| INVESTMENTS |
INVESTMENTS Net investment income was attributable to the following: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in thousands) | 2026 | | 2025 | | 2026 | | 2025 | | Fixed maturity securities | $ | 32,323 | | | $ | 30,250 | | | $ | 59,768 | | | $ | 57,350 | | | | | | | | | | | Cash equivalents | 51,040 | | | 23,653 | | | 84,673 | | | 42,212 | | Other (1) | 46 | | | 397 | | | 97 | | | 1,031 | | | Gross Investment income | 83,409 | | | 54,300 | | | 144,538 | | | 100,593 | | Investment expenses | (342) | | | (309) | | | (862) | | | (608) | | | Net investment income (excluding net realized capital gains (losses) | 83,067 | | | 53,991 | | | 143,676 | | | 99,985 | | | Net realized capital gains | 1,727 | | | 13 | | | 1,732 | | | 131 | | | Net investment income | $ | 84,794 | | | $ | 54,004 | | | $ | 145,408 | | | $ | 100,116 | | (1) Represents the net interest earned on funds withheld. | | | | | | | |
As of June 30, 2026 and December 31, 2025, the Company recorded accrued investment income of $46.6 million and $20.2 million, respectively.
The following tables provide summaries of the Company's carrying amounts and fair values of available-for-sale securities by major security type as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (in thousands) | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | U.S. treasury and agency securities | $ | 3,209,908 | | | $ | 1,465 | | | $ | (8,343) | | | $ | 3,203,030 | | Corporate notes | 772,961 | | | 192 | | | (1,854) | | | 771,299 | | Certificates of deposit | 1,965,000 | | | — | | | — | | | 1,965,000 | | Commercial paper | 99,721 | | | — | | | — | | | 99,721 | | | | | | | | | | | Asset-backed securities | 38,715 | | | 39 | | | (37) | | | 38,717 | | Other (1) | 2,909 | | | — | | | — | | | 2,909 | | Total | $ | 6,089,214 | | | $ | 1,696 | | | $ | (10,234) | | | $ | 6,080,676 | |
(1) Includes equity securities without a readily determinable market value. | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | (in thousands) | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | | U.S. treasury and agency securities | $ | 2,076,112 | | | $ | 15,433 | | | $ | (565) | | | $ | 2,090,980 | | | | Corporate notes | 557,413 | | | 3,051 | | | (50) | | | 560,414 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset-backed securities | 33,497 | | | 148 | | | — | | | 33,645 | | | | Other (1) | 2,409 | | | — | | | — | | | 2,409 | | | | Total | $ | 2,669,431 | | | $ | 18,632 | | | $ | (615) | | | $ | 2,687,448 | | | |
(1) Includes equity securities without a readily determinable market value. The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position, by the length of time in which the securities have continuously been in that position, as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Less than 12 Months | | 12 Months or Longer | | (in thousands, except no. of securities) | Number of Securities | | Fair Value | | Gross
Unrealized Losses | | Number of Securities | | Fair Value | | Gross
Unrealized Losses | | U.S. treasury and agency securities | 298 | | | $ | 2,659,228 | | | $ | (8,033) | | | 2 | | | $ | 19,821 | | | $ | (310) | | | Corporate notes | 289 | | | 634,759 | | | (1,855) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset-backed securities | 18 | | | 24,402 | | | (36) | | | — | | | — | | | — | | | Total | 605 | | | $ | 3,318,389 | | | $ | (9,924) | | | 2 | | | $ | 19,821 | | | $ | (310) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Less than 12 Months | | 12 Months or Longer | | (in thousands, except no. of securities) | Number of Securities | | Fair Value | | Gross
Unrealized Losses | | Number of Securities | | Fair Value | | Gross
Unrealized Losses | | U.S. treasury and agency securities | 48 | | | $ | 265,431 | | | $ | (445) | | | 5 | | | $ | 40,784 | | | $ | (120) | | | Corporate notes | 59 | | | 82,246 | | | (50) | | | — | | | — | | | — | | | | | | | | | | | | | | | Total | 107 | | | $ | 347,677 | | | $ | (495) | | | 5 | | | $ | 40,784 | | | $ | (120) | |
The Company monitors available-for-sale debt securities for credit losses and recognizes an allowance for credit losses when factors indicate a decline in the fair value of a security is credit-related. Certain investments may experience a decline in fair value due to changes in market interest rates, changes in general economic conditions, or a deterioration in the credit worthiness of a security's issuer. For securities in an unrealized loss position that the Company does not intend to sell, the Company has assessed the gross unrealized losses during the period and determined an allowance for credit losses is not necessary because the declines in fair value are believed to be due to market fluctuations and not due to credit-related events.
The amortized cost and fair value of the Company's fixed maturity securities as of June 30, 2026 and December 31, 2025 by contractual maturity are shown below. Actual maturities of these securities could differ from their contractual maturities because issuers may have the right to call or prepay obligations, with or without penalties.
| | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (in thousands) | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Due in one year or less | $ | 4,481,630 | | | $ | 4,479,906 | | | $ | 1,213,011 | | | $ | 1,216,461 | | | Due after one year through five years | 1,534,582 | | | 1,528,255 | | | 1,372,038 | | | 1,385,735 | | | Due after five years through ten years | 70,093 | | | 69,606 | | | 81,973 | | | 82,843 | | Total | $ | 6,086,305 | | | $ | 6,077,767 | | | $ | 2,667,022 | | | $ | 2,685,039 | |
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