
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
December 31, 2025
Fixed maturity securities:
State and municipal	$	237,366	$	1,164	$	(19,053)	$	219,477
Residential mortgage-backed	483,074		3,239		(13,595)		472,718
Corporate	589,477		5,461		(17,184)		577,754
Commercial mortgage and asset-backed	124,507		187		(4,159)		120,535

U.S. Treasury securities and obligations guaranteed by the U.S. government	14,326		28		(64)		14,290

Total fixed maturity securities, available-for-sale	$	1,448,750	$	10,079	$	(54,055)	$	1,404,774
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	$	34,093	$	33,910
After one year through five years	418,689		413,159
After five years through ten years	235,889		228,537
After ten years	152,498		135,915
Residential mortgage-backed	483,074		472,718
Commercial mortgage and asset-backed	124,507		120,535
Total	$	1,448,750	$	1,404,774


	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)
December 31, 2025
Fixed maturity securities:
State and municipal	$	26,425	$	(369)	$	152,646	$	(18,684)	$	179,071	$	(19,053)
Residential mortgage-backed	63,405		(193)		171,993		(13,402)		235,398		(13,595)
Corporate	61,910		(243)		214,235		(16,941)		276,145		(17,184)
Commercial mortgage and asset-backed	7,662		(19)		78,130		(4,140)		85,792		(4,159)

U.S. Treasury securities and obligations guaranteed by the U.S. government	241		(2)		4,810		(62)		5,051		(64)

Total fixed maturity securities, available-for-sale	$	159,643	$	(826)	$	621,814	$	(53,229)	$	781,457	$	(54,055)
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 December 31, 2025, the Company held fixed maturity securities of 369 issuers that were in an unrealized loss position with a total fair value of $781.5 million and gross unrealized losses of $54.1 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment. At December 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 periodically reviews its available-for-sale fixed maturities to determine whether any unrealized losses exist that 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 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 maturities at December 31, 2025 or December 31, 2024. During the year ended December 31, 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 the remainder of securities in an unrealized loss position, 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 our 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 December 31, 2025, the Company's bank loan portfolio had an aggregate unpaid principal balance of $161.2 million and an aggregate fair value of $155.1 million. Investment income on bank loan participations included in net investment income was $12.8 million, $17.0 million, $12.0 million during the years ended December 31, 2025, 2024, and 2023, respectively. Net realized and unrealized gains (losses) on investments includes gains of $777,000, losses of $620,000, and gains of $9.0 million related to changes in unrealized gains and losses on bank loan participations for the years ended December 31, 2025, 2024, and 2023, respectively. Management concluded that $203,000, $3.3 million, and $397,000 of the net realized and unrealized gains (losses) were due to credit-related impairments for the years ended December 31, 2025, 2024, and 2023, respectively. Losses due to credit-related impairments were 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 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 December 31, 2025 or 2024.


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Fixed maturity securities	$	53,181	$	48,262	$	49,793
Bank loan participations	12,830		16,992		11,984
Equity securities	5,447		7,424		6,548
Other invested assets	3,229		4,855		5,049
Cash, cash equivalents, restricted cash equivalents, and short-term investments	12,418		19,249		13,703

Gross investment income	87,105		96,782		87,077
Investment expense	(3,665)		(3,693)		(3,031)
Net investment income	$	83,440	$	93,089	$	84,046


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	467	$	1,613	$	—
Gross realized losses	(393)		(2,891)		(339)
	74		(1,278)		(339)
Equity securities:
Gross realized gains	1,016		11,061		1,845
Gross realized losses	(2,987)		(1,439)		(320)
Changes in fair values of equity securities	2,374		(873)		3,722
	403		8,749		5,247
Bank loan participations:
Gross realized gains	541		845		306
Gross realized losses	(3,992)		(4,069)		(3,806)
Changes in fair values of bank loan participations	777		(620)		9,049
	(2,674)		(3,844)		5,549
Short-term investments and other:
Gross realized gains	4		1		2
Gross realized losses	(2)		(2)		(18)
Changes in fair values of short-term investments and other	—		(1)		—
	2		(2)		(16)
Total	$	(2,195)	$	3,625	$	10,441



	Carrying Value				Investment Income
	December 31,				Year Ended December 31,
	2025		2024		2025		2024		2023
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	7,274	$	7,690	$	(369)	$	1,447	$	2,375
Corporate & Other	—		—		—		293		524
	7,274		7,690		(369)		1,740		2,899
Renewable energy notes receivable (b)
Excess and Surplus Lines	—		—		—		61		108
Corporate & Other	—		—		—		77		136
	—		—		—		138		244
Limited partnerships (c)
Excess and Surplus Lines	13,108		14,644		1,828		2,393		1,566
Corporate & Other	369		464		—		—		—
	13,477		15,108		1,828		2,393		1,566
Private Debt (d)
Excess and Surplus Lines	43,401		13,902		1,770		584		340
Corporate & Other	—		—		—		—		—
	43,401		13,902		1,770		584		340
Total other invested assets
Excess and Surplus Lines	63,783		36,236		3,229		4,485		4,389
Corporate & Other	369		464		—		370		660
	$	64,152	$	36,700	$	3,229	$	4,855	$	5,049

(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 Company’s former Non-Executive Chairman invested in certain of these LLCs. 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. During the fourth quarter of 2022, the underlying projects in two of our LLCs were sold at the manager's discretion. The Company received proceeds of $3.6 million, comprised of $3.1 million in the Excess and Surplus Lines segment and $524,000 in the Corporate and Other segment during the year ended December 31, 2023. During the year ended December 31, 2024, the Company received additional proceeds from the sales of $1.7 million in the Excess and Surplus Lines segment and $293,000 in the Corporate and Other segment. The Company received cash distributions from all renewable energy investments totaling $48,000 and $439,000 for the years ended December 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 year ended December 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. During the year ended December 31, 2025, the Company redeemed its investment in one of the limited partnerships for $5.9 million in proceeds. At December 31, 2025, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $11.7 million in these limited partnerships.

(d) The Company's Excess and Surplus Lines segment holds ten notes receivable for structured private credit. Interest on two notes maturing in 2031 is fixed at 4.25% and 5.25%. Interest on two notes maturing in 2035 is fixed at 6.50% and 8.00%. Interest on three notes maturing in 2035 is fixed at 6.00%, 7.00%, and 8.00%. Interest on three notes maturing in 2064 is fixed at 6.79%, 8.04%, and 9.04%. At December 31, 2025, the Company's Excess and Surplus Lines segment has outstanding commitments to invest another $80.7 million in these notes.

On April 10, 2025, the Company entered into an investment agreement with Sixth Street, the parent of Enstar Group Limited (“Enstar”). Pursuant to the agreement, the Company's Excess and Surplus Lines segment has invested $784,000 and $10.5 million within limited partnerships and collateralized notes receivable for structured private credit, respectively, at December 31, 2025. During the year ended December 31, 2025, the Company earned investment income of $498,000 from the investment and has outstanding commitments to invest another $63.5 million in the investment at December 31, 2025.