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Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at December 31, 2025 and 2024, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."


	At December 31, 2025
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	409,170	$	—	$	161	$	(25,478)	$	383,853	2
States, municipalities, and political subdivisions	3,385,433		—		26,955		(531,762)		2,880,626		16
Foreign governments	47,448		—		138		(8,040)		39,546		—
Corporates, by sector:
Industrials	7,787,885		—		175,164		(645,363)		7,317,686		42
Financial	4,982,187		—		134,105		(333,966)		4,782,326		27

Utilities	2,093,010		—		71,582		(93,086)		2,071,506		12
Total corporates	14,863,082		—		380,851		(1,072,415)		14,171,518		81
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	115,331		(3,297)		1,877		(112)		113,799		1
Total fixed maturities	$	18,820,464	$	(3,297)	$	409,982	$	(1,637,807)	$	17,589,342	100

(1)Amount reported in the balance sheet.

(2)At fair value.


	At December 31, 2024
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	401,753	$	—	$	1	$	(42,794)	$	358,960	2
States, municipalities, and political subdivisions	3,300,901		—		20,662		(534,759)		2,786,804		16
Foreign governments	36,883		—		18		(8,870)		28,031		—
Corporates, by sector:
Industrials	7,889,074		(7,098)		105,610		(805,330)		7,182,256		42
Financial	5,006,375		—		82,598		(413,043)		4,675,930		27

Utilities	2,081,366		—		39,716		(118,007)		2,003,075		12
Total corporates	14,976,815		(7,098)		227,924		(1,336,380)		13,861,261		81
Collateralized debt obligations	36,923		—		5,943		—		42,866		—
Other asset-backed securities	82,534		(3,297)		39		(2,186)		77,090		1
Total fixed maturities	$	18,835,809	$	(10,395)	$	254,587	$	(1,924,989)	$	17,155,012	100

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company had unfunded commitments of $313 million and $167 million in fixed maturities at December 31, 2025 and 2024, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at December 31, 2025, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.


	At December 31, 2025
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	121,194	$	122,154
Due after one year through five years	816,125		847,246
Due after five years through ten years	1,873,144		1,938,627
Due after ten years through twenty years	8,965,771		8,521,420
Due after twenty years	6,928,887		6,046,084
Mortgage-backed and asset-backed securities	112,046		113,811
	$	18,817,167	$	17,589,342

Analysis of investment operations: "Net investment income" for the three years ended December 31, 2025 is summarized as follows:


	Year Ended December 31,
	2025		2024		2023
Fixed maturities available for sale	$	974,111	$	981,439	$	944,628
Policy loans	55,876		52,625		49,011
Mortgage loans	28,064		27,809		19,541
Other long-term investments(1)	90,321		81,834		54,655
Short-term investments	9,178		11,151		6,322
	1,157,550		1,154,858		1,074,157
Less investment expense	(27,352)		(19,227)		(17,273)
Net investment income	$	1,130,198	$	1,135,631	$	1,056,884

(1)For the years ended 2025, 2024, and 2023, the investment funds, accounted for under the fair value option method, recorded $76.2 million, $74.8 million, and $52.3 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Selected information about sales of fixed maturities available for sale is as follows:


	Year Ended December 31,
	2025		2024		2023
Fixed maturities available for sale:
Proceeds from sales(1)	$	623,792	$	1,207,237	$	602,556
Gross realized gains	8,378		21,196		5,554
Gross realized losses	(20,551)		(32,956)		(80,823)

(1)Includes unsettled trades of $0, $866 thousand, and $0 as of December 31, 2025, 2024, and 2023, respectively.

An analysis of "realized gains (losses)" is as follows:


	Year Ended December 31,
	2025		2024		2023
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	(30,447)	$	(11,563)	$	(77,301)
Provision for credit losses	7,098		(3,280)		(7,115)
Fair value option—change in fair value	(10,074)		(16,717)		15,102
Mortgage loans	(2,817)		(3,972)		(5,603)
Other investments	(1,642)		2,936		1,792
Realized gains (losses) from investments	(37,882)		(32,596)		(73,125)

Other gains (losses)	10,094		8,408		7,449
Total realized gains (losses)	(27,788)		(24,188)		(65,676)
Applicable tax	5,836		5,080		13,792
Realized gains (losses), net of tax	$	(21,952)	$	(19,108)	$	(51,884)

(1)For the years ended 2025, 2024, and 2023, the Company recorded $288.5 million, $105.6 million, and $50.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.0) million, $0, and $(1.9) million, respectively, in realized gains (losses). During the year ended December 31, 2023, the Company sold $66 million in securities relating to holdings in Signature Bank New York and First Republic Bank, which entered receivership during the first half of 2023.

