v3.26.3
FIXED MATURITY INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Fixed Maturity Investments Trading and Equity Investments
The following table summarizes the fair value of fixed maturity investments:

September 30, 2026December 31, 2025
Fixed maturity securities:
U.S. government and agencies$38,511 $17,979 
Agency residential mortgage-backed securities ("RMBS")24,373 18,258 
Corporate bonds31,987 9,769 
Asset-backed securities ("ABS")
3,005 5,565 
Non-agency RMBS— 600 
Municipal bonds— 857 
  Total fixed maturity securities97,876 53,028 
Liquidity funds
81,029 12,581 
Total fixed maturity investments, at fair value$178,905 $65,609 
Schedule of Gain (Loss) on Securities
The following table summarizes the net realized and unrealized losses for the fixed maturity investments:

Three months ended September 30Nine months ended September 30
2026202520262025
Net realized losses(139)— (132)— 
Change in net unrealized losses(1,318)— (2,361)— 
Net realized and unrealized losses for fixed maturity investments$(1,457)$— $(2,493)$— 
The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “Net investment income” in the condensed consolidated statements of operations (see Note 14):
Three months ended September 30Nine months ended September 30
2026202520262025
Gross realized gains$4,102 $653 $4,102 $658 
Gross realized losses— — (1,087)— 
Net realized gains (losses)$4,102 $653 $3,015 $658 
Change in unrealized gains356 (12,530)388 (12,389)
Net realized and unrealized gains (losses) on other investments$4,458 $(11,877)$3,403 $(11,731)