
September 30, 2026 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	329,228	$	—	$	(11,384)	$	317,844

U.S. agency mortgage-backed securities	1,263,239		38		(138,112)		1,125,165
Municipal debt securities(1)	630,376		37		(67,063)		563,350
Non-U.S. government securities	53,425		—		(11,256)		42,169
Corporate debt securities (2)	2,076,515		32		(143,017)		1,933,530
Residential and commercial mortgage securities	487,182		339		(30,036)		457,485
Asset-backed securities	949,658		611		(21,971)		928,298
Money market funds	504,150		—		(8)		504,142
Total investments available for sale	$	6,293,773	$	1,057	$	(422,847)	$	5,871,983


December 31, 2025 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	373,567	$	2,121	$	(5,976)	$	369,712

U.S. agency mortgage-backed securities	1,243,823		7,822		(76,750)		1,174,895
Municipal debt securities (1)	641,153		5,483		(36,225)		610,411
Non-U.S. government securities	64,470		—		(8,446)		56,024
Corporate debt securities (2)	2,017,246		17,381		(54,547)		1,980,080
Residential and commercial mortgage securities	486,441		1,046		(23,382)		464,105
Asset-backed securities	804,501		3,832		(7,967)		800,366
Money market funds	648,492		—		—		648,492
Total investments available for sale	$	6,279,693	$	37,685	$	(213,293)	$	6,104,085


	September 30,		December 31,
(2) The following table summarizes corporate debt securities as of :	2026		2025
Financial	40.2	%	40.9	%
Consumer, non-cyclical	18.6		18.1
Industrial	10.0		9.0
Utilities	8.7		7.9
Consumer, cyclical	4.8		6.0
Technology	5.9		6.1
Energy	4.7		4.7
Communications	4.4		4.7
Basic Materials	2.7		2.6

Total	100.0	%	100.0	%

The amortized cost and fair value of investments available for sale at September 30, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most U.S. agency mortgage-backed securities, residential and commercial mortgage securities and asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.


(In thousands)	Amortized Cost		Fair Value
U.S. Treasury securities:
Due in 1 year	$	49,900	$	49,746
Due after 1 but within 5 years	241,366		234,478
Due after 5 but within 10 years	23,411		22,084
Due after 10 years	14,551		11,536
Subtotal	329,228		317,844




Municipal debt securities:
Due in 1 year	15,829		15,727
Due after 1 but within 5 years	95,418		90,373
Due after 5 but within 10 years	146,974		133,313
Due after 10 years	372,155		323,937
Subtotal	630,376		563,350
Non-U.S. government securities:
Due in 1 year	10,132		10,038
Due after 1 but within 5 years	4,301		3,998
Due after 5 but within 10 years	9,595		7,988
Due after 10 years	29,397		20,145
Subtotal	53,425		42,169
Corporate debt securities:
Due in 1 year	147,131		146,248
Due after 1 but within 5 years	633,953		599,524
Due after 5 but within 10 years	1,102,119		1,033,941
Due after 10 years	193,312		153,817
Subtotal	2,076,515		1,933,530
U.S. agency mortgage-backed securities	1,263,239		1,125,165
Residential and commercial mortgage securities	487,182		457,485
Asset-backed securities	949,658		928,298
Money market funds	504,150		504,142
Total investments available for sale	$	6,293,773	$	5,871,983


	Less than 12 months				12 months or more				Total
September 30, 2026 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	250,695	$	(4,748)	$	67,149	$	(6,636)	$	317,844	$	(11,384)

U.S. agency mortgage-backed securities	651,356		(32,901)		469,704		(105,211)		1,121,060		(138,112)
Municipal debt securities	290,809		(15,617)		259,984		(51,446)		550,793		(67,063)
Non-U.S. government securities	—		—		42,169		(11,256)		42,169		(11,256)
Corporate debt securities	1,346,480		(64,970)		553,944		(78,047)		1,900,424		(143,017)
Residential and commercial mortgage securities	135,269		(5,104)		302,704		(24,932)		437,973		(30,036)
Asset-backed securities	575,498		(10,052)		112,782		(11,919)		688,280		(21,971)
Money market funds	38,132		(8)		—		—		38,132		(8)
Total	$	3,288,239	$	(133,400)	$	1,808,436	$	(289,447)	$	5,096,675	$	(422,847)


