Our available for sale securities within our investment portfolio consist of the following as of the dates indicated.


Available for sale securities

	June 30, 2026
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
Fixed maturities available for sale
U.S. government and agency securities	$	309,128	$	16	$	(30,306	)		$	278,838
State and municipal obligations		228,025		1,299		(13,734	)			215,590
Corporate bonds and notes		3,359,986		6,107		(217,967	)			3,148,126
RMBS		1,400,364		3,096		(73,011	)			1,330,449
CMBS		348,283		200		(11,484	)			336,999
CLO		504,341		901		(281	)			504,961
Other ABS		487,650		1,434		(3,301	)			485,783
Mortgage insurance-linked notes (1)		1,434		2		(7	)			1,429
Other		1,119		—		—				1,119
Total securities available for sale, including loaned securities and securities sold under repurchase agreements		6,640,330	$	13,055	$	(350,091	)	(2)		6,303,294
Less: loaned securities and securities sold under repurchase agreements (3)		79,290								76,501
Total fixed maturities available for sale	$	6,561,040							$	6,226,793

	December 31, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
Fixed maturities available for sale
U.S. government and agency securities	$	144,477	$	194	$	(27,958	)		$	116,713
State and municipal obligations		179,907		1,324		(14,105	)			167,126
Corporate bonds and notes		2,188,193		20,622		(197,655	)			2,011,160
RMBS		940,061		6,627		(62,430	)			884,258
CMBS		254,233		208		(12,997	)			241,444
CLO		375,999		1,003		(155	)			376,847
Other ABS		478,245		5,545		(2,072	)			481,718
Mortgage insurance-linked notes (1)		45,384		305		—				45,689
Other		1,116		—		—				1,116
Total securities available for sale, including loaned securities		4,607,615	$	35,828	$	(317,372	)	(2)		4,326,071
Less: loaned securities (3)		56,661								54,155
Total fixed maturities available for sale	$	4,550,954							$	4,271,916

(1)

Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Mortgage XOL Program. See Note 8 for more information.

(2)

See “Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details.

(3)

Included in other assets on our condensed consolidated balance sheets. See “Loaned Securities and Securities Sold Under Repurchase Agreements” below for a discussion of our securities lending and repurchase agreements.

For securities deemed “available for sale” that are in an unrealized loss position and for which an allowance for credit loss has not been established, the following tables provide the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of June 30, 2026, and December 31, 2025, are loaned securities and securities sold under repurchase agreements that are classified as other assets on our condensed consolidated balance sheets, as further described below under “Loaned Securities and Securities Sold Under Repurchase Agreements.”


Unrealized losses on fixed maturities available for sale by category and length of time

	June 30, 2026
	Less Than 12 Months					12 Months or Greater					Total
(In thousands) Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. government and agency securities	$	174,059	$	(1,683	)	$	94,790	$	(28,623	)	$	268,849	$	(30,306	)
State and municipal obligations		72,008		(572	)		85,337		(13,162	)		157,345		(13,734	)
Corporate bonds and notes		1,689,592		(18,610	)		950,054		(199,357	)		2,639,646		(217,967	)
RMBS		570,888		(5,518	)		498,903		(67,493	)		1,069,791		(73,011	)
CMBS		89,228		(852	)		193,127		(10,632	)		282,355		(11,484	)
CLO		168,420		(281	)		—		—			168,420		(281	)
Other ABS		215,707		(1,222	)		36,200		(2,079	)		251,907		(3,301	)
Mortgage insurance-linked notes		789		(7	)		—		—			789		(7	)
Total	$	2,980,691	$	(28,745	)	$	1,858,411	$	(321,346	)	$	4,839,102	$	(350,091	)

	December 31, 2025
	Less Than 12 Months					12 Months or Greater					Total
(In thousands) Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. government and agency securities	$	—	$	—		$	98,287	$	(27,958	)	$	98,287	$	(27,958	)
State and municipal obligations		10,256		(167	)		96,240		(13,938	)		106,496		(14,105	)
Corporate bonds and notes		100,367		(1,739	)		1,102,930		(195,916	)		1,203,297		(197,655	)
RMBS		27,202		(105	)		567,936		(62,325	)		595,138		(62,430	)
CMBS		2,820		(122	)		232,409		(12,875	)		235,229		(12,997	)
CLO		56,480		(125	)		5,650		(30	)		62,130		(155	)
Other ABS		31,117		(378	)		38,757		(1,694	)		69,874		(2,072	)
Total	$	228,242	$	(2,636	)	$	2,142,209	$	(314,736	)	$	2,370,451	$	(317,372	)

There were 2,302 and 639 securities in an unrealized loss position at June 30, 2026, and December 31, 2025, respectively. We determined that these unrealized losses were due to non-credit factors and that, as of June 30, 2026, we did not expect to realize a loss for our investments in an unrealized loss position given our intent and ability to hold these investment securities until recovery of their amortized cost basis. See Note 2 of Notes to Consolidated Financial Statements in our 2025 Form 10-K for information regarding our accounting policy for impairments of investments.