An analysis of the net change in unrealized investment gains (losses) is as follows:


	Year Ended December 31,
	2025		2024		2023
Change in unrealized investment gains (losses) on:
Fixed maturities available for sale	$	442,577	$	(622,809)	$	750,734

Fair value measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at December 31, 2025 and 2024:


	Fair Value Measurement at December 31, 2025:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	383,853		$	—		$	383,853
States, municipalities, and political subdivisions	—			2,880,626			—			2,880,626
Foreign governments	—			39,546			—			39,546
Corporates, by sector:
Industrials	—			7,232,179			85,507			7,317,686
Financial	—			4,661,175			121,151			4,782,326
Utilities	—			1,968,840			102,666			2,071,506

Total corporates	—			13,862,194			309,324			14,171,518
Collateralized debt obligations	—			—			—			—
Other asset-backed securities	—			27,898			85,901			113,799
Total fixed maturities	$	—		$	17,194,117		$	395,225		$	17,589,342
Percentage of total	—		%	98		%	2		%	100		%


	Fair Value Measurement at December 31, 2024:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	358,960		$	—		$	358,960
States, municipalities, and political subdivisions	—			2,786,804			—			2,786,804
Foreign governments	—			28,031			—			28,031
Corporates, by sector:
Industrials	—			6,998,900			183,356			7,182,256
Financial	—			4,551,737			124,193			4,675,930
Utilities	—			1,890,559			112,516			2,003,075

Total corporates	—			13,441,196			420,065			13,861,261
Collateralized debt obligations	—			—			42,866			42,866
Other asset-backed securities	—			65,907			11,183			77,090
Total fixed maturities	$	—		$	16,680,898		$	474,114		$	17,155,012
Percentage of total	—		%	97		%	3		%	100		%

The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities		Collateralized Debt Obligations		Corporates		Total
Balance at January 1, 2023	$	—	$	50,364	$	478,083	$	528,447

Included in realized gains / losses	—		—		—		—
Included in other comprehensive income	—		(8,230)		4,541		(3,689)
Acquisitions(1)	—		—		—		—
Sales	—		—		—		—
Amortization	—		4,569		155		4,724
Other(2)	—		(4,557)		(28,046)		(32,603)
Transfers into Level 3(3)	—		—		—		—
Transfers out of Level 3(3)	—		—		—		—
Balance at December 31, 2023	—		42,146		454,733		496,879

Included in realized gains / losses	—		—		740		740
Included in other comprehensive income	37		907		(4,607)		(3,663)
Acquisitions(1)	8,948		—		14,800		23,748
Sales	—		—		—		—
Amortization	—		4,548		217		4,765
Other(2)	—		(4,735)		(45,818)		(50,553)
Transfers into Level 3(3)	2,198		—		—		2,198
Transfers out of Level 3(3)	—		—		—		—
Balance at December 31, 2024	11,183		42,866		420,065		474,114

Included in realized gains / losses	—		(588)		(2,563)		(3,151)
Included in other comprehensive income	350		(5,943)		10,618		5,025
Acquisitions(1)	74,368		—		44,015		118,383
Sales	—		(36,398)		(118,379)		(154,777)
Amortization	—		1,512		(209)		1,303
Other(2)	—		(1,449)		(44,223)		(45,672)
Transfers into Level 3(3)	—		—		—		—
Transfers out of Level 3(3)	—		—		—		—
Balance at December 31, 2025	$	85,901	$	—	$	309,324	$	395,225

(1)Acquisitions of Level 3 investments in each of the years 2023 through 2025 are comprised of private placement fixed maturities and equities. (2)Includes capitalized interest, foreign exchange adjustments, and principal repayments. (3)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.

