
	Three Months Ended March 31,
	2025		2024
Investment income, net of investment expenses	$	2,838	$	3,664
Realized gains on investments	74		14
Realized losses on investments	(102)		(34)




Investment income and realized gains and losses, net of investment expenses	$	2,810	$	3,644


		March 31, 2025
		Amortized Cost		Gross Unrealized				Fair Value
				Gains		Losses
U.S. Treasuries		$	16,437	$	152	$	—	$	16,589
Obligations of states, municipalities and political subdivisions		2,075		22		—		2,097
Corporate bonds		8,502		137		—		8,639
Residential and commercial mortgage-backed securities		3,346		54		—		3,400
Other loan-backed and structured securities		—		—		—		—
Total investment securities	(1)	$	30,360	$	365	$	—	$	30,725


	December 31, 2024
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
U.S. Treasuries	$	27,489	$	34	$	(421)	$	27,102
Obligations of states, municipalities and political subdivisions	12,602		26		(756)		11,872
Corporate bonds	72,996		192		(2,292)		70,896
Residential and commercial mortgage-backed securities	62,721		85		(2,032)		60,774
Other loan-backed and structured securities	12,335		28		(256)		12,107
Total investment securities	$	188,143	$	365	$	(5,757)	$	182,751

The amortized cost and fair value of securities held by our captive reinsurance business at March 31, 2025, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


		March 31, 2025
Remaining Time to Maturity		Amortized Cost		Fair Value
Due in one year or less		$	4,407	$	4,415
Due after one year through five years		18,263		18,492
Due after five years through ten years		4,345		4,418
Due after ten years		—		—
Residential and commercial mortgage-backed securities		3,345		3,400
Other loan-backed and structured securities		—		—
Total	(1)	$	30,360	$	30,725

Securities held by our captive reinsurance business with gross unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:


		Less Than Twelve Months				Twelve Months or Greater				Total
As of March 31, 2025		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries		$	—	$	1,505	$	—	$	—	$	—	$	1,505
Obligations of states, municipalities and political subdivisions		—		—		—		—		—		—
Corporate bonds		—		299		—		—		—		299
Residential and commercial mortgage-backed securities		—		46		—		—		—		46
Other loan-backed and structured securities		—		—		—		—		—		—
Total securities	(1)	$	—	$	1,850	$	—	$	—	$	—	$	1,850

At March 31, 2025, there were four securities, held by our captive reinsurance business as collateral for the benefit of HOA, in an unrealized loss position. Of these securities, none had been in an unrealized loss position for 12 months or longer.


	Less Than Twelve Months				Twelve Months or Greater				Total
As of December 31, 2024	Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries	$	(376)	$	7,881	$	(45)	$	525	$	(421)	$	8,406
Obligations of states, municipalities and political subdivisions	(652)		7,738		(104)		1,175		(756)		8,913
Corporate bonds	(2,063)		47,045		(229)		3,100		(2,292)		50,145
Residential and commercial mortgage-backed securities	(1,671)		49,585		(361)		2,691		(2,032)		52,276
Other loan-backed and structured securities	(249)		6,976		(7)		49		(256)		7,025
Total securities	$	(5,011)	$	119,225	$	(746)	$	7,540	$	(5,757)	$	126,765

The following table summarizes the amortized cost, fair value, and unrealized gains and losses of investment securities held by the Reciprocal.


	March 31, 2025
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
U.S. Treasuries	$	9,876	$	57	$	(264)	$	9,669
Obligations of states, municipalities and political subdivisions	10,049		35		(559)		9,525
Corporate bonds	79,250		339		(1,555)		78,034
Residential and commercial mortgage-backed securities	62,340		184		(1,223)		61,301
Other loan-backed and structured securities	12,539		46		(190)		12,395
Total investment securities held by the consolidated VIE	$	174,054	$	661	$	(3,791)	$	170,924

The amortized cost and fair value of securities held by the Reciprocal at March 31, 2025, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2025
Remaining Time to Maturity	Amortized Cost		Fair Value
Due in one year or less	$	2,405	$	2,338
Due after one year through five years	32,653		32,057
Due after five years through ten years	46,346		45,338
Due after ten years	17,771		17,495
Residential and commercial mortgage-backed securities	62,340		61,301
Other loan-backed and structured securities	12,539		12,395
Total	$	174,054	$	170,924

Securities held by the Reciprocal with gross unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:


	Less Than Twelve Months				Twelve Months or Greater				Total
As of March 31, 2025	Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries	$	(224)	$	4,387	$	(40)	$	290	$	(264)	$	4,677
Obligations of states, municipalities and political subdivisions	(468)		6,290		(91)		1,137		(559)		7,427
Corporate bonds	(1,386)		33,749		(169)		2,570		(1,555)		36,319
Residential and commercial mortgage-backed securities	(922)		36,968		(301)		2,417		(1,223)		39,385
Other loan-backed and structured securities	(184)		4,415		(6)		48		(190)		4,463
Total securities held by the consolidated VIE	$	(3,184)	$	85,809	$	(607)	$	6,462	$	(3,791)	$	92,271

At March 31, 2025, there were 395 securities in an unrealized loss position held by the Reciprocal. Of these securities, 60 had been in an unrealized loss position for 12 months or longer as of March 31, 2025.

We believe there were no fundamental issues, such as credit losses or other factors, with respect to any of our available-for-sale securities. The unrealized losses on investments in fixed-maturity securities were caused primarily by interest rate changes. We expect that the securities will not be settled at a price less than par value of the investments. Because the declines in fair value are attributable to changes in interest rates or market conditions and not credit quality, and because we have the ability and intent to hold our available-for-sale investments until a market price recovery or maturity, we do not consider any of our investments to have any decline in fair value due to expected credit losses at March 31, 2025.