
Details of fixed income securities by category as of September 30, 2025
Table	7.1a
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	339,344	$	968	$	(2,813)	$	337,499
Obligations of U.S. states and political subdivisions		2,002,827		9,876		(140,274)		1,872,429
Corporate debt securities		2,730,841		36,854		(64,153)		2,703,542
ABS		206,520		3,500		(1,354)		208,666
RMBS		372,361		7,289		(17,804)		361,846
CMBS		224,852		2,231		(2,461)		224,622
CLOs		117,798		211		(23)		117,986
Foreign government debt		4,487		—		(397)		4,090
Commercial paper		37,914		—		—		37,914
Total fixed income securities		$	6,036,944	$	60,929	$	(229,279)	$	5,868,594


Details of fixed income securities by category as of December 31, 2024
Table	7.1b

(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	265,349	$	231	$	(5,087)	$	260,493
Obligations of U.S. states and political subdivisions		2,065,953		2,331		(192,789)		1,875,495
Corporate debt securities		2,857,627		12,593		(112,839)		2,757,381
ABS		155,594		2,157		(1,234)		156,517
RMBS		373,485		2,103		(25,528)		350,060
CMBS		243,840		21		(7,990)		235,871
CLOs		199,773		286		—		200,059
Foreign government debt		4,487		—		(689)		3,798
Commercial paper		12,015		—		—		12,015
Total fixed income securities		$	6,178,123	$	19,722	$	(346,156)	$	5,851,689

We had $12.6 million and $12.2 million of investments at fair value on deposit with various states as of September 30, 2025 and December 31, 2024, respectively, due to regulatory requirements of those state insurance departments.

In connection with our insurance and reinsurance activities within MAC and MIC, we are required to maintain assets in trusts for the benefit of contractual counterparties, which had investments at fair value of $190.9 million and $199.9 million at September 30, 2025 and December 31, 2024, respectively.

The amortized cost and fair values of fixed income securities at September 30, 2025, by contractual maturity, are shown in table 7.2 below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most mortgage and asset-backed securities are not due at a single maturity date, they are listed in separate categories.


Fixed income securities maturity schedule
Table	7.2
		September 30, 2025
(In thousands)		Amortized cost		Fair Value
Due in one year or less		$	811,265	$	810,672
Due after one year through five years		1,732,277		1,708,964
Due after five years through ten years		1,617,864		1,572,906
Due after ten years		954,007		862,932
		5,115,413		4,955,474

ABS		206,520		208,666
RMBS		372,361		361,846
CMBS		224,852		224,622
CLOs		117,798		117,986
Total		$	6,036,944	$	5,868,594


Details of equity security investments as of September 30, 2025
Table	7.3a
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,250	$	44	$	(1,008)	$	15,286


Details of equity security investments as of December 31, 2024
Table	7.3b
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,146	$	8	$	(1,392)	$	14,762

The net gains (losses) on investments and other financial instruments and the proceeds from the sale of fixed income securities classified as available-for-sale securities are shown in table 7.4 below.


Details of net gains (losses) on investments and other financial instruments
Table	7.4	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)		2025		2024		2025		2024

Fixed income securities:
Gains on sales		$	427	$	28	$	1,351	$	508
Losses on sales		(36)		(946)		(2,585)		(7,693)


Equity securities gains (losses):

Changes in fair value		212		507		421		312
Change in embedded derivative on Home Re Transactions(1)		(441)		994		290		(1,336)
Other:
Gains (losses) on sales		—		—		—		17
Market adjustment		—		—		—		(10)
Net gains (losses) on investments and other financial instruments		$	162	$	583	$	(523)	$	(8,202)

Proceeds from sales of fixed income securities		$	21,480	$	14,856	$	62,497	$	29,742

Our other invested assets balance includes an investment in FHLB stock that is carried at cost, which due to its nature approximates fair value. Ownership of FHLB stock provides access to a secured lending facility, subject to certain conditions, which includes requirements to post collateral and to maintain a minimum investment in FHLB stock.

Tables 7.5a and 7.5b below summarize, for all available-for-sale investments in an unrealized loss position at September 30, 2025 and December 31, 2024, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 7.5a and 7.5b are estimated using the process described in Note 8 - “Fair Value Measurements” to these consolidated financial statements and in Note 3 - “Significant Accounting Policies” to the consolidated financial statements in our 2024 Annual Report on Form 10-K.


Unrealized loss aging for securities by type and length of time as of September 30, 2025
Table	7.5a
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	18,580	$	(35)	$	55,261	$	(2,778)	$	73,841	$	(2,813)
Obligations of U.S. states and political subdivisions		114,628		(5,946)		1,143,794		(134,328)		1,258,422		(140,274)
Corporate debt securities		144,911		(247)		1,052,750		(63,906)		1,197,661		(64,153)
ABS		26,582		(889)		32,966		(465)		59,548		(1,354)
RMBS		3,925		(2)		189,235		(17,802)		193,160		(17,804)
CMBS		3,614		(40)		96,635		(2,421)		100,249		(2,461)
CLOs		7,007		(23)		—		—		7,007		(23)
Foreign government debt		—		—		4,090		(397)		4,090		(397)

Total		$	319,247	$	(7,182)	$	2,574,731	$	(222,097)	$	2,893,978	$	(229,279)


Unrealized loss aging for securities by type and length of time as of December 31, 2024
Table	7.5b
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	37,017	$	(437)	$	69,959	$	(4,650)	$	106,976	$	(5,087)
Obligations of U.S. states and political subdivisions		409,406		(5,621)		1,195,869		(187,168)		1,605,275		(192,789)
Corporate debt securities		852,752		(10,334)		1,051,862		(102,505)		1,904,614		(112,839)
ABS		20,090		(184)		49,640		(1,050)		69,730		(1,234)
RMBS		171,654		(5,498)		151,893		(20,030)		323,547		(25,528)
CMBS		77,567		(1,774)		151,188		(6,216)		228,755		(7,990)

Foreign government debt		—		—		3,798		(689)		3,798		(689)
Total		$	1,568,486	$	(23,848)	$	2,674,209	$	(322,308)	$	4,242,695	$	(346,156)

There were 747 and 1,020 securities in an unrealized loss position at September 30, 2025 and December 31, 2024, respectively. Based on current facts and circumstances, we believe the unrealized losses as of September 30, 2025 presented in table 7.5a above are not indicative of the ultimate collectability of the par value of the securities. The unrealized losses in all categories of our investments at September 30, 2025 were primarily caused by increases in prevailing interest rates. We also rely upon estimates of several credit and non-credit factors in our review and evaluation of individual investments to determine whether a credit impairment exists. All of the securities in an unrealized loss position are current with respect to their interest obligations.