Available-for-Sale Securities

The amortized cost and estimated fair value of available-for-sale securities were as follows:


	June 30, 2026
	Amortized Cost	Allowance for Credit Loss	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
U.S. Treasury and U.S. government agencies	$30,701	$—	$1	$(32)	$30,670
Corporate debt securities	182,207	—	107	(323)	181,991
Asset-backed securities	134,081	—	266	(581)	133,766
Total fixed maturity securities	346,989	—	374	(936)	346,427
Short-term investments	4,739	—	—	(1)	4,738
Total available-for-sale investments	$351,728	$—	$374	$(937)	$351,165


	December 31, 2025
	Amortized Cost	Allowance for Credit Loss	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
U.S. Treasury and U.S. government agencies	$30,646	$—	$76	$—	$30,722
Corporate debt securities	205,109	—	1,793	(103)	206,799
Asset-backed securities	92,155	—	826	(13)	92,968
Total fixed maturity securities	327,910	—	2,695	(116)	330,489
Short-term investments	18,121	—	1	(1)	18,121
Total available-for-sale investments	$346,031	$—	$2,696	$(117)	$348,610

A summary of the aggregate estimated fair values of available-for-sale securities with unrealized losses segregated

by time period in an unrealized loss position is as follows:


	June 30, 2026
	Less than 12 months		12 months or greater		Total
	Estimated Fair Value	Unrealized losses	Estimated Fair Value	Unrealized losses	Estimated Fair Value	Unrealized losses
U.S. Treasury and U.S. government agencies	$3,954	$(23)	$19,726	$(9)	$23,680	$(32)
Corporate debt securities	23,843	(126)	73,054	(197)	96,897	(323)
Asset-backed securities	61,677	(505)	23,280	(76)	84,957	(581)
Short-term investments	2,698	(1)	—	—	2,698	(1)
Total	$92,172	$(655)	$116,060	$(282)	$208,232	$(937)

As of June 30, 2026 and December 31, 2025, there were 103 and 17 available-for-sale fixed-maturity securities,

respectively, in an unrealized loss position.

A summary of the amortized cost and estimated fair value of available-for-sale securities at June 30, 2026, by

contractual maturity is as follows. The expected maturities may differ from the contractual maturities because

certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost	Estimated Fair Value
Years to maturity
Government and corporate securities:
Due in one year or less	$96,833	$96,790
Due after one year through five years	120,814	120,609
Due after five years through 10 years	—	—
Due after 10 years	—	—
Other securities, which provide for periodic payments:
Asset-backed securities	134,081	133,766
Total	$351,728	$351,165

The following table presents components of the Company’s net investment income as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Fixed maturities, available-for-sale	$3,955	$2,139	$7,789	$4,270
Short-term investments	31	—	149	—
Cash and cash equivalents	2,454	2,847	4,362	4,962
Gross investment income	6,440	4,986	12,300	9,232
Investment expenses	(190)	(206)	(398)	(349)
Net investment income	$6,250	$4,780	$11,902	$8,883

Proceeds from sales or maturities of fixed maturity available-for-sale securities for the three months ended June 30,

2026 were $14,505, with $22 and $23 of gross realized gains and losses, respectively. Proceeds from sales of fixed

maturity available-for-sale securities for the three months ended June 30, 2025 were $43,616, with $514 and $29 of

gross realized gains and losses, respectively. There were no proceeds from sales or maturities of short-term

securities for the three months ended June 30, 2026 and 2025.

Proceeds from sales or maturities of fixed maturity available-for-sale securities for the six months ended June 30,

2026 were $35,038, with $103 and $48 of gross realized gains and losses, respectively. Proceeds from sales of fixed

maturity available-for-sale securities for the six months ended June 30, 2025 were $103,486, with $625 and $124 of

gross realized gains and losses, respectively. Proceeds from sales or maturities of short-term securities for the six

months ended June 30, 2026 were $22,659, with no gross realized gains and $5 of gross realized losses, respectively.

There were no proceeds from sales or maturities of short-term securities for the six months ended June 30, 2025.

The Company did not record any activity pertaining to the allowance for credit losses as of June 30, 2026 or