Note 6 - Investments

6 Months Ended

Jun. 30, 2026

NOTE 6 INVESTMENTS

Investments at June 30, 2026 and December 31, 2025 are comprised as follows:

(in thousands)		June 30, 2026		December 31, 2025
Available-for-sale fixed maturities, at fair value (amortized cost of $39,121 and $37,005, respectively)	$	38,556	$	36,765
Limited liability investment, at fair value (a)		4,127		3,476
Limited liability investments (a)		637		649
Investments in private companies, at adjusted cost (a)		575		575
Short-term investments, at cost which approximates fair value		179		178
Total investments	$	44,074	$	41,643

(a)

Included in other assets in the consolidated balance sheets.

The amortized cost, gross unrealized gains and losses included in accumulated other comprehensive income (loss), and estimated fair value of the Company's available-for-sale investments at June 30, 2026 and December 31, 2025 are summarized in the tables shown below:

(in thousands)	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities:
U.S. government, government agencies and authorities	$	13,939	$	8	$	112	$	13,835
States, municipalities and political subdivisions		1,238		1		14		1,225
Mortgage-backed		11,692		16		296		11,412
Asset-backed		1,681		2		18		1,665
Corporate		10,571		18		170		10,419
Total fixed maturities	$	39,121	$	45	$	610	$	38,556

(in thousands)	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities:
U.S. government, government agencies and authorities	$	13,441	$	97	$	47	$	13,491
States, municipalities and political subdivisions		1,788		3		20		1,771
Mortgage-backed		9,965		79		226		9,818
Asset-backed		1,365		10		11		1,364
Corporate		10,446		58		183		10,321
Total fixed maturities	$	37,005	$	247	$	487	$	36,765

The table below summarizes the Company's fixed maturities at June 30, 2026 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of these obligations.

(in thousands)	June 30, 2026
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	7,182	$	7,110
Due after one year through five years		21,102		20,940
Due after five years through ten years		5,186		5,095
Due after ten years		5,651		5,411
Total	$	39,121	$	38,556

The following tables highlight the aggregate unrealized loss position, by security type, of available-for-sale investments in unrealized loss positions where no credit loss allowance had been established as of June 30, 2026 and December 31, 2025. The tables segregate the holdings based on the period of time the investments have been continuously held in unrealized loss positions.

(in thousands)	June 30, 2026
	Less than 12 Months				Greater than 12 Months				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Fixed maturities:
U.S. government, government agencies and authorities	$	2,053	$	14	$	9,633	$	98	$	11,686	$	112
States, municipalities and political subdivisions		230		5		466		9		696		14
Mortgage-backed		3,965		41		4,601		255		8,566		296
Asset-backed		1,020		8		142		10		1,162		18
Corporate		3,005		24		5,203		146		8,208		170
Total fixed maturities	$	10,273	$	92	$	20,045	$	518	$	30,318	$	610

(in thousands)	December 31, 2025
	Less than 12 Months				Greater than 12 Months				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Fixed maturities:
U.S. government, government agencies and authorities	$	2,477	$	21	$	2,370	$	26	$	4,847	$	47
States, municipalities and political subdivisions		300		—		1,088		20		1,388		20
Mortgage-backed		336		1		3,433		225		3,769		226
Asset-backed		—		—		417		11		417		11
Corporate		408		—		6,113		183		6,521		183
Total fixed maturities	$	3,521	$	22	$	13,421	$	465	$	16,942	$	487

At June 30, 2026 and December 31, 2025, there are approximately 170 and 124 individual available-for-sale investments, respectively, that were in unrealized loss positions, for which an allowance for credit losses has not been recorded. The Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before recovery of its amortized cost. The Company evaluated these investments for credit losses at June 30, 2026 and December 31, 2025. The Company considers many factors in evaluating whether the unrealized losses were credit related including, but not limited to, the extent to which the fair value is less than amortized cost, conditions related to the security, industry, or geographic area, payment structure of the investment and the likelihood of the issuer’s ability to make contractual cashflows, defaults or other collectability concerns related to the issuer, changes in the ratings assigned by a rating agency, and other credit enhancements that affect the investment’s expected performance. The Company determined that the unrealized losses on the fixed maturity investments were due to non-credit related factors at June 30, 2026 and December 31, 2025.

The establishment of an impairment loss on an investment requires a number of judgments and estimates. Refer to the "Significant Accounting Policies and Critical Estimates" section of Management's Discussion and Analysis of Financial Condition included in the 2025 Annual Report for further information regarding the Company's detailed analysis and factors considered in recording an impairment loss on an investment.

The Company did not record any write-downs for impairment related to limited liability investments or investments in private companies for the three and six months ended June 30, 2026 and June 30, 2025.

At June 30, 2026, the Company had no unfunded commitments related to limited liability investments or limited liability investment, at fair value.

For the three and six months ended June 30, 2026 and June 30, 2025, the Company did not record any adjustments to the carrying value of its investments in private companies for observable price changes.

Interest and investment income, net reported in the consolidated statements of operations for the three and six months ended June 30, 2026 and June 30, 2025 are comprised as follows:

(in thousands)	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Net investment income	$	395	$	410		798		790
Net realized gains		1,953		128		1,964		57
Gain on change in fair value of limited liability investment, at fair value		357		177		669		178
Interest and investment income, net	$	2,705	$	715	$	3,431	$	1,025

Net investment income included in interest and investment income, net in the table above for the three and six months ended June 30, 2026 and June 30, 2025 is comprised as follows:

(in thousands)	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Investment income:
Interest from fixed maturities	$	366		$	351		$	720		$	687
Dividends		10			10			20			20
Loss from limited liability investments		(12	)		—			(12	)		—
Other		68			73			139			143
Gross investment income		432			434			867			850
Investment expenses		(37	)		(24	)		(69	)		(60	)
Net investment income	$	395		$	410		$	798		$	790

Net realized gains on investments included in interest and investment income, net in the table above for the three and six months ended June 30, 2026 and June 30, 2025 are comprised as follows:

(in thousands)	Three months ended June 30,					Six months ended June 30,
	2026		2025			2026		2025
Available-for-sale fixed maturities:
Gross realized gains	$	—	$	—		$	—	$	—
Gross realized losses		—		(4	)		—		(76	)
Net realized losses on available-for-sale fixed maturities		—		(4	)		—		(76	)
Limited liability investment, at fair value		1,320		95			1,330		95
Investments in private companies		633		37			634		38
Net realized gains	$	1,953	$	128		$	1,964	$	57

Realized gains related to limited liability investment, at fair value and investments in private companies relate to distributions received by the Company from these investments in excess of invested capital.

Proceeds from sales of available-for-sale fixed maturities were zero for the three and six months ended June 30, 2026 ($0.1 million for the three and six months ended June 30, 2025).