v3.26.1
Investments
 6 Months Ended
Jun. 30, 2026
Schedule of Investments [Abstract]  
Investments Investments
The Company holds: (i) available-for-sale ("AFS") portfolios of fixed maturity and equity securities, carried at fair value; (ii) other investments carried at fair value; (iii) equity method investments using equity method accounting; and (iv) funds held - directly managed.
a)Fixed Maturities
The amortized cost, gross unrealized gains and losses, and fair value of AFS fixed maturity investments at June 30, 2026 and December 31, 2025 are as follows:
June 30, 2026Original or amortized costGross unrealized gainsGross unrealized lossesFair value
U.S. treasury bills$35,027 $— $(1)$35,026 
U.S. agency bonds – mortgage-backed
20,002 350 (6)20,346 
Non-U.S. government bonds53,023 2 (198)52,827 
Collateralized loan obligations27,532 10 (24)27,518 
Corporate bonds
8,949 1 (43)8,907 
Total AFS fixed maturity investments$144,533 $363 $(272)$144,624 
December 31, 2025Original or amortized costGross unrealized gainsGross unrealized lossesFair value
U.S. treasury bills$43,662 $11 $— $43,673 
U.S. agency bonds – mortgage-backed
20,823 795 — 21,618 
Non-U.S. government bonds30,457 — (162)30,295 
Collateralized loan obligations62,593 52 (21)62,624 
Corporate bonds
11,456 2 (3)11,455 
Total AFS fixed maturity investments$168,991 $860 $(186)$169,665 
The Company separately presents the accrued interest receivable balance on its AFS fixed maturity investments on the Condensed Consolidated Balance Sheets under accrued investment income. The amount of accrued interest receivable on AFS securities was $419 at June 30, 2026 (December 31, 2025: $778). The Company elected the practical expedient to exclude accrued interest from both the fair value and the amortized cost basis of the AFS fixed maturity securities for the purposes of identifying and measuring any impairments under the allowance for expected credit losses standard. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. There was no write-off recognized on the accrued interest receivable for the three and six months ended June 30, 2026 and 2025.
The contractual maturities of our fixed maturities at June 30, 2026 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
June 30, 2026Amortized costFair value
Due in one year or less
$81,169 $81,029 
Due after one year through five years
15,330 15,230 
Due after five years through ten years
500 501 
96,999 96,760 
U.S. agency bonds – mortgage-backed
20,002 20,346 
Collateralized loan obligations27,532 27,518 
Total AFS fixed maturity investments$144,533 $144,624 
4. Investments (continued)
The following tables summarize fixed maturities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
Less than 12 Months12 Months or MoreTotal
June 30, 2026Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
U.S. treasury bills$35,026 $(1)$— $— $35,026 $(1)
U.S. agency bonds – mortgage-backed
567 (6)— — 567 (6)
Non-U.S. government bonds49,427 (198)— — 49,427 (198)
Collateralized loan obligations20,842 (24)— — 20,842 (24)
Corporate bonds
8,406 (43)— — 8,406 (43)
Total temporarily impaired AFS fixed maturity investments$114,268 $(272)$— $— $114,268 $(272)
At June 30, 2026, there were 30 securities in an unrealized loss position with a fair value of $114,268 and unrealized losses of $272, all of which have been in an unrealized loss position for less than twelve months.
Less than 12 Months12 Months or MoreTotal
December 31, 2025Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses
Non-U.S. government bonds$30,295 $(162)$— $— $30,295 $(162)
Collateralized loan obligations36,370 (21)— — 36,370 (21)
Corporate bonds
10,943 (3)— — 10,943 (3)
Total temporarily impaired AFS fixed maturity investments$77,608 $(186)$— $— $77,608 $(186)
At December 31, 2025, there were 20 securities in an unrealized loss position with a fair value of $77,608 and unrealized losses of $186, all of which have been in an unrealized loss position for less than twelve months.
