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, 2026
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value




Available-for-sale securities:
Corporate debt securities	$	864,414	$	6,444	$	9,591	$	861,267
Collateralized debt obligations	135,831		99		535		135,395
Commercial mortgage-backed securities	144,079		1,934		1,895		144,118
Residential mortgage-backed securities	209,697		588		11,222		199,063
Other debt securities	35,908		271		359		35,820
U.S. Treasury	11,575		11		102		11,484
Total available-for-sale securities, net (1)	1,401,504		9,347		23,704		1,387,147

Held-to-maturity securities - states & political subdivisions	4,833		0		85		4,748

Total fixed maturity securities, net	$	1,406,337	$	9,347	$	23,789	$	1,391,895


	December 31, 2025
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Available-for-sale securities:




Corporate debt securities	$	834,885	$	12,779	$	3,185	$	844,479
Collateralized debt obligations	133,224		207		164		133,267
Commercial mortgage-backed securities	139,516		2,808		1,783		140,541
Residential mortgage-backed securities	196,624		982		10,380		187,226
Other debt securities	34,863		543		254		35,152
U.S. Treasury	24,116		106		59		24,163
Total available-for-sale securities, net (1)	1,363,228		17,425		15,825		1,364,828
Held-to-maturity securities - states & political subdivisions	4,833		30		0		4,863
Total fixed maturity securities, net	$	1,368,061	$	17,455	$	15,825	$	1,369,691

The amortized cost and estimated fair value of our fixed maturity securities at March 31, 2026 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, 2026
	Amortized		Estimated
(in thousands)	cost		fair value
Available-for-sale securities:
Due in one year or less	$	54,888	$	54,861
Due after one year through five years	588,721		588,118
Due after five years through ten years	205,037		203,455
Due after ten years	552,858		540,713
Total available-for-sale securities, net (1) (2)	1,401,504		1,387,147

Held-to-maturity securities - due after ten years	4,833		4,748

Total fixed maturity securities, net	$	1,406,337	$	1,391,895

(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, 2026.

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, 2025 as filed with the SEC on February 23, 2026. 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, 2026
	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	$	404,232	$	7,025	$	37,403	$	2,566	$	441,635	$	9,591	842
Collateralized debt obligations	89,699		483		3,395		52		93,094		535		128
Commercial mortgage-backed securities	43,321		275		16,736		1,620		60,057		1,895		94
Residential mortgage-backed securities	86,494		848		78,346		10,374		164,840		11,222		176
Other debt securities	14,420		118		3,457		241		17,877		359		40
U.S. Treasury	7,772		102		0		0		7,772		102		2
Total available-for-sale securities	$	645,938	$	8,851	$	139,337	$	14,853	$	785,275	$	23,704	1,282
Quality breakdown of available-for-sale securities:
Investment grade	$	533,288	$	4,779	$	123,311	$	12,799	$	656,599	$	17,578	642
Non-investment grade	112,650		4,072		16,026		2,054		128,676		6,126		640
Total available-for-sale securities	$	645,938	$	8,851	$	139,337	$	14,853	$	785,275	$	23,704	1,282


	December 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	$	72,699	$	1,555	$	41,040	$	1,630	$	113,739	$	3,185	418
Collateralized debt obligations	57,917		120		3,909		44		61,826		164		83
Commercial mortgage-backed securities	16,103		59		19,956		1,724		36,059		1,783		70
Residential mortgage-backed securities	17,675		27		92,019		10,353		109,694		10,380		146
Other debt securities	3,936		39		3,655		215		7,591		254		27
U.S. Treasury	13,296		59		0		0		13,296		59		3
Total available-for-sale securities	$	181,626	$	1,859	$	160,579	$	13,966	$	342,205	$	15,825	747
Quality breakdown of available-for-sale securities:
Investment grade	$	144,472	$	433	$	144,604	$	12,773	$	289,076	$	13,206	371
Non-investment grade	37,154		1,426		15,975		1,193		53,129		2,619		376
Total available-for-sale securities	$	181,626	$	1,859	$	160,579	$	13,966	$	342,205	$	15,825	747


	2026
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	902	$	2,167	$	15,101	$	1,680
Provision and recoveries	275		0		256		199
Sales/collections and write-offs	(148)		0		0		0
Balance, end of period	$	1,029	$	2,167	$	15,357	$	1,879



	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



(in thousands)	2026		2025
Available-for-sale securities	$	17,232	$	13,283
Equity securities	1,307		1,164
Limited partnerships (1)	732		1,072
Agent loans	1,904		1,444
Cash equivalents and other	2,763		3,387
Total investment income	23,938		20,350
Less: investment expenses	378		402
Net investment income	$	23,560	$	19,948

(1)Limited partnership income includes 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.



(in thousands)	2026		2025
Available-for-sale securities:
Gross realized gains	$	1,021	$	349
Gross realized losses	(872)		(611)
Net realized gains (losses) on available-for-sale securities	149		(262)
Equity securities	(914)		759
Miscellaneous	0		5
Net realized and unrealized investment (losses) gains	$	(765)	$	502



(in thousands)	2026		2025
Equity securities:
Net (losses) gains recognized during the period	$	(914)	$	759
Less: net (losses) gains recognized on securities sold	(32)		101
Net unrealized (losses) gains recognized on securities held at reporting date	$	(882)	$	658



(in thousands)	2026		2025
Available-for-sale securities:
Intent to sell	$	10	$	0
Credit impaired	(275)		(365)
Total available-for-sale securities	(265)		(365)
Expected credit losses:

Agent loans	(199)		(164)
Other loans receivable	(212)		(385)
Net impairment losses recognized in earnings	$	(676)	$	(914)

As of March 31, 2026, the estimated fair value of loaned securities was $55.3 million, consisting of $37.0 million of available- for-sale securities and $18.3 million of equity securities. As of December 31, 2025, the estimated fair value of loaned securities was $64.5 million consisting of $44.4 million of available-for-sale securities and $20.1 million of equity securities. Cash collateral received in connection with these securities lending transactions totaled $49.6 million and $61.9 million as of March 31, 2026 and December 31, 2025 respectively. The cash collateral was reinvested in cash equivalents and is included with "Cash and cash equivalents" in our Consolidated Statements of Financial Position. We also received $8.9 million and $4.5 million of non-cash collateral as of March 31, 2026 and December 31, 2025, respectively, which we are not permitted to sell or repledge. There were no securities lending transactions outstanding with contractual maturities extending 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.