v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Schedule of Investments [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on 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 
Schedule of Contractual Maturities of Fixed Maturities
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 
Schedule of Fixed Maturities in an Unrealized Loss Position and Aggregate Fair Value
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)
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)
Schedule of the Credit Ratings of Fixed Maturities
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
Schedule of Composition of 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.
Schedule of Cost and Fair Values of the Equity Securities and Privately Held Securities Held Subject to Contractual Sale Restrictions
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 
Schedule of Equity Method Investments and Carrying Value and Beneficial Ownership Percentage of Equity Method Investments
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 %
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).
Schedule of 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)
Schedule of 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 
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 
Schedule of Net Unrealized Losses Included in Accumulated Other Comprehensive Income 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)
Schedule of Fair Value of Restricted Assets 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