
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
March 31, 2025
Fixed maturity securities:
State and municipal	$	224,185	$	699	$	(23,883)	$	201,001
Residential mortgage-backed	379,128		751		(19,650)		360,229
Corporate	543,057		2,679		(24,367)		521,369
Commercial mortgage and asset-backed	164,442		110		(6,579)		157,973

U.S. Treasury securities and obligations guaranteed by the U.S. government	19,290		6		(241)		19,055

Total fixed maturity securities, available-for-sale	$	1,330,102	$	4,245	$	(74,720)	$	1,259,627
December 31, 2024
Fixed maturity securities:
State and municipal	$	223,009	$	598	$	(27,043)	$	196,564
Residential mortgage-backed	352,064		32		(25,869)		326,227
Corporate	503,610		1,358		(29,483)		475,485
Commercial mortgage and asset-backed	178,238		112		(7,892)		170,458

U.S. Treasury securities and obligations guaranteed by the U.S. government	21,416		2		(419)		20,999

Total fixed maturity securities, available-for-sale	$	1,278,337	$	2,102	$	(90,706)	$	1,189,733


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	25,426	$	25,214
After one year through five years	364,219		358,245
After five years through ten years	250,036		231,251
After ten years	146,851		126,715
Residential mortgage-backed	379,128		360,229
Commercial mortgage and asset-backed	164,442		157,973

Total	$	1,330,102	$	1,259,627


	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
March 31, 2025
Fixed maturity securities:
State and municipal	$	29,844	$	(615)	$	152,003	$	(23,268)	$	181,847	$	(23,883)
Residential mortgage-backed	148,773		(2,530)		140,732		(17,120)		289,505		(19,650)
Corporate	107,601		(2,706)		221,095		(21,661)		328,696		(24,367)
Commercial mortgage and asset-backed	32,772		(68)		98,840		(6,511)		131,612		(6,579)

U.S. Treasury securities and obligations guaranteed by the U.S. government	7,377		(39)		8,479		(202)		15,856		(241)

Total fixed maturity securities, available-for-sale	$	326,367	$	(5,958)	$	621,149	$	(68,762)	$	947,516	$	(74,720)
December 31, 2024
Fixed maturity securities:
State and municipal	$	35,979	$	(1,087)	$	146,547	$	(25,956)	$	182,526	$	(27,043)
Residential mortgage-backed	179,807		(5,285)		140,559		(20,584)		320,366		(25,869)
Corporate	149,149		(4,281)		220,743		(25,202)		369,892		(29,483)
Commercial mortgage and asset-backed	17,991		(65)		101,525		(7,827)		119,516		(7,892)

U.S. Treasury securities and obligations guaranteed by the U.S. government	7,653		(115)		12,412		(304)		20,065		(419)

Total fixed maturity securities, available-for-sale	$	390,579	$	(10,833)	$	621,786	$	(79,873)	$	1,012,365	$	(90,706)

At March 31, 2025, the Company held fixed maturity securities of 420 issuers that were in an unrealized loss position with a total fair value of $947.5 million and gross unrealized losses of $74.7 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on a scheduled principal or interest payment. At March 31, 2025, 100.0% of the Company’s fixed maturity security portfolio was rated “BBB-” or better (“investment grade”) by Standard & Poor’s or received an equivalent rating from another nationally recognized rating agency.

The Company reviews its available-for-sale fixed maturities to determine whether unrealized losses are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related are recognized in other comprehensive income.

The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of the expected cash flows equals or exceeds a security’s amortized cost. As a result of this review, management concluded that there were no credit-related impairments of fixed maturity securities at March 31, 2025, December 31, 2024, or March 31, 2024. For securities in an unrealized loss position at March 31, 2025, management does not intend to sell the securities, and it is not “more likely than not” that the Company will be required to sell these securities before a recovery in their value to their amortized cost basis occurs.

