The Company is party to the Amended and Restated Limited Partnership Agreement of the Utility Limited Partnership, which formed on March 19, 2018 under the laws of the State of Delaware and commenced operations on April 1, 2018. The Utility Limited Partnership operates as a feeder fund that invests substantially all of its assets in the Absolute Return Utility & Infrastructure Fund, an exempted company incorporated in the Cayman Islands.

Zimmer Partners, LP (the “Investment Manager”), a Delaware limited partnership and a related party, is the investment manager of the Absolute Return Utility & Infrastructure Fund and the Utility Limited Partnership. The Investment Manager is registered with the United States Securities and Exchange Commission as a registered investment advisor under the Investment Advisers Act of 1940.

ZP Utility Insurance GP, LLC, a Delaware limited liability company and a related party, is the general partner of the Utility Limited Partnership (the “Utility General Partner”) and is responsible for the investment decisions of the Utility Limited Partnership. The Utility General Partner owned less than 3% of the Utility Limited Partnership as of both June 30, 2026 and December 31, 2025.

The Company performed an assessment of all relevant facts and circumstances and determined that the Utility Limited Partnership is a VIE as the equity holders as a group lack the characteristics of a controlling financial interest and that substantially all of the activities of the VIE are conducted on behalf of the Company. As a result, the Company concluded that it is the primary beneficiary of the Utility Limited Partnership.

The Company consolidates the Utility Limited Partnership as its primary beneficiary, meeting both the “power” and “benefits” criteria associated with VIE accounting guidance. Non-controlling interests in the condensed consolidated statement of operations and comprehensive income for the three and six months ended June 30, 2026 and 2025 represent the ownership interests in the consolidated VIE held by Utility General Partner. The assets of the consolidated VIE may only be used to settle obligations of the same VIE. In addition, there is no recourse to the Company for the consolidated VIE’s liabilities.

On May 1, 2026, the Company, through Ategrity Limited, made an additional investment of $10.0 million in the Utility Limited Partnership.

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, 2026		December 31, 2025
	(in thousands)
Assets
Cash	$	4	$	4
Investments in the Absolute Return Utility & Infrastructure Fund, at fair value	215,861		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 liabilities	122		118
Total liabilities	122		2,195

Partners' capital:
Limited partners	209,916		178,507
General partner	5,981		550
Total partners' capital:	215,897		179,057
Total liabilities and partners' capital	$	216,019	$	181,252