Changes in unrealized gains and losses for Level 3 securities during the period included in accumulated other comprehensive income for assets held at the end of the reporting period:
	Asset- backed Securities		Collateralized Debt Obligations		Corporates		Total
2023	$	—	$	(8,230)	$	4,541	$	(3,689)
2024	37		907		(4,607)		(3,663)
2025	350		(5,943)		10,618		5,025

Transfers between levels within the hierarchy occur when there are changes in the observability of the inputs and market data. Transfers into Level 3 occur when there is little observable market activity for the asset/liability as of the measurement date and the Company is required to rely upon internally-developed assumptions or third parties. Transfers out of Level 3 occur when quoted prices in active markets become available for identical assets/liabilities or the ability to corroborate by observable market data.

The following table represents quantitative information about Level 3 fair value measurements:

Quantitative Information about Level 3 Fair Value Measurements

As of December 31, 2025

Fair Value

Valuation
Techniques

Significant Unobservable
Input

Range

Weighted-

Average(1)

Private placement fixed maturities

309,324

Determination of credit spread

Credit rating

B to AA

BBB+

Asset-backed securities

85,901

Determination of credit spread

Credit rating

CC to A-

BBB-

395,225

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Private placement fixed maturities and asset-backed securities are valued based on the contractual cash flows discounted by a yield determined as a treasury benchmark rate adjusted for a credit spread. The credit spread is developed from observable indices for similar securities and unobservable indices for private securities or private comparable securities for corresponding credit ratings. The credit ratings for the securities may be considered unobservable inputs, as they are private letter ratings issued by a nationally recognized statistical rating organization or are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation.

The collateral underlying collateralized debt obligations consists primarily of trust preferred securities issued by banks and insurance companies. Collateralized debt obligations are valued at the present value of expected future cash flows using an unobservable discount rate. Expected cash flows are determined by scheduling the projected repayment of the collateral assuming no future defaults, deferrals, or recoveries. The discount rate is risk-adjusted to take these items into account. A significant increase (decrease) in the discount rate will produce a significant decrease (increase) in fair value. Additionally, a significant increase (decrease) in the cash flow expectations would result in a significant increase (decrease) in fair value. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities.

Unrealized Loss Analysis: The following table discloses information about fixed maturities available for sale in an unrealized loss position.


	Less than Twelve Months	Twelve Months or Longer	Total
Number of issues (CUSIPs) held:
As of December 31, 2025	395	1,583	1,978
As of December 31, 2024	705	1,498	2,203

Globe Life's entire fixed maturity portfolio consisted of 2,576 issues by 1,010 different issuers at December 31, 2025 and 2,552 issues by 1,014 different issuers at December 31, 2024. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of December 31, 2025 and A- as of December 31, 2024.

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at December 31, 2025 and December 31, 2024.

Analysis of Gross Unrealized Investment Losses


	At December 31, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	4,894	$	(454)	$	368,750	$	(25,024)	$	373,644	$	(25,478)
States, municipalities, and political subdivisions	535,186		(12,491)		1,731,104		(519,061)		2,266,290		(531,552)
Foreign governments	5,616		(26)		25,370		(8,014)		30,986		(8,040)
Corporates, by sector:
Industrials	680,126		(14,131)		3,667,956		(591,006)		4,348,082		(605,137)
Financial	469,436		(29,118)		1,806,739		(294,440)		2,276,175		(323,558)

Utilities	302,325		(4,274)		555,085		(82,694)		857,410		(86,968)
Total corporates	1,451,887		(47,523)		6,029,780		(968,140)		7,481,667		(1,015,663)

Other asset-backed securities	18,217		(62)		1,379		(50)		19,596		(112)
Total investment grade securities	2,015,800		(60,556)		8,156,383		(1,520,289)		10,172,183		(1,580,845)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		1,751		(210)		1,751		(210)


Industrials	35,564		(6,631)		141,446		(33,595)		177,010		(40,226)
Financial	6,185		(36)		101,427		(10,372)		107,612		(10,408)

Utilities	5,025		(60)		38,121		(6,058)		43,146		(6,118)
Total corporates	46,774		(6,727)		280,994		(50,025)		327,768		(56,752)

Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	46,774		(6,727)		282,745		(50,235)		329,519		(56,962)
Total fixed maturities	$	2,062,574	$	(67,283)	$	8,439,128	$	(1,570,524)	$	10,501,702	$	(1,637,807)


	At December 31, 2024
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	11,268	$	(290)	$	347,527	$	(42,504)	$	358,795	$	(42,794)
States, municipalities, and political subdivisions	778,244		(32,894)		1,532,264		(501,865)		2,310,508		(534,759)
Foreign governments	—		—		24,925		(8,870)		24,925		(8,870)
Corporates, by sector:
Industrials	1,487,940		(73,404)		3,433,034		(690,920)		4,920,974		(764,324)
Financial	961,932		(52,946)		1,785,130		(333,873)		2,747,062		(386,819)

Utilities	546,965		(20,214)		540,077		(90,996)		1,087,042		(111,210)
Total corporates	2,996,837		(146,564)		5,758,241		(1,115,789)		8,755,078		(1,262,353)

Other asset-backed securities	23,231		(95)		42,639		(2,091)		65,870		(2,186)
Total investment grade securities	3,809,580		(179,843)		7,705,596		(1,671,119)		11,515,176		(1,850,962)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		—		—		—		—

Corporates, by sector:
Industrials	54,199		(2,656)		142,638		(38,350)		196,837		(41,006)
Financial	2,990		(53)		126,811		(26,171)		129,801		(26,224)

Utilities	19,263		(1,113)		24,003		(5,684)		43,266		(6,797)
Total corporates	76,452		(3,822)		293,452		(70,205)		369,904		(74,027)

Other asset-backed securities	—		—		2,198		—		2,198		—
Total below investment grade securities	76,452		(3,822)		295,650		(70,205)		372,102		(74,027)
Total fixed maturities	$	3,886,032	$	(183,665)	$	8,001,246	$	(1,741,324)	$	11,887,278	$	(1,924,989)

Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect the holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position, Globe Life does not generally intend to sell and it is unlikely that the Company will be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations.

Gross unrealized losses decreased from $1.92 billion at December 31, 2024 to $1.64 billion at December 31, 2025, a decrease of $287 million. The decrease in the gross unrealized losses from the prior year was primarily attributable to the change in market interest rates.

Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as follows. Refer to Note 1—Significant Accounting Policies for factors considered in the recording of the allowance for credit losses.


	Year Ended December 31,
	2025		2024
Allowance for credit losses beginning balance	$	10,395	$	7,115
Additions to allowance for which credit losses were not previously recorded	—		3,297
Additions (reductions) to allowance for fixed maturities that previously had an allowance	20		(17)
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period	(7,118)		—
Allowance for credit losses ending balance	$	3,297	$	10,395

As of December 31, 2025, the Company had two fixed maturity securities in non-accrual status with an amortized cost of $9.2 million and an allowance of $3.3 million. As of December 31, 2024, there was one fixed maturity security in non-accrual status with an amortized cost of $5.5 million and an allowance of $3.3 million.

Concentrations of Credit Risk: Globe Life maintains a diversified investment portfolio with limited concentration in any given issuer. At December 31, 2025, the investment portfolio, at fair value, consisted of the following:


Investment grade fixed maturities:
Corporates	67	%
States, municipalities, and political subdivisions	14
U.S. Government direct, guaranteed, and government-sponsored enterprises	2
Other	1

Below investment grade fixed maturities:
Corporates	2



	86

Other
Policy loans, which are secured by the underlying insurance policy values	4
Other investments	10
	100	%

As of December 31, 2025, state and municipal governments represented 14% of invested assets at fair value. Such investments are made throughout the U.S. At December 31, 2025, the state and municipal bond portfolio at fair value was invested in securities issued within the following states: Texas (21%), California (9%), New York (8%), Florida (4%), and Pennsylvania (4%). Otherwise, there was no concentration within any given state greater than 4%.

Corporate fixed maturities represent 69% of Globe Life's invested assets. These investments are spread across a wide range of industries. Below are the ten largest industry concentrations held in the portfolio of corporate fixed maturities at December 31, 2025, based on fair value:


Insurance	19	%
Electric utilities	11
Banks	6
Oil and natural gas pipelines	6
Chemicals	5
Transportation	4
Diversified financial services	3
Food	3
Telecommunications	3
Gas utilities	3

At December 31, 2025, 2% of invested assets at fair value were represented by fixed maturities rated below investment grade. Par value of these investments was $624 million, amortized cost was $521 million, and fair value was $469 million. While these investments could be subject to additional credit risk, such risk should generally be reflected in their fair value.

Securities, cash, and short-term investments held on deposit with various state and federal regulatory authorities had an amortized cost and fair value, respectively, of $1.0 billion and $983 million at December 31, 2025 and $1.0 billion and $955 million at December 31, 2024.

