidation or dissolution of the partnership agreement by the general partner. Distributions are received through liquidation of the underlying assets of the fund. The fair value of these assets have been estimated using the net asset value per share of investments. It is estimated that these investments will be liquidated over three to eight years.

The limited partnership investments are subject to a contractual restriction on the transfer or sale by the Company prior to liquidation or dissolution of the partnership agreement by the general partner. This restriction lapses upon the dissolution of the partnership or upon the written consent of the general partner and its Board of Directors.

The following table provides the unrealized gains (losses) recognized for the periods presented on investment in private equity limited partnerships still held at the end of the reported period (in thousands):


	Three Months Ended June 30,
	2026		2025

Unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships reported at net asset value still held at the end of reported period	$	462	$	1
Total unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships still held at the end of the reported period	$	462	$	1


	Six Months Ended June 30,
	2026		2025

Unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships reported at net asset value still held at the end of reported period	$	462	$	11
Total unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships still held at the end of the reported period	$	462	$	11

The unrealized gains (losses) on these investments are recognized in net change in unrealized gains (losses) on investments in the Condensed Consolidated Statements of Income. Certain private equity limited partnership investments reported at fair value were sold during the second quarter of 2025. The Company’s net cumulative contributed capital to private equity limited partnerships reported at net asset value was $5.0 million at June 30, 2026, and December 31, 2025.