Allowance for Expected Credit Losses & Non-Credit Related Impairment Costs
The Company evaluates AFS securities for impairment when fair value is below amortized cost on a quarterly basis. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss relating to credit factors is recorded in net income (loss). The non-credit impairment amount of the loss (which could be related to interest rates and/or market conditions) is recognized in other comprehensive income ("OCI").
To estimate the allowance for expected credit losses for most of the AFS securities, the Company analyzes projected cash flows which are primarily driven by assumptions regarding loss severity, probability of default and projected recovery rates. The Company's determination of default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that any possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g., Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely requirement to sell.
Based on the Company's analysis at June 30, 2026, net unrealized gains on the Company’s AFS fixed maturity securities were due to non-credit factors and were expected to be recovered as the related securities approach maturity. At June 30, 2026, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of their amortized costs. Therefore, no allowance was recorded for expected credit losses on the Company's portfolio of AFS fixed maturity securities for the three and six months ended June 30, 2026 and 2025, respectively.
4. Investments (continued)
The following tables summarize the credit ratings of our fixed maturities as at June 30, 2026 and December 31, 2025:
June 30, 2026Amortized costFair value% of Total
fair value
U.S. treasury bills$35,027 $35,026 24.2 %
U.S. agency bonds – mortgage-backed
20,002 20,346 14.1 %
AAA
37,002 36,955 25.5 %
AA+, AA, AA-
17,899 17,873 12.4 %
A+, A, A-
34,103 33,923 23.5 %
BBB+, BBB, BBB-
500 501 0.3 %
Total fixed maturities (1)
$144,533 $144,624 100.0 %
December 31, 2025Amortized costFair value% of Total
fair value
U.S. treasury bills$43,662 $43,673 25.8 %
U.S. agency bonds – mortgage-backed
20,823 21,618 12.7 %
AAA
64,404 64,436 38.0 %
AA+, AA, AA-
13,305 13,288 7.8 %
A+, A, A-
26,288 26,139 15.4 %
BBB+, BBB, BBB-
509 511 0.3 %
Total fixed maturities(1)
$168,991 $169,665 100.0 %
(1)Ratings above are based on Standard & Poor’s ("S&P"), or equivalent, ratings.

b)Other Investments, Equity Securities and Equity Method Investments
Certain of the Company's other investments and equity method investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request. Certain other investments and equity method investments may not have any restrictions governing their sale, but there is no active market and no assurance that the Company will be able to execute a sale in a timely manner. In addition, even if certain other investments and equity method investments are not eligible for redemption or sales are restricted, we may still receive income distributions from those investments.
The collateralized investments in direct lending entities of $53,127 at June 30, 2026 (December 31, 2025: $53,275) are carried at fair market value. ASC 825-10: Financial Instruments provides a measurement basis election for most financial instruments using a choice of either historical cost or fair value, including other investments, allowing reporting entities to mitigate potential mismatches that arise under the current mixed measurement attribute model. The Company has elected the fair value option for its investments in direct lending entities, and these investments are reported at fair value as of June 30, 2026 and December 31, 2025. Please see Note 5(d). Fair Value Measurements for information regarding this investment.
Other investments
The table shows the composition of the Company's other investments at fair value as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
Fair value% of Total Fair Value% of Total
Private equity funds(1)
$33,491 19.3 %$31,732 18.3 %
Privately held equity investments(1)
9,485 5.5 %9,248 5.4 %
Private credit investments(1)
307 0.2 %192 0.1 %
Equity method investments with fair value option elected76,870 44.3 %78,911 45.5 %
Investments in direct lending entities53,127 30.7 %53,275 30.7 %
Total other investments at fair value$173,280 100.0 %$173,358 100.0 %
(1) Private equity funds, private credit investments, and one privately held equity investment are measured at fair value using the NAV practical expedient. Please see Note 5. Fair Value Measurements for further details.