Mortgage Loans (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at December 31, 2025 and 2024 are as follows:


	2025			2024
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	155,208	36	$	110,456	28
Hospitality	99,492		23	73,931		19
Multi-family	99,212		23	111,234		28
Retail	76,059		18	65,612		16
Office	3,061		1	6,539		2
Mixed use	—		—	35,960		9

Total recorded investment	433,032		101	403,732		102
Less allowance for credit losses	(4,515)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	428,517	100	$	396,088	100


	2025			2024
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Florida	$	88,681	21	$	63,308	16
Texas	66,597		15	75,131		19
North Carolina	42,358		10	23,253		6
New Jersey	37,130		9	51,744		13
Alabama	36,750		9	35,850		9
New York	31,948		7	34,975		9
Other	129,568		30	119,471		30
Total recorded investment	433,032		101	403,732		102
Less allowance for credit losses	(4,515)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	428,517	100	$	396,088	100

The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value ("LTV") ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than 80%. LTV ratios that exceed 80% are generally as a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio can potentially equate to higher risk of loss.


	December 31, 2025
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	61,159	$	50,009	$	313,634	$	424,802	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	8,230		—		—		8,230		2
Total	$	69,389	$	50,009	$	313,634	433,032		100
Less allowance for credit losses							(4,515)
Total, net of allowance for credit losses							$	428,517

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.


	December 31, 2024
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	88,507	$	64,494	$	196,867	$	349,868	87
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	16,136		37,728		—		53,864		13
Total	$	104,643	$	102,222	$	196,867	403,732		100
Less allowance for credit losses							(7,644)
Total, net of allowance for credit losses							$	396,088

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

As of December 31, 2025, the Company had 36 loans in the portfolio. During the quarter, the Company evaluated its commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined three loans were collateral dependent or likely to foreclose. The allowance for credit losses on the three loans was determined using the practical expedient which was based on an estimate of fair value of the underlying collateral plus costs to sell the asset. The total principal balance of the three loans was $4.3 million and the allowance, determined using the practical expedient, was $659 thousand as of December 31, 2025. One loan with an outstanding principal value of $7.0 million was removed from the evaluation and returned to the pool assessment during the year ended December 31, 2025. Additionally, four loans with an outstanding principal balance of $45.8 million were removed due to foreclosure and transferred into limited partnerships, held under the fair value option, in other long-term investments. For the year ended December 31, 2025, the allowance for credit losses decreased by $3.1 million to $4.5 million.


	Year Ended December 31,
	2025		2024
Allowance for credit losses beginning balance	$	7,644	$	3,672

Provision (reversal) for credit losses	(852)		3,972
Loans charged-off	(2,277)		—
Allowance for credit losses ending balance	$	4,515	$	7,644

As of December 31, 2025, the Company had two commercial mortgage loans in non-accrual status with an outstanding principal balance of $3 million and no commercial mortgage loans were delinquent. At December 31, 2024, there were five commercial mortgage loans in non-accrual status with an outstanding principal balance of $53 million and one delinquent commercial mortgage loan with outstanding interest of $31 thousand. The Company's unfunded commitment balance to commercial loan borrowers was $21 million as of December 31, 2025.

Other Long-Term Investments: Other long-term investments consist of the following assets:


	December 31,
	2025		2024
Investment funds	$	1,109,719	$	986,766
Company-owned life insurance(1)	243,721		202,734
Other	42,624		46,259
Total	$	1,396,064	$	1,235,759

(1) Company-owned life insurance is reported at cash surrender value.

The following table presents additional information about the Company's investment funds as of December 31, 2025 and December 31, 2024 at fair value:


	Fair Value				Unfunded Commitments(2)
Investment Category	2025		2024		2025		Redemption Term/Notice(1)






Commercial mortgage loans	$	614,080	$	566,142	$	260,229	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	223,665		202,008		222,080		Fully redeemable and non-redeemable with varying terms.


Infrastructure	187,964		179,627		21,791		Fully redeemable and non-redeemable with varying terms.


Other	84,010		38,989		53,665		Non-redeemable with varying terms
Total investment funds	$	1,109,719	$	986,766	$	557,765

(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

(2) Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of December 31, 2025, unfunded commitments totaled $716 million, including funds past the investment period.

The Company had $251 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $558 million as of December 31, 2025.