Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

Summary of assets measured at fair value on a recurring basis

The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets and liabilities that are measured at fair value on a recurring basis.


	June 30, 2026											December 31, 2025
	Fair Value Measurements Using											Fair Value Measurements Using
thousands	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Investments in AFS fixed maturity securities:
U.S. Government	$	93,267		$	—		$	93,267		$	—	$	—		$	—		$	—		$	—
Asset-backed	7,112			—			7,112			—		—			—			—			—
U.S. Agencies	16,441			—			16,441			—		—			—			—			—
Mortgage-backed	86,478			—			86,478			—		—			—			—			—
U.S. Corporate	42,637			—			42,637			—		—			—			—			—
Foreign Governments	648			—			648			—		—			—			—			—

Investments in equity securities	1,077,535			1,077,535			—			—		—			—			—			—
Short-term investments	27,822			—			27,822			—		—			—			—			—
Derivative assets	6,480			—			6,272			208		3,113			—			3,113			—
Derivative liabilities	10			—			10			—		689			—			689			—

Summary of assets and liabilities not measured at fair value on a recurring basis

The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows:


		June 30, 2026				December 31, 2025
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:

Cash, cash equivalents, and restricted cash (a)	Level 1	$	3,365,354	$	3,365,354	$	2,097,158	$	2,097,158
Accounts receivable, net (b)	Level 3	940,400		940,400		134,122		134,122
Accrued investment income (c)	Level 3	3,542		3,542		—		—
Other investments (d)	Level 3	9,045		9,045		—		—
Notes receivable, net (e)	Level 3	3,578		3,578		2,932		2,932

Liabilities:
Fixed-rate debt (f)	Level 2	4,103,024		3,935,225		3,923,855		3,794,729
Variable-rate debt (f)	Level 2	1,397,377		1,397,377		1,220,359		1,220,359

(a)Cash, cash equivalents, and restricted cash include demand deposits, money market mutual funds, and U.S. Treasury bills with original maturities of 90 days or less.

(b)Accounts receivable, net is shown net of an allowance of $8.6 million at June 30, 2026, and $7.2 million at December 31, 2025. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance.

(c)Accrued investment income is included in Other assets, net on the Condensed Consolidated Balance Sheets.

(d)Other investments relate to held-to-maturity fixed maturity securities. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information.

(e)Notes receivable, net is shown net of an immaterial allowance at June 30, 2026, and December 31, 2025.

(f)Excludes related unamortized financing costs.