4. Investments (continued)
Equity Securities
Equity securities include privately held equity investments in common and preferred stocks. The Company's privately held equity investments in common and preferred stocks are direct investments in companies that the Company believes offer attractive risk adjusted returns or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. There is no active market for these investments.
The following table provides the cost and fair values of the equity securities held at June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
CostFair ValueCostFair Value
Privately held common stocks$5,135 $4,838 $5,135 $4,838 
Privately held preferred stocks6,010 6,910 6,010 6,910 
Total equity securities$11,145 $11,748 $11,145 $11,748 
All privately held securities held at June 30, 2026 are subject to contractual sale restrictions. Each of these investments are subject to agreements that restrict the transfer, sale, and indemnification of these privately held investments indefinitely. The Company must hold these shares indefinitely unless the investee's shares are registered with the SEC and qualified by state authorities, or until an exemption from such registration and qualification requirements may become available.
Fair Value Remaining duration of restrictionsNature of contractual sale restrictionsCircumstances that could cause a lapse in restrictions
Privately held common stocks$4,838 IndefiniteThe Purchaser must hold the restricted shares indefinitely Registration of securities with the SEC or if exemption is available
Privately held preferred stocks6,910 IndefiniteThe Purchaser must hold the restricted shares indefinitelyRegistration of securities with the SEC or if exemption is available
Total equity securities subject to contractual sale restrictions$11,748 
Equity Method Investments
The equity method investments include real estate investments accounted for under the equity method and other investments measured at fair value. The equity method investments include limited partnerships which are variable interests issued by variable interest entities ("VIEs"). The Company is not the primary beneficiary of these VIEs as it does not have the power to direct the activities that are most significant to the economic performance of these VIEs. The Company is deemed to have limited influence over the operating and financial policies of the investee and accordingly, these investments are reported under the equity method of accounting. In applying the equity method of accounting, the investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss. Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company as more fully described in "Note 11 - Commitments, Contingencies and Guarantees" in these condensed consolidated financial statements.

The table below shows the total value of the Company's equity method investments as of June 30, 2026 and December 31, 2025 including those classified as other investments under the fair value option:

June 30, 2026December 31, 2025
Carrying Value% of TotalCarrying Value% of Total
Real estate investments at equity method$33,413 30.3 %$33,532 29.8 %
Real estate investments at fair value option elected51,000 46.2 %51,000 45.4 %
Other equity method investments at fair value option elected25,870 23.5 %27,911 24.8 %
Total equity method investments with fair value option76,870 69.7 %78,911 70.2 %
Total equity method investments$110,283 100.0 %$112,443 100.0 %
4. Investments (continued)
The table below shows the carrying/fair values and beneficial ownership percentage of the Company's equity method investments, including those measured using the fair value option and reported in other investments, as of June 30, 2026, the summarized financial data of each equity method investment at March 31, 2026 and the Company's realized and unrealized gains (losses) or interest in income (loss) of equity method investments on these investments for the six months ended June 30, 2026:
June 30, 2026
For the Three Months Ended March 31, 2026
For the Six Months Ended June 30, 2026
Carrying ValueBeneficial Ownership
Investee Revenue(1)
Investee net income (loss)(1)
Realized and unrealized gains (losses)(2)(3)
Silverstone Venture 1$943 90.0 %$3,933 $1,484 $(1,366)
Silverstone Venture 24,342 86.8 %70 68 (85)
Silverstone Venture 320,585 70.2 %85 60 142 
Extell Hudson Waterfront Holdings51,000 25.0 %440 (24)— 
Seiden LP & Seiden MGMT LP(3)
33,413 100.0 %147 10 9 
Total equity method investments$110,283 $(1,300)
1.The Company included summarized financial data of its equity method investees as reported at March 31, 2026 as this period represents the most recent audited financial statements available at the time of filing the Company's Form 10-Q for the three and six months ended June 30, 2026.