The Company elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in the income statement as net realized and unrealized gains (losses) on investments. Applying the fair value option to the bank

At March 31, 2025, the Company's bank loan portfolio had an aggregate fair value of $144.0 million and unpaid principal of $151.1 million. Investment income on bank loan participations included in net investment income was $3.2 million and $4.5 million for the three months ended March 31, 2025 and 2024, respectively. Net realized and unrealized losses on bank loan participations were $2.3 million and $281,000 for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, management concluded that the unrealized losses of one bank loan issuer was due to a credit-related impairment. For the three months ended March 31, 2024, management concluded that $530,000 of the net realized and unrealized losses were due to credit-related impairments. Losses due to credit-related impairments are determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors.

Bank loan participations generally provide a higher yield than our portfolio of fixed maturities and have a credit rating that is below investment grade (i.e. below “BBB-” for Standard & Poor’s) at the date of purchase. These bank loans are primarily senior, secured floating-rate debt rated “BB”, “B”, or “CCC” by Standard & Poor’s or an equivalent rating from another nationally recognized rating agency. These bank loans include assignments of, and participations in, performing and non-performing senior corporate debt generally acquired through primary bank syndications and in secondary markets. Bank loans consist of, but are not limited to, term loans, the funded and unfunded portions of revolving credit loans, and other similar loans and investments. Management believed that it was probable at the time that these loans were acquired that the Company would be able to collect all contractually required payments receivable.

Interest income on bank loan participations is accrued on the unpaid principal balance, and discounts and premiums on bank loan participations are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at March 31, 2025 or December 31, 2024.


	Three Months Ended March 31,
		2025		2024
		(in thousands)
Fixed maturity securities:
Gross realized gains		$	32	$	—
Gross realized losses		(7)		(311)
		25		(311)
Bank loan participations:
Gross realized gains		92		308
Gross realized losses		(1,766)		(948)
Changes in fair values of bank loan participations		(640)		359
		(2,314)		(281)
Equity securities:
Gross realized gains		210		1,124
Gross realized losses		—		(177)
Changes in fair values of equity securities		708		4,228
		918		5,175
Short-term investments and other:
Gross realized gains		1		—
Gross realized losses		(1)		—
Changes in fair values of short-term investments and other		—		—
		—		—
Total		$	(1,371)	$	4,583


	Carrying Value					Investment Income
	March 31,		December 31,		Three Months Ended March 31,
	2025		2024			2025		2024
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	7,643	$	7,690		$	—	$	(286)
Corporate & Other	—		—			—		—
	7,643		7,690			—		(286)
Renewable energy notes receivable (b)
Excess and Surplus Lines	—		—			—		61
Corporate & Other	—		—			—		77
	—		—			—		138
Limited partnerships (c)
Excess and Surplus Lines	16,231		14,644			9		(115)
Corporate & Other	464		464			—		—
	16,695		15,108			9		(115)
Private Debt (d)
Excess and Surplus Lines	28,430		13,902			191		118
Corporate & Other	—		—			—		—
	28,430		13,902			191		118
Total other invested assets
Excess and Surplus Lines	52,304		36,236			200		(222)
Corporate & Other	464		464			—		77
	$	52,768	$	36,700		$	200	$	(145)

(a)The Company's Excess and Surplus Lines segment owns equity interests ranging from 3.6% to 5.0% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The equity method is used to account for the Company’s LLC investments. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. The Company received cash distributions from these investments totaling $48,000 and $14,000 in the three months ended March 31, 2025 and 2024, respectively.

(b)The Company's Excess and Surplus Lines and Corporate and Other segments invested in two notes receivable for renewable energy projects. Interest on the notes was fixed at 12%. During the three months ended March 31, 2024, the Company received final principal repayments of $608,000 and $761,000 on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively.

(c)The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, specialty private credit, and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. At March 31, 2025, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.0 million in the limited partnerships.

(d)The Company's Excess and Surplus Lines segment has invested in four notes receivable for structured private specialty credit. Interest on the notes, which mature in 2031, is fixed at 4.25% and 5.25%. Interest on the notes, which mature in 2035, is fixed at 6.50% and 8.00%. At March 31, 2025, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.6 million in these notes.