Net investment income consists of the following.


Net investment income

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2026			2025			2026 (1)			2025
Investment income
Fixed maturities	$	67,992		$	57,354		$	128,362		$	114,002
Equity securities		1,116			2,634			2,276			4,779
Short-term investments		6,508			2,842			15,830			6,351
Other (2)		1,354			1,861			2,434			3,434
Gross investment income		76,970			64,691			148,902			128,566
Investment expenses (2)		(2,274	)		(3,019	)		(4,508	)		(5,884	)
Net investment income	$	74,696		$	61,672		$	144,394		$	122,682

(1)

Includes Inigo results from the Closing Date of the acquisition through June 30, 2026.

(2)

Includes income and expenses from securities lending transactions and securities sold under repurchase agreements. Investment expenses also include other investment management expenses.

Net gains (losses) on financial instruments and foreign exchange consists of the following.


Net gains (losses) on financial instruments and foreign exchange

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2026			2025			2026 (1)			2025
Net realized gains (losses) on investments sold or redeemed
Fixed maturities available for sale
Gross realized gains	$	790		$	370		$	4,670		$	462
Gross realized losses		(6,037	)		(2,426	)		(13,290	)		(4,868	)
Fixed maturities available for sale, net		(5,247	)		(2,056	)		(8,620	)		(4,406	)
Fixed maturities trading securities		—			—			97			—
Equity securities		(2,417	)		—			(2,338	)		898
Other investments		(404	)		1			(455	)		14
Net realized gains (losses) on investments sold or redeemed		(8,068	)		(2,055	)		(11,316	)		(3,494	)
Change in unrealized gains (losses) on investments sold or redeemed		2,575			4			2,721			(922	)
Net unrealized gains (losses) on investments still held
Fixed maturities trading securities		82			31			(179	)		2,249
Equity securities		269			1,304			(3,050	)		(243	)
Other investments		(6	)		(24	)		(143	)		(28	)
Net unrealized gains (losses) on investments still held		345			1,311			(3,372	)		1,978
Total net gains (losses) on investments		(5,148	)		(740	)		(11,967	)		(2,438	)
Net gains (losses) on other financial instruments		2,013			2,591			1,842			2,288
Net gains (losses) on foreign exchange		(2,654	)		—			(4,543	)		—
Net gains (losses) on financial instruments and foreign exchange	$	(5,789	)	$	1,851		$	(14,668	)	$	(150	)

(1)

Includes Inigo results from the Closing Date of the acquisition through June 30, 2026.

We participate in a securities lending program whereby we loan certain securities in our investment portfolio to third-party borrowers for short periods of time. Under this program, we had loaned $105 million and $142 million of our investment securities to third parties as of June 30, 2026, and December 31, 2025, respectively, including fixed-maturities, equity securities and short-term investments. Although we report such securities at fair value within other assets on our condensed consolidated balance sheets, rather than within investments, the detailed information we provide in this Note 7 includes these securities.

All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $29 million and $84 million as of June 30, 2026, and December 31, 2025, respectively, may not be transferred or re-pledged unless the third-party borrower is in default, and is therefore not reflected in our condensed consolidated financial statements.

See Note 6 herein for additional detail on the loaned securities and see Note 6 of Notes to Consolidated Financial Statements in our 2025 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder.

In addition, from time to time, we may agree to transfer certain investment securities to a transferee in exchange for cash, while simultaneously entering into an agreement to reacquire the securities on a specified future date for an amount

equal to the cash received plus interest. As of June 30, 2026, amounts owed under these securities repurchase agreements totaled $5 million and are included in other liabilities in our condensed consolidated balance sheets. We report securities pledged under such repurchase agreements at fair value within other assets in our condensed consolidated balance sheets, and include those amounts in this Note 7.

Our investments include securities totaling $10 million at both June 30, 2026, and December 31, 2025, that are on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale also include securities serving as collateral for our FHLB advances. See Note 12 for additional information about our FHLB advances.

Our other long-term invested assets include $49 million of Lloyd’s overseas deposits at June 30, 2026, which are deposits held to provide security for the payment of policyholder claims in certain overseas jurisdictions and enable Syndicate 1301 to operate in those markets. The access to these funds is restricted, and Syndicate 1301 cannot influence the investment strategy.