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) private preferred equity investments, which primarily include minority investments in MGAs. The investments in the limited partnership interest and private 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.


	June 30, 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	$	10,256	$	—	$	36	$	201	$	10,091	$	11,697	—	$	121	$	228	$	11,590
Corporate obligations	75,283		—		176		2,255		73,204		67,881		—	634		1,942		66,573

U.S. government obligations	41,185		—		60		429		40,816		35,190		—	365		131		35,424

Residential mortgage-backed securities	2,452		—		—		24		2,428		1,604		—	—		7		1,597
Commercial mortgage-backed securities	4,869		—		20		41		4,848		3,307		—	42		8		3,341
Collateralized debt obligations	1,368		—		1		1		1,368		1,963		—	12		—		1,975
Other asset-backed securities	1,380		—		6		—		1,386		1,772		—	23		—		1,795
Total fixed maturity securities	136,793		—		299		2,951		134,141		123,414		—	1,197		2,316		122,295
Short-term investments	82,513		—		—		—		82,513		146,434		—	8		—		146,442





Total	$	219,306	$	—	$	299	$	2,951	$	216,654	$	269,848	—	$	1,205	$	2,316	$	268,737

The amortized cost and estimated fair value of available-for-sale investments and short-term investments, by contractual maturity, as of June 30, 2026 and December 31, 2025, were as follows:


	June 30, 2026
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	97,346	$	97,257
Due after one year through five years	57,023		54,884
Due after five years through ten years	54,868		54,483
Due after ten years	—		—
	209,237		206,624
Residential mortgage-backed securities	2,452		2,428
Commercial mortgage-backed securities	4,869		4,848
Collateralized debt obligations	1,368		1,368
Other asset-backed securities	1,380		1,386
Total	$	219,306	$	216,654


	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.

The following table shows gross unrealized losses and fair values of Octave's available-for-sale investments and short-term investments, which at June 30, 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 June 30, 2026 and December 31, 2025:


	June 30, 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	$	1,194	$	14	$	4,575	$	187	$	5,769	$	201	$	535	$	16	$	5,820	$	212	$	6,355	$	228
Corporate obligations	25,390		299		24,024		1,956		49,414		2,255		1,807		10		30,751		1,932		32,558		1,942

U.S. government obligations	30,226		353		4,724		76		34,950		429		2,206		14		9,491		117		11,697		131

Residential mortgage-backed securities	1,070		11		1,357		13		2,427		24		—		—		1,596		7		1,596		7
Commercial mortgage-backed securities	2,515		41		—		—		2,515		41		763		8		—		—		763		8
Collateralized debt obligations	593		1		—		—		593		1		—		—		—		—		—		—
Other asset-backed securities	—		—		—		—		—		—		—		—		—		—		—		—
Total fixed maturity securities	60,988		719		34,680		2,232		95,668		2,951		5,311		48		47,658		2,268		52,969		2,316
Short-term investments	—		—		—		—		—		—		—		—		—		—		—		—





Total temporarily impaired securities	$	60,988	$	719	$	34,680	$	2,232	$	95,668	$	2,951	$	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 June 30, 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 June 30, 2026, included in the above table are spread across 186 different securities, including 100 securities that have been in a continuous unrealized loss position for 12 months or longer. The declines in fair value on these securities 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 June 30, 2026, are spread across 126 different securities, including 64 securities that have been in a continuous unrealized loss position for 12 months or longer. All of these securities are investment grade credit rated. The largest individual unrealized loss as a percentage of amortized cost is 11.8% on an A-rated security maturing in 2031. The decline in fair value on this and other securities with unrealized losses resulted primarily from an

increase in interest rates since the securities were purchased, with the largest unrealized losses being on securities with longer maturities, making their fair values more sensitive to changes in interest rates. Management believes that the full and timely receipt of all principal and interest payment on corporate obligations with unrealized losses as of June 30, 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 June 30, 2026 and December 31, 2025 was $1,394 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 periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Fixed maturity securities	$	1,280	$	1,470	$	2,491	$	2,870
Short-term investments	907		1,191		2,151		2,648
Loans	—		35		—		69
Other investments	(103)		—		(103)		—
Fixed maturity securities - trading	—		—		—		(79)
Investment expense	(207)		(87)		(307)		(84)

Total net investment income (loss)	$	1,877	$	2,609	$	4,232	$	5,424

Net investment income (loss) from Other investments primarily represents changes in the fair value of equity securities, including income from an investment limited partnership, 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 periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Gross realized gains on securities	$	63	$	2	$	68	$	2
Gross realized losses on securities	—		—		(2)		(3)

Credit impairments	—		—		—		—

Net investment gains (losses), including impairments	$	63	$	2	$	66	$	(1)

Securities with a carrying value of $37,166 and $34,016, at June 30, 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 $151 and $153, at June 30, 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 $1,401 and $2,656, at June 30, 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 $7,498 and $7,454 as of June 30, 2026 and December 31, 2025, respectively, determined using net asset value ("NAV") as a practical expedient. Redemptions of this fund are not permitted. Octave's unfunded commitments total $1,501 on this private equity fund at June 30, 2026.