	Less than 12 months				12 months or more				Total
December 31, 2025 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	1,048	$	(8)	$	179,121	$	(5,968)	$	180,169	$	(5,976)

U.S. agency mortgage-backed securities	45,415		(90)		638,729		(76,660)		684,144		(76,750)
Municipal debt securities	74,928		(1,015)		314,515		(35,210)		389,443		(36,225)
Non-U.S. government securities	—		—		56,024		(8,446)		56,024		(8,446)
Corporate debt securities	196,571		(1,106)		706,561		(53,441)		903,132		(54,547)
Residential and commercial mortgage securities	36,552		(240)		364,271		(23,142)		400,823		(23,382)
Asset-backed securities	103,989		(871)		150,158		(7,096)		254,147		(7,967)

Total	$	458,503	$	(3,330)	$	2,409,379	$	(209,963)	$	2,867,882	$	(213,293)

At September 30, 2026 and December 31, 2025, we held 2,837 and 1,763 individual investment securities, respectively, that were in an unrealized loss position. We assess our intent to sell these securities and whether we will be required to sell these securities before the recovery of their amortized cost basis when determining whether to record an impairment on the securities in an unrealized loss position. In assessing whether the decline in the fair value at September 30, 2026 of any of these securities resulted from a credit loss or other factors, we made inquiries of our investment managers to determine that each issuer was current on its scheduled interest and principal payments. We reviewed the credit rating of these securities noting that approximately 99% of the securities at September 30, 2026 had investment-grade ratings. We concluded that gross unrealized losses noted above were primarily associated with the changes in interest rates subsequent to purchase rather than due to credit impairment. We recorded a $1.4 million credit allowance during the three and nine months ended September 30, 2026 on certain securities within our available-for-sale portfolio. There was $40 thousand of impairments recorded in the three and nine months ended September 30, 2025 due to our intent to sell securities in an unrealized loss position.

The Company's other invested assets at September 30, 2026 and December 31, 2025 totaled $451.9 million and $382.5 million, respectively. Other invested assets are principally comprised of limited partnership interests which are generally accounted for under the equity method or fair value using net asset value (or its equivalent) as a practical expedient. Our proportionate share of earnings or losses or changes in fair value are reported in income from other invested assets on the condensed consolidated statements of comprehensive income. For entities accounted for under the equity method that follow industry-specific guidance for investment companies, our proportionate share of earnings or losses includes changes in the fair value of the underlying assets of these entities. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.

Other invested assets that are accounted for at fair value using the net asset value (or its equivalent) as a practical expedient totaled $215.8 million as of September 30, 2026 and $180.0 million as of December 31, 2025. The majority of these investments were in limited partnerships invested primarily in real estate and technology. At September 30, 2026, maximum future funding commitments were $113.6 million. For limited partnership investments that have a contractual expiration date, we expect the liquidation of the underlying assets to occur within the next one to nine years. For certain of these investments, the Company does not have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. In addition, the Company generally does not have the ability to sell or transfer these investments without consent from the general partner of individual limited partnerships.

The fair value of investments deposited with insurance regulatory authorities to meet statutory requirements was $9.0 million at September 30, 2026 and $8.7 million at December 31, 2025. In connection with its insurance and reinsurance activities, Essent Re is required to maintain assets in trusts for the benefit of its contractual counterparties. The fair value of the investments on deposit in these trusts was $1.0 billion at both September 30, 2026 and December 31, 2025. Essent Guaranty is also required to maintain assets on deposit for the benefit of the sponsor of a fixed income investment commitment. The fair value of the assets on deposit was $5.3 million at September 30, 2026 and $5.2 million at December 31, 2025.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Fixed maturities	$	59,293	$	54,940	$	171,816	$	162,372
Short-term investments	5,574		6,540		17,351		20,088
Gross investment income	64,867		61,480		189,167		182,460
Investment expenses	(1,915)		(1,685)		(5,348)		(5,166)
Net investment income	$	62,952	$	59,795	$	183,819	$	177,294