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:


	June 30, 2025
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value




Available-for-sale securities:
Corporate debt securities	$	700,045	$	9,919	$	4,745	$	705,219
Collateralized debt obligations	108,904		275		268		108,911
Commercial mortgage-backed securities	123,616		2,483		1,907		124,192
Residential mortgage-backed securities	157,688		362		13,429		144,621
Other debt securities	35,756		498		327		35,927
U.S. Treasury	7,249		55		26		7,278
Total available-for-sale securities, net (1)	1,133,258		13,592		20,702		1,126,148

Held-to-maturity securities - states & political subdivisions	4,833		0		3		4,830

Total fixed maturity securities, net	$	1,138,091	$	13,592	$	20,705	$	1,130,978


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




Corporate debt securities	$	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)	1,065,956		6,806		29,147		1,043,615
Held-to-maturity securities - states & political subdivisions	4,833		101		0		4,934
Total fixed maturity 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 June 30, 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.


	June 30, 2025
	Amortized		Estimated
(in thousands)	cost		fair value
Available-for-sale securities:
Due in one year or less	$	57,341	$	56,820
Due after one year through five years	478,964		482,703
Due after five years through ten years	177,290		178,639
Due after ten years	419,663		407,986
Total available-for-sale securities, net (1) (2)	1,133,258		1,126,148

Held-to-maturity securities - due after ten years	4,833		4,830

Total fixed maturity securities, net	$	1,138,091	$	1,130,978

(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 June 30, 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.


	June 30, 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	$	75,033	$	1,430	$	125,187	$	3,315	$	200,220	$	4,745	461
Collateralized debt obligations	40,941		108		7,390		160		48,331		268		78
Commercial mortgage-backed securities	12,656		110		20,000		1,797		32,656		1,907		79
Residential mortgage-backed securities	36,998		784		84,737		12,645		121,735		13,429		162
Other debt securities	3,169		37		4,008		290		7,177		327		28
U.S. Treasury	2,025		26		0		0		2,025		26		2
Total available-for-sale securities	$	170,822	$	2,495	$	241,322	$	18,207	$	412,144	$	20,702	810
Quality breakdown of available-for-sale securities:
Investment grade	$	140,575	$	1,259	$	219,609	$	16,996	$	360,184	$	18,255	450
Non-investment grade	30,247		1,236		21,713		1,211		51,960		2,447		360
Total available-for-sale securities	$	170,822	$	2,495	$	241,322	$	18,207	$	412,144	$	20,702	810


	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


	Three months ended June 30, 2025
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	826	$	2,167	$	12,592	$	1,476
Provision and recoveries	304		0		446		0
Sales/collections and write-offs	(249)		0		0		0
Balance, end of period	$	881	$	2,167	$	13,038	$	1,476


	Six months ended June 30, 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	669		0		840		164
Sales/collections and write-offs	(301)		0		0		0
Balance, end of period	$	881	$	2,167	$	13,038	$	1,476



	Three months ended June 30, 2024
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	575	$	2,167	$	11,253	$	957
Provision and recoveries	79		0		185		0
Sales/collections and write-offs	(151)		0		0		0
Balance, end of period	$	503	$	2,167	$	11,438	$	957



	Six months ended June 30, 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	243		2,167		357		0
Sales/collections and write-offs	(337)		0		0		0
Balance, end of period	$	503	$	2,167	$	11,438	$	957


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Available-for-sale securities	$	14,530	$	12,107	$	27,813	$	23,720
Equity securities	1,149		1,199		2,313		2,417
Limited partnerships (1)	83		(264)		1,155		261
Agent loans (2)	1,557		908		3,001		1,821
Cash equivalents and other (2)	3,509		2,481		6,896		4,516
Total investment income	20,828		16,431		41,178		32,735
Less: investment expenses	798		421		1,200		822
Net investment income	$	20,030	$	16,010	$	39,978	$	31,913

(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, net" 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.


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Available-for-sale securities:
Gross realized gains	$	331	$	417	$	680	$	687
Gross realized losses	(762)		(2,792)		(1,373)		(3,324)
Net realized losses on available-for-sale securities	(431)		(2,375)		(693)		(2,637)
Equity securities	910		580		1,669		2,695
Miscellaneous	0		0		5		0
Net realized and unrealized investment gains (losses)	$	479	$	(1,795)	$	981	$	58


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Equity securities:
Net gains recognized during the period	$	910	$	580	$	1,669	$	2,695
Less: net gains recognized on securities sold	15		116		149		330
Net unrealized gains recognized on securities held at reporting date	$	895	$	464	$	1,520	$	2,365


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Available-for-sale securities:
Intent to sell	$	(417)	$	(124)	$	(417)	$	(298)
Credit impaired	(304)		(79)		(669)		(243)
Total available-for-sale securities	(721)		(203)		(1,086)		(541)
Expected credit losses:
Held-to-maturity securities	0		0		0		(2,167)
Agent loans	0		0		(164)		0
Other loans receivable	(188)		(185)		(573)		(357)
Net impairment losses recognized in earnings	$	(909)	$	(388)	$	(1,823)	$	(3,065)

As of June 30, 2025, the estimated fair value of loaned securities was $35.5 million, comprised of $18.4 million and $17.1 million of available-for-sale and equity securities, respectively. The related cash collateral received was $35.2 million, which was reinvested in cash equivalents and is included with "Cash and cash equivalents" in our Consolidated Statement of Financial Position. We also received $1.5 million of non-cash 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.