See Note 6, "Fair Value" for additional fair value disclosures. The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our fixed maturity securities as of:


	March 31, 2025
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value




Available-for-sale securities:
Corporate debt securities (1)	$	696,519	$	6,111	$	7,298	$	695,332
Collateralized debt obligations	107,667		191		393		107,465
Commercial mortgage-backed securities	120,342		1,930		2,246		120,026
Residential mortgage-backed securities	157,872		310		13,703		144,479
Other debt securities	36,362		366		458		36,270
U.S. Treasury	8,979		156		0		9,135
Total available-for-sale securities, net	1,127,741		9,064		24,098		1,112,707

Held-to-maturity securities - states & political subdivisions	4,833		69		0		4,902

Total fixed maturity securities, net	$	1,132,574	$	9,133	$	24,098	$	1,117,609


	December 31, 2024
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Available-for-sale securities:




Corporate debt securities (1)	$	647,861	$	4,767	$	8,685	$	643,943
Collateralized debt obligations	114,142		372		387		114,127
Commercial mortgage-backed securities	126,509		1,458		2,985		124,982
Residential mortgage-backed securities	150,212		62		16,462		133,812
Other debt securities	27,232		147		628		26,751

Total available-for-sale securities, net	1,065,956		6,806		29,147		1,043,615
Held-to-maturity securities - states & political subdivisions	4,833		101		0		4,934
Total available-for-sale securities, net	$	1,070,789	$	6,907	$	29,147	$	1,048,549

The amortized cost and estimated fair value of available-for-sale and held-to-maturity securities at March 31, 2025 are shown below by remaining contractual term to maturity. Expected 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
	Amortized		Estimated
(in thousands)	cost		fair value
Available-for-sale securities:
Due in one year or less	$	53,577	$	52,860
Due after one year through five years	479,358		479,252
Due after five years through ten years	187,422		187,375
Due after ten years	407,384		393,220
Total available-for-sale securities, net (1) (2)	1,127,741		1,112,707

Held-to-maturity securities - due after ten years	4,833		4,902

Total fixed maturity securities, net	$	1,132,574	$	1,117,609

(1)The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Consolidated Statement of Financial Position at March 31, 2025.

The below securities have been evaluated for credit impairment using criteria described within Note 2, "Significant Accounting Policies, of Notes to Consolidated Financial Statements" included in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on February 27, 2025. The gross unrealized losses are primarily attributable to changes in interest rates and are not deemed to be credit-related. We do not have the intent to sell these securities and it is more likely than not that we would not be required to sell these securities before the anticipated recovery of the amortized cost basis.


	March 31, 2025
	Less than 12 months				12 months or longer				Total
(dollars in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		No. of holdings





Corporate debt securities	$	170,976	$	2,383	$	144,217	$	4,915	$	315,193	$	7,298	754
Collateralized debt obligations	64,839		179		8,766		214		73,605		393		112
Commercial mortgage-backed securities	15,244		149		22,838		2,097		38,082		2,246		92
Residential mortgage-backed securities	31,709		752		89,244		12,951		120,953		13,703		162
Other debt securities	7,392		39		4,844		419		12,236		458		34

Total available-for-sale securities	$	290,160	$	3,502	$	269,909	$	20,596	$	560,069	$	24,098	1,154
Quality breakdown of available-for-sale securities:
Investment grade	$	221,033	$	1,898	$	243,010	$	18,704	$	464,043	$	20,602	555
Non-investment grade	69,127		1,604		26,899		1,892		96,026		3,496		599
Total available-for-sale securities	$	290,160	$	3,502	$	269,909	$	20,596	$	560,069	$	24,098	1,154


	December 31, 2024
	Less than 12 months				12 months or longer				Total
(dollars in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		No. of holdings





Corporate debt securities	$	197,619	$	2,486	$	156,059	$	6,199	$	353,678	$	8,685	567
Collateralized debt obligations	33,686		71		11,762		316		45,448		387		77
Commercial mortgage-backed securities	28,333		407		24,966		2,578		53,299		2,985		131
Residential mortgage-backed securities	38,003		1,289		90,209		15,173		128,212		16,462		169
Other debt securities	11,663		150		5,045		478		16,708		628		42

Total available-for-sale securities	$	309,304	$	4,403	$	288,041	$	24,744	$	597,345	$	29,147	986
Quality breakdown of available-for-sale securities:
Investment grade	$	280,332	$	3,701	$	260,480	$	22,664	$	540,812	$	26,365	616
Non-investment grade	28,972		702		27,561		2,080		56,533		2,782		370
Total available-for-sale securities	$	309,304	$	4,403	$	288,041	$	24,744	$	597,345	$	29,147	986


	2025
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	513	$	2,167	$	12,198	$	1,312
Provision and recoveries	365		0		394		164
Sales/collections and write-offs	(52)		0		0		0
Balance, end of period	$	826	$	2,167	$	12,592	$	1,476


	2024
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	597	$	0	$	11,081	$	957
Provision and recoveries	164		2,167		172		0
Sales/collections and write-offs	(186)		0		0		0
Balance, end of period	$	575	$	2,167	$	11,253	$	957



(in thousands)	2025		2024
Available-for-sale securities	$	13,283	$	11,613
Equity securities	1,164		1,218
Limited partnerships (1)	1,072		525
Agent loans (2)	1,444		913
Cash equivalents and other (2)	3,387		2,035
Total investment income	20,350		16,304
Less: investment expenses	402		401
Net investment income	$	19,948	$	15,903

(1)Limited partnership income include both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets" in the Consolidated Statements of Financial Position. We have made no new significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received.



(in thousands)	2025		2024
Available-for-sale securities:
Gross realized gains	$	349	$	270
Gross realized losses	(611)		(532)
Net realized losses on available-for-sale securities	(262)		(262)
Equity securities	759		2,115
Miscellaneous	5		0
Net realized and unrealized investment gains	$	502	$	1,853

The portion of net unrealized gains recognized during the reporting period related to equity securities held at the reporting date is calculated as follows for the three months ended March 31:



(in thousands)	2025		2024
Equity securities:
Net gains recognized during the period	$	759	$	2,115
Less: net gains recognized on securities sold	101		67
Net unrealized gains recognized on securities held at reporting date	$	658	$	2,048



(in thousands)	2025		2024
Available-for-sale securities:
Intent to sell	$	0	$	(174)
Credit impaired	(365)		(164)
Total available-for-sale securities	(365)		(338)
Expected credit losses:
Held-to-maturity securities	0		(2,167)
Agent loans	(164)		0
Other loans receivable	(385)		(172)
Net impairment losses recognized in earnings	$	(914)	$	(2,677)

As of March 31, 2025, the estimated fair value of loaned securities was $12.3 million, comprised of $12.2 million and $0.1 million of corporate debt and equity securities, respectively. The related cash collateral received was $12.7 million, which was reinvested in cash equivalents and is included with "Cash and cash equivalents" in our Consolidated Statement of Financial Position. There was no collateral that we are not permitted to sell or repledge and there are no securities lending transactions that extend beyond one year from the reporting date.

If we have to return cash collateral on short notice, we may have difficulty selling investments in a timely manner, be forced to sell them for less than we otherwise would have been able to realize, or both. In addition, in the event of such forced sale, for securities in an unrealized loss position, realized losses would be incurred on securities sold and impairments would be incurred, if there is a need to sell securities prior to recovery, which may negatively impact our financial condition.