Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Company's Invested Assets Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s invested assets measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.


	Fair Value Measurements
As of June 30, 2026 (Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities:
U.S. treasuries	$	562,278	$	—	$	—	$	562,278
Obligations of states and political subdivisions		—		9,259		—		9,259
Mortgage-backed securities		—		217,149		—		217,149
Commercial mortgage-backed securities		—		79,304		—		79,304
Asset-backed securities		—		200,665		—		200,665
Corporate bonds		—		157,576		—		157,576
Foreign corporate bonds		—		60,493		—		60,493
Total fixed maturities		562,278		724,446		—		1,286,724
Equity securities		15,418		8,185		—		23,603
Total assets measured at fair value	$	577,696	$	732,631	$	—	$	1,310,327


	Fair Value Measurements
As of December 31, 2025 (Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities:
U.S. treasuries	$	640,629	$	—	$	—	$	640,629
Obligations of states and political subdivisions		—		14,165		—		14,165
Mortgage-backed securities		—		199,060		—		199,060
Commercial mortgage-backed securities		—		56,828		—		56,828
Asset-backed securities		—		137,268		—		137,268
Corporate bonds		—		199,193		—		199,193
Foreign corporate bonds		—		78,359		—		78,359
Total fixed maturities		640,629		684,873		—		1,325,502
Equity securities		21,006		12,667		—		33,673
Total assets measured at fair value	$	661,635	$	697,540	$	—	$	1,359,175

Carrying Value and Future Funding Commitments Related to These Investments

The following table provides the carrying value and future funding commitments related to these investments at June 30, 2026 and December 31, 2025.


	June 30, 2026				December 31, 2025
(Dollars in thousands)	Carrying Value		Future Funding Commitment		Carrying Value		Future Funding Commitment
European Non-Performing Loan Fund, LP (1)	$	1,202	$	11,214	$	1,728	$	11,214
Mortgage Debt Fund, LP (2)		5,022		—		6,036		—
Global Debt Fund, LP (3)		2,884		—		9,333		—
Total	$	9,108	$	11,214	$	17,097	$	11,214

(1)

This limited partnership invests in distressed securities and assets through senior and subordinated, secured and unsecured debt and equity, in both public and private large-cap and middle-market companies. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets. As of June 30, 2026, the Company has an unfunded commitment of $11.2 million. Since the investment period has concluded, the Company does not expect any capital calls will be made prospectively.

(2)

This limited partnership invests in REIT qualifying assets such as mortgage loans, investor property loans, and commercial mortgage loans. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets.

(3)

This limited partnership invests in performing, stressed or distressed securities and loans across the global fixed income markets as well as other securities that offer attractive investment opportunities. The Company does have the contractual option to withdraw all or a portion of its limited partnership interest by providing notice to the fund. On July 31, 2023, the Company provided the Global Debt Fund, LP with a formal withdrawal request to fully redeem the partnership interest. Partial redemption proceeds of $6.5 million and $4.4 million were received during the six months ended June 30, 2026 and 2025, respectively.