2.Fair value adjustments have been recorded under realized and unrealized gains (losses) for those equity method investments reported at fair value.
3.Seiden LP and Seiden MGMT LP are measured using equity method accounting at June 30, 2026. The interest in income of equity method investments has been recorded on its own line item on the statements of operations instead of through realized and unrealized gains (losses).

c)Net Investment Income
Net investment income was derived from the following sources for the three and six months ended June 30, 2026 and 2025:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Fixed maturities
$827 $616 $1,712 $616 
Income on funds withheld27 20 55 20 
Interest income from net loan receivable from AmTrust1,015 659 2,152 659 
Other investments331 84 492 84 
Cash and cash equivalents268 166 718 200 
2,468 1,545 5,129 1,579 
Investment expenses
(14)(3)(67)(3)
Net investment income
$2,454 $1,542 $5,062 $1,576 
4. Investments (continued)
d)Net Realized and Unrealized Investment Gains (Losses)
Realized gains or losses on the sale of investments are determined on the basis of the specific identification method. The following tables show the net realized and unrealized investment gains (losses) included in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:
For the Three Months Ended June 30, 2026Gross gainsGross lossesNet
Fixed maturities
$145 $(80)$65 
Other investments662 (3,711)(3,049)
Net realized and unrealized investment gains (losses)$807 $(3,791)$(2,984)
For the Three Months Ended June 30, 2025Gross gainsGross lossesNet
Fixed maturities
$875 $(111)$764 
Equity securities46 — 46 
Other investments
512 (264)248 
Net realized and unrealized investment gains (losses)$1,433 $(375)$1,058 
For the Six Months Ended June 30, 2026Gross gainsGross lossesNet
Fixed maturities
$215 $(98)$117 
Other investments
4,321 (6,083)(1,762)
Net realized and unrealized investment gains (losses)$4,536 $(6,181)$(1,645)
For the Six Months Ended June 30, 2025Gross gainsGross lossesNet
Fixed maturities
$875 $(111)$764 
Equity securities46 — 46 
Other investments
512 (264)248 
Net realized and unrealized investment gains (losses)$1,433 $(375)$1,058 
Realized and unrealized investment gains and losses from equity securities detailed in the table above include realized gains from sales and distributions of equity securities and unrealized gains and losses coming from fair value changes. Net unrealized gains recognized for equity securities held at reporting date of June 30, 2026 and 2025 were as follows:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Net gains recognized for equity securities
$— $46 $— $46 
Net gains recognized for equity securities divested
— — — — 
Net unrealized gains recognized for equity securities still held at the reporting date
$— $46 $— $46 
Proceeds from sales of AFS fixed maturity investments were $10,365 and $48,482 for the three and six months ended June 30, 2026 (2025: $7,312 for both respective periods). Net unrealized gains included in accumulated other comprehensive income ("AOCI") at June 30, 2026 and December 31, 2025 were as follows:
June 30, 2026December 31, 2025
Net unrealized gains on fixed maturity investments
$138 $679 
Deferred income tax
— — 
Net unrealized gains, net of deferred income tax
$138 $679 
Change, net of deferred income tax
$(541)$679 
4. Investments (continued)
e)Restricted Cash and Cash Equivalents and Investments
The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of the Company's restricted assets at June 30, 2026 and December 31, 2025 are as follows:
June 30, 2026December 31, 2025
  Restricted cash – third party agreements$7,155 $7,767 
  Restricted cash – related party agreements3,061 1,379 
  Total restricted cash10,216 9,146 
Restricted investments – in trust for third party agreements at fair value (amortized cost 2026: $48,323; 2025: $51,927)
48,535 52,350 
Restricted investments – in trust for related party agreements at fair value (amortized cost 2026: $88,413; 2025: $102,313)
88,280 102,368 
Restricted investments – receivable for investments sold under related party agreements566 — 
Total restricted investments
137,381 154,718 
Total restricted cash and investments
$147,597 $163,864