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Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input

The following tables present our fair value measurements on a recurring basis by asset class and level of input as of:


	June 30, 2026
(in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities:




Corporate debt securities	$	784,374	$	1,441	$	782,455	$	478
Collateralized debt obligations	232,721		0		232,721		0
Commercial mortgage-backed securities	147,722		0		134,760		12,962
Residential mortgage-backed securities	208,685		0		207,590		1,095
Other debt securities	45,834		0		45,834		0
U.S. Treasury	13,886		0		13,886		0
Total available-for-sale securities (1)	1,433,222		1,441		1,417,246		14,535
Equity securities:
Exchange-traded funds	82,746		82,746		0		0
Non-redeemable preferred stocks:
Financial services sector	71,526		2,068		63,854		5,604
Utilities sector	3,170		0		3,170		0
Energy sector	3,975		0		3,975		0
Consumer sector	5,578		0		2,412		3,166
Technology sector	7,546		0		0		7,546

Communications sector	1,464		0		1,464		0
Total non-redeemable preferred stocks (2)	93,259		2,068		74,875		16,316
Total equity securities	176,005		84,814		74,875		16,316

Total	$	1,609,227	$	86,255	$	1,492,121	$	30,851

(1)This includes $44.4 million of securities lent under a securities lending agreement.

(2)This includes $25.5 million of securities lent under a securities lending agreement.


	December 31, 2025
(in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities:




Corporate debt securities	$	844,479	$	998	$	839,542	$	3,939
Collateralized debt obligations	133,267		0		133,267		0
Commercial mortgage-backed securities	140,541		0		117,520		23,021
Residential mortgage-backed securities	187,226		0		186,432		794
Other debt securities	35,152		0		35,152		0
U.S. Treasury	24,163		0		24,163		0
Total available-for-sale securities (1)	1,364,828		998		1,336,076		27,754
Equity securities:
Non-redeemable preferred stocks:
Financial services sector	74,614		2,593		66,350		5,671
Utilities sector	3,696		0		3,696		0
Energy sector	2,713		0		2,713		0
Consumer sector	5,563		0		2,393		3,170
Technology sector	3,224		0		0		3,224

Communications sector	953		0		953		0
Total non-redeemable preferred stocks (2)	90,763		2,593		76,105		12,065
Total equity securities	90,763		2,593		76,105		12,065
Total	$	1,455,591	$	3,591	$	1,412,181	$	39,819

(1) This includes $44.4 million of securities lent under a securities lending agreement.

(2) This includes $20.1 million of securities lent under a securities lending agreement.

Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis

Level 3 Assets – 2026 Quarterly Change:



(in thousands)	Beginning balance at March 31, 2026		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at June 30, 2026
Available-for-sale securities:
Corporate debt securities	$	3,758	$	(112)	$	119	$	14	$	(3,513)	$	212	$	0	$	478

Commercial mortgage-backed securities	22,701		(515)		134		0		(1,074)		3,013		(11,297)		12,962
Residential mortgage- backed securities	907		0		(4)		0		(23)		1,095		(880)		1,095

Total available-for-sale securities	27,366		(627)		249		14		(4,610)		4,320		(12,177)		14,535
Equity securities	12,299		740		—		3,300		(44)		21		0		16,316
Total Level 3 securities	$	39,665	$	113	$	249	$	3,314	$	(4,654)	$	4,341	$	(12,177)	$	30,851

Level 3 Assets – 2026 Year-to-Date Change:


(in thousands)	Beginning balance at December 31, 2025		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at June 30, 2026
Available-for-sale securities:
Corporate debt securities	$	3,939	$	(99)	$	(20)	$	816	$	(4,214)	$	1,023	$	(967)	$	478

Commercial mortgage-backed securities	23,021		(899)		(6)		0		(1,276)		10,535		(18,413)		12,962
Residential mortgage-backed securities	794		1		(15)		0		(38)		1,233		(880)		1,095

Total available-for-sale securities	27,754		(997)		(41)		816		(5,528)		12,791		(20,260)		14,535
Equity securities	12,065		818		—		3,450		(44)		27		0		16,316
Total Level 3 securities	$	39,819	$	(179)	$	(41)	$	4,266	$	(5,572)	$	12,818	$	(20,260)	$	30,851

Level 3 Assets – 2025 Quarterly Change:



(in thousands)	Beginning balance at March 31, 2025		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at June 30, 2025
Available-for-sale securities:
Corporate debt securