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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net cash (used in) provided by operating activities [1] $ (51,467) $ 24,079
Fixed maturity securities, available-for-sale:    
Purchases (84,322) (2,015)
Sales 5,856 39,699
Maturities and calls 27,017 40,081
Equity securities:    
Purchases (1,809) (5,180)
Sales and redemptions 1,500 4,556
Bank loan participations:    
Purchases (36,818) (57,209)
Sales 19,378 33,432
Maturities 13,753 6,908
Other invested assets:    
Purchases (16,525) (2,000)
Return of capital 289 200
Proceeds from sales and principal repayments 163 1,451
Short-term investments, net 17,983 (12,397)
Securities receivable or payable, net 1,723 715
Purchases of property and equipment (1,218) (745)
Net cash (used in) provided by investing activities (53,030) 47,496
Financing activities    
Senior debt issuances 25,000 0
Payroll taxes withheld and remitted on net settlement of RSUs (545) (824)
Dividends on Series A preferred shares (1,969) (2,625)
Dividends on common shares (600) (2,007)
Net cash provided by (used in) financing activities 21,886 (5,456)
Change in cash, cash equivalents, and restricted cash equivalents (82,611) 66,119
Cash, cash equivalents, and restricted cash equivalents at beginning of period 391,050 359,949
Cash, cash equivalents, and restricted cash equivalents at end of period 308,439 426,068
Supplemental information    
Interest paid 6,126 7,801
Restricted cash equivalents at beginning of period 28,705 72,449
Restricted cash equivalents at end of period 29,012 73,396
Change in restricted cash equivalents $ 307 $ 947
[1] Cash provided by operating activities for the three months ended March 31, 2025 and 2024 includes the restricted cash activity above related to a former insured, per the terms of a collateral trust. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book”. Excluding the restricted cash activity, cash (used in) provided by operating activities was $(51.8) million and $23.1 million for the three months ended March 31, 2025 and 2024, respectively.