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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments Held by Successor Ambac, by Contractual Maturity
The amortized cost and estimated fair value of available-for-sale investments, at December 31, 2024, by contractual maturity, were as follows:
Amortized
Cost		Estimated
Fair Value
Due in one year or less$158,357 $158,056 
Due after one year through five years62,715 61,169 
Due after five years through ten years54,882 51,688 
Due after ten years976 958 
276,930 271,871 
Residential mortgage-backed securities2,475 2,446 
Commercial mortgage-backed securities2,127 2,101 
Collateralized debt obligations3,131 3,142 
Other asset-backed securities5,049 5,061 
Total$289,712 $284,621 
Summary of Gross Unrealized Losses and Fair Values of Ambac's Available-for-Sale Investments
The following table shows gross unrealized losses and fair values of Ambac’s available-for-sale investments, which at December 31, 2024, did not have an allowance for credit losses under the CECL standard. This information is aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Less Than 12 Months12 Months or MoreTotalLess Than 12 Months12 Months or MoreTotal
Fair
Value		Gross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair
Value		Gross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
Fixed maturity securities:
Municipal obligations$6,042 $112 $6,582 $458 $12,624 $570 $732 $17 $7,015 $679 $7,747 $696 
Corporate obligations23,784 269 46,612 3,636 70,396 3,905 12,134 49 59,010 4,916 71,144 4,965 
U.S. government obligations15,919 344 14,818 465 30,737 809 6,847 37 20,981 896 27,828 933 
Residential mortgage-backed securities2,446 29 — — 2,446 29 — — — — — — 
Commercial mortgage-backed securities738 34 — — 738 34 — — — — — — 
Collateralized debt obligations655 2 — — 655 2 — — — — — — 
Other asset-backed securities1,428 2 — — 1,428 2 — — — — — — 
51,012 792 68,012 4,559 119,024 5,351 19,713 103 87,006 6,491 106,719 6,594 
Short-term— — — — — — 619 — — — 619 — 
Total temporarily impaired securities$51,012 $792 $68,012 $4,559 $119,024 $5,351 $20,332 $103 $87,006 $6,491 $107,338 $6,594 
Investment Ambac's unfunded commitments total $1,724 on this private equity fund at December 31, 2024. Other investments also include preferred equity investments with a carrying value of $20,618 and $12,500 as of December 31, 2024 and 2023, respectively, that do not have readily determinable fair values and are carried at cost, less any impairments as permitted under the Investments — Equity Securities Topic of the ASC. Impairments of $6,516, $0, and $0 were recorded on these investments in the years ended December 31, 2024, 2023 and 2022, respectively. There were no adjustments to fair value to reflect observable price changes in identical or similar investments from the same issuer during the years ended December 31, 2024, 2023 and 2022.
Summary of Net Investment Income
Net investment income (loss) was comprised of the following for the affected periods:
Year Ended December 31,202420232022
Fixed maturity securities$4,895 $3,696 $2,163 
Short-term investments10,033 9,287 2,345 
Investment expense(365)(296)(139)
Securities available-for-sale and short-term14,563 12,687 4,369 
Fixed maturity securities - trading— — — 
Other investments(115)472 134 
Total net investment income (loss)$14,448 $13,159 $4,503 
Net i
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments
The amortized cost and estimated fair value of available-for-sale investments, at December 31, 2024 and 2023 were as follows:
December 31, 2024December 31, 2023
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value		Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Fixed maturity securities:
Municipal obligations$14,646 $— $7 $570 $14,083 $9,394 — 13 696 8,711 
Corporate obligations
92,990 — 107 3,905 89,192 92,694 — 262 4,965 87,991 
U.S. government obligations41,706 — 98 809 40,995 39,091 — 364 933 38,522 
Residential mortgage-backed securities2,475 — — 29 2,446 — — — — — 
Commercial mortgage-backed securities2,127 — 8 34 2,101 — — — — — 
Collateralized debt obligations3,131 — 13 2 3,142 — — — — — 
Other asset-backed securities5,049 — 14 2 5,061 — — — — — 
162,124 — 247 5,351 157,020 141,179 — 639 6,594 135,224 
Short-term127,588 — 13 — 127,601 200,506 — 4 — 200,510 
Total available-for-sale investments$289,712 $— $260 $5,351 $284,621 341,685 $— $643 $6,594 $335,734 
Summary of Amounts Included in Net Realized (Losses) Gains and Other-Than-Temporary Impairments
The following table details amounts included in net investment gains (losses) and impairments included in earnings for the affected periods:
Year Ended December 31,202420232022
Gross realized gains on securities$6,020 $57 $43 
Gross realized losses on securities(1)(38)(105)
Foreign exchange (losses) gains— — — 
Credit impairments(6,516)— — 
Intent to sell impairments— — — 
Net investment gains (losses), including impairments$(497)$19 $(62)