Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

At June 30, 2026 and December 31, 2025, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


June 30, 2026	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV Practical Expedient		Total Fair Value
Fixed maturities
U.S. treasury bills	$	35,026	$	—	$	—	$	—	$	35,026
U.S. agency bonds – mortgage-backed	—		20,346		—		—		20,346

Non-U.S. government bonds	—		52,827		—		—		52,827
Collateralized loan obligations	—		27,518		—		—		27,518
Corporate bonds	—		8,907		—		—		8,907

Equity securities	—		4,838		6,910		—		11,748
Contingent Receivable	—		—		11,923		—		11,923
Other investments	—		—		132,829		40,451		173,280
Total investments	$	35,026	$	114,436	$	151,662	$	40,451	$	341,575
As a percentage of total assets	3.8%		12.4%		16.5%		4.4%		37.1%

Underwriting-related derivative liability	$	—	$	—	$	9,236	$	—	$	9,236


December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV Practical Expedient		Total Fair Value
Fixed maturities
U.S. treasury bills	$	43,673	$	—	$	—	$	—	$	43,673
U.S. agency bonds – mortgage-backed	—		21,618		—		—		21,618

Non-U.S. government bonds	—		30,295		—		—		30,295
Collateralized loan obligations	—		62,624		—		—		62,624
Corporate bonds	—		11,455		—		—		11,455

Equity securities	—		4,838		6,910		—		11,748
Contingent Receivable	—		—		9,955		—		9,955
Other investments	—		—		135,018		38,340		173,358
Total investments	$	43,673	$	130,830	$	151,883	$	38,340	$	364,726
As a percentage of total assets	4.3%		13.0%		15.0%		3.8%		36.1%

Underwriting-related derivative liability	$	—	$	—	$	3,984	$	—	$	3,984

Schedule of Reconciliation of Other Investments Measured at Fair value on a Recurring Basis Using Level 3 Inputs

The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2026 and 2025. The Company includes any related interest and dividend income in net investment income and thus are excluded from the reconciliation in the table below:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Balance - beginning of period	$	152,840	$	—	$	151,883	$	—
Acquired Level 3 investments	—		137,188		—		137,188
Purchases	860		1,723		1,886		1,723
Sales	(505)		(163)		(1,723)		(163)
Net realized and unrealized losses during the period	(1,533)		171		(384)		171

Total Level 3 investments - end of period	$	151,662	$	138,919	$	151,662	$	138,919

Schedule of Significant Unobservable Inputs for Determining Fair Value of Other Investments

The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at June 30, 2026:


Financial Instrument	Fair Value		Valuation Technique	Significant Unobservable Valuation Inputs	Range of Unobservable Inputs (Low/High/Weighted Average)						Impact of Increases in Inputs

Private equity investments - preferred shares	$	4,578	Market comparable companies & Option Pricing Models	Value Change - Market/Industry Factors	(3.0)%		5.0%		(0.3)%		Higher fair value
Private equity investments - preferred shares	2,332			Value Change - Company Performance	10.0%		10.0%		10.0%		Higher fair value
				Term to Exit	3.0 years		3.0 years		3.0 years		Lower fair value
				Equity Volatility	40.0%		65.0%		56.6%		Lower fair value
Private equity investments - preferred shares	1,559		Market comparable companies & Option Pricing Models	Value Change - Market/Industry Factors	(3.0)%		7.5%		1.7%		Higher fair value
Private equity investments - preferred shares	1,273			Value Change - Company Performance	10.0%		10.0%		10.0%		Higher fair value
				Term to Exit	2.5 years		3.0 years		2.7 years		Lower fair value
				Equity Volatility	65.0%		92.5%		80.1%		Lower fair value
Investment in direct lending entities	53,127		Discounted cash flows	Discount rate	22.0%		22.0%		22.0%		Lower fair value
	—		Discounted cash flows	Discount Rate	10.0%		25.0%		18.0%		Lower fair value
Silverstone Ventures	25,870			Term to Exit	3.0 years		9.0 years		3.6 years		Lower fair value

Extell Hudson Waterfront Holdings			Discounted cash flows & option pricing models	Discount Rate	6.8%		6.8%		6.8%		Lower fair value
				Exit Cap Rate	5.5%		5.5%		5.5%		Lower fair value
	51,000			Equity Volatility	37.4%		37.4%		37.4%		Lower fair value
				Term to Exit	5.7 years		5.7 years		5.7 years		Lower fair value
				Discount for Lack of Marketability - OPM	15.0%		18.0%		16.5%		Lower fair value
				Discount for Lack of Marketability	10.0%		10.0%		10.0%		Lower fair value
Total Level 3 Investments	$	139,739
Contingent Receivable	$	11,923	Discounted cash flows & Option pricing models	EBITDA & Commission Discount Rate	9.2	%	9.2	%	9.2	%	Lower fair value
				EBITDA & Commission Equity Volatility Rate	25.0	%	25.0	%	25.0	%	Lower fair value

Underwriting-related derivative liability	$	9,236	Discounted cash flows	Duration matched discount rates & arbitration decision	5.5%		5.5%		5.5%		Lower fair value

Schedule of Carrying Value and Fair Value of Senior Notes

The following table presents the respective principal amount and fair values for the Senior Notes as at June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value

Senior Notes - MHLA – 6.625%	$	110,000	$	49,148	$	110,000	$	57,200
Senior Notes - MHNC – 7.75%	152,361		71,610		152,361		96,292
Total Senior Notes	$	262,361	$	120,758	$	262,361	$	153,492

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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