v3.26.1
Investments (Table)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fixed Maturity Securities, Available-for-Sale
The Company’s fixed-maturity securities, available-for-sale as of June 30, 2026 and December 31, 2025, are summarized as follows:
Cost or Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
June 30, 2026(in thousands)
Fixed-maturity securities, available-for-sale:
U.S. Treasury securities and obligations guaranteed by the U.S. government
$9,229 $17 $— $9,246 
Corporate598,508 5,535 (1,975)602,068 
Total fixed-maturity securities, available-for-sale$607,737 $5,552 $(1,975)$611,314 
Cost or Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
December 31, 2025(in thousands)
Fixed-maturity securities, available-for-sale:
U.S. Treasury securities and obligations guaranteed by the U.S. government
$2,073 $44 $— $2,117 
Corporate544,682 11,836 (207)556,311 
Total fixed-maturity securities, available-for-sale$546,755 $11,880 $(207)$558,428 
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities, Available-for-Sale
The amortized cost and fair value of fixed-maturity securities, available-for-sale as of June 30, 2026, categorized by contractual maturity, are summarized as follows:
Amortized CostFair Value
June 30, 2026(in thousands)
Due in one year or less$500 $504 
Due after one year through five years141,920 143,556 
Due after five years through ten years309,565 311,798 
Due after ten years155,752 155,456 
Total fixed-maturity securities, available-for-sale$607,737 $611,314 
Schedule of Gross Unrealized Losses and Fair Value for Available-for-Sale Securities Aggregated by Investment
The following table shows the Company’s gross unrealized losses and fair value for available-for-sale securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
Less Than 12 Months12 Months or MoreTotal
Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)
June 30, 2026(in thousands)
Fixed-maturity securities, available-for-sale:
Corporate$230,824 $(1,975)$— $— $230,824 $(1,975)
Total fixed-maturity securities, available-for-sale$230,824 $(1,975)$— $— $230,824 $(1,975)
Less Than 12 Months12 Months or MoreTotal
Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)
December 31, 2025(in thousands)
Fixed-maturity securities, available-for-sale:
Corporate$62,716 $(207)$— $— $62,716 $(207)
Total fixed-maturity securities, available-for-sale$62,716 $(207)$— $— $62,716 $(207)
Schedule of Net Investment Income
The major categories of the Company’s net investment income for the three and six months ended June 30, 2026 and 2025, are summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Investment income
Fixed-maturity securities, available-for-sale
$8,936 $6,524 $17,379 $12,840 
Utility & Infrastructure Investments1,178 1,072 2,312 2,931 
Short-term investments1,939 1,154 3,568 1,724 
Loans to affiliates1,524 1,543 3,053 1,793 
Cash equivalents290 475 705 911 
Gross investment income13,867 10,768 27,017 20,199 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Management fees (1)
(1,058)1,286 (2,038)(115)
Other expenses (1)
(147)(163)(275)(298)
Net investment income$12,662 $11,891 $24,704 $19,786 
(1)Amounts related to investment activity.
Schedule of Realized and Unrealized Gain (Loss)
The following table summarizes the Company’s change in net unrealized gains (losses) on available-for-sale fixed-maturity securities for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Fixed-maturity securities, available-for-sale:
Change in net unrealized gains (losses)
$3,259 $179 $(8,096)$54 
Total $3,259 $179 $(8,096)$54 
The following table presents realized and unrealized gains (losses) on investments for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Gross realized gains:
Fixed-maturity securities, available-for-sale$101 $3,528 $1,444 $6,363 
Utility & Infrastructure Investments21,324 — 33,727 26,416 
Securities sold, not yet purchased— — — 15 
Total21,425 3,528 35,171 32,794 
Gross realized (losses):
Fixed-maturity securities, available-for-sale(192)(10)(351)(12)
Utility & Infrastructure Investments(174)(19,126)(547)(11,480)
Short-term investments(1)(1)(12)(1)
Total(367)(19,137)(910)(11,493)
Net unrealized gains (losses) on investments:
Utility & Infrastructure Investments(2,519)17,018 (6,257)(24,491)
Equity securities (1)
52 — 52 — 
Total(2,467)17,018 (6,205)(24,491)
Net realized and unrealized gains (losses)$18,591 $1,409 $28,056 $(3,190)
(1) Included in other invested assets in the condensed consolidated balance sheets.
Schedule of Variable Interest Entities
The carrying amounts of the assets and liabilities of the Utility Limited Partnership consolidated VIE included in the Company’s condensed consolidated balance sheets are as follows:
June 30, 2026December 31, 2025
(in thousands)
Assets
Cash$4 $4 
Investments in the Absolute Return Utility & Infrastructure Fund, at fair value215,861 178,891 
Investment in affiliated fund, at fair value (cost of $191 in 2026 and $191 in 2025)
154 280 
Due from the Absolute Return Utility & Infrastructure Fund— 2,077 
Total assets$216,019 $181,252 
Liabilities and partners' capital
Liabilities:
Withdrawals payable— 2,077 
Accrued expenses and other liabilities122 118 
Total liabilities122 2,195 
Partners' capital:
Limited partners209,916 178,507 
General partner5,981 550 
Total partners' capital:215,897 179,057 
Total liabilities and partners' capital$216,019 $181,252 
The assets recognized in the Company’s condensed consolidated balance sheets related to the Company’s variable interests in non-consolidated VIEs as of June 30, 2026 and December 31, 2025, are summarized as follows:
June 30, 2026December 31, 2025
CostNet Unrealized Gains (Losses)Fair ValueCostNet Unrealized Gains (Losses)Fair Value
(in thousands)
Absolute Return Utility & Infrastructure Fund$172,753 $43,108 $215,861 $162,753 $16,138 $178,891 
MidCap Limited Partnership10,000 1,406 11,406 10,000 968 10,968 
Total Utility & Infrastructure Investments $182,753 $44,514 $227,267 $172,753 $17,106 $189,859 
The following table summarizes certain investments of the Absolute Return Utility & Infrastructure Fund where the Utility Limited Partnership’s proportionate share of the fair value of the classes of investment represents more than 10% of the Company’s stockholders’ equity as of June 30, 2026 and December 31, 2025:
Investment in securities
Cost (1)
Fair Value (1)
Percentage of Stockholders' Equity
June 30, 2026(in thousands)
Assets:
Total common stock$362,856 $400,422 59.73 %
Liabilities:
Total common stock$(224,621)$(239,683)(35.75)%
(1)Values represent the Company’s proportionate share of the Absolute Return Utility & Infrastructure Fund’s total holdings.
Investment in securities
Cost (1)
Fair Value (1)
Percentage of Stockholders' Equity
December 31, 2025(in thousands)
Assets:
Total common stock$282,230 $292,719 47.61 %
Liabilities:
Total common stock$(142,418)$(142,860)(23.23)%
(1)Values represent the Company’s proportionate share of the Absolute Return Utility & Infrastructure Fund’s total holdings.