
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
June 30, 2025
Fixed maturity securities:
State and municipal	$	222,687	$	689	$	(23,886)	$	199,490
Residential mortgage-backed	415,523		1,071		(19,484)		397,110
Corporate	545,680		4,062		(21,234)		528,508
Commercial mortgage and asset-backed	162,123		181		(5,487)		156,817

U.S. Treasury securities and obligations guaranteed by the U.S. government	18,442		7		(157)		18,292

Total fixed maturity securities, available-for-sale	$	1,364,455	$	6,010	$	(70,248)	$	1,300,217
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	$	31,869	$	31,588
After one year through five years	392,344		385,220
After five years through ten years	217,668		205,185
After ten years	144,928		124,297
Residential mortgage-backed	415,523		397,110
Commercial mortgage and asset-backed	162,123		156,817

Total	$	1,364,455	$	1,300,217


	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)
June 30, 2025
Fixed maturity securities:
State and municipal	$	34,119	$	(769)	$	149,917	$	(23,117)	$	184,036	$	(23,886)
Residential mortgage-backed	146,323		(2,555)		136,998		(16,929)		283,321		(19,484)
Corporate	77,546		(1,936)		219,120		(19,298)		296,666		(21,234)
Commercial mortgage and asset-backed	17,317		(11)		94,438		(5,476)		111,755		(5,487)

U.S. Treasury securities and obligations guaranteed by the U.S. government	6,548		(12)		7,690		(145)		14,238		(157)

Total fixed maturity securities, available-for-sale	$	281,853	$	(5,283)	$	608,163	$	(64,965)	$	890,016	$	(70,248)
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 June 30, 2025, the Company held fixed maturity securities of 402 issuers that were in an unrealized loss position with a total fair value of $890.0 million and gross unrealized losses of $70.2 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on a scheduled principal or interest payment. At June 30, 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 June 30, 2025, December 31, 2024, or June 30, 2024. During the three months ended June 30, 2024, management recognized an impairment loss of $207,000 for one fixed maturity security due to the Company’s inability to hold the security until a recovery in its value to the amortized cost basis. For securities in an unrealized loss position at June 30, 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 loan portfolio increases volatility in the Company's financial statements, but management believes it is less subjective and less burdensome to implement and maintain than ASU 2016-13, which would have otherwise been required.

At June 30, 2025, the Company's bank loan portfolio had an aggregate fair value of $158.9 million and unpaid principal of $164.6 million. Investment income on bank loan participations included in net investment income was $3.1 million and $6.3 million for the three and six months ended June 30, 2025, respectively ($4.6 million and $9.1 million for the respective prior year periods). Net realized and unrealized gains (losses) on bank loan participations were $253,000 and $(2.1) million for the three and six months ended June 30, 2025, respectively ($(843,000) and $(1.1) million in the respective prior year periods). As of June 30, 2025, management concluded that none of the unrealized losses of bank loan participations were due to credit-related impairments. For the three and six months ended June 30, 2024, management concluded that $1.4 million and $2.6 million 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 June 30, 2025 or December 31, 2024.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	13	$	1,543	$	45	$	1,543
Gross realized losses	(13)		(2,341)		(20)		(2,652)
	—		(798)		25		(1,109)
Bank loan participations:
Gross realized gains	137		223		229		531
Gross realized losses	(1,291)		(313)		(3,057)		(1,261)
Changes in fair values of bank loan participations	1,407		(753)		767		(394)
	253		(843)		(2,061)		(1,124)
Equity securities:
Gross realized gains	42		423		252		1,547
Gross realized losses	(7)		—		(7)		(177)
Changes in fair values of equity securities	(640)		(1,087)		68		3,141
	(605)		(664)		313		4,511
Short-term investments and other:
Gross realized gains	—		—		1		—
Gross realized losses	—		—		(1)		—

	—		—		—		—
Total	$	(352)	$	(2,305)	$	(1,723)	$	2,278


	Carrying Value				Investment Income
	June 30,		December 31,		Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024		2025		2024
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	7,322	$	7,690	$	(320)	$	948	$	(320)	$	662
Corporate & Other	—		—		—		293		—		293
	7,322		7,690		(320)		1,241		(320)		955
Renewable energy notes receivable (b)
Excess and Surplus Lines	—		—		—		—		—		61
Corporate & Other	—		—		—		—		—		77
	—		—		—		—		—		138
Limited partnerships (c)
Excess and Surplus Lines	17,278		14,644		851		517		860		402
Corporate & Other	464		464		—		—		—		—
	17,742		15,108		851		517		860		402
Private Debt (d)
Excess and Surplus Lines	33,076		13,902		455		151		646		269
Corporate & Other	—		—		—		—		—		—
	33,076		13,902		455		151		646		269
Total other invested assets
Excess and Surplus Lines	57,676		36,236		986		1,616		1,186		1,394
Corporate & Other	464		464		—		293		—		370
	$	58,140	$	36,700	$	986	$	1,909	$	1,186	$	1,764

(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. In the three months ended June 30, 2024, the Company received $1.2 million of additional proceeds from a previous sale of two LLCs including $880,000 in the Excess and Surplus Lines and $293,000 in the Corporate and Other segment. The Company received cash distributions from these investments totaling $48,000 and $161,000 in the six months ended June 30, 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 six months ended June 30, 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 June 30, 2025, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $9.3 million in the limited partnerships.

On April 11, 2025, the Company entered into an investment agreement with Sixth Street, the parent of Enstar. Pursuant to the agreement, the Company's Excess and Surplus Lines segment has invested in collateralized investment grade notes receivable for structured private specialty credit. Interest on three notes maturing in 2064 is fixed at 6.79%, 8.04%, and 9.04%. At June 30, 2025, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $64.6 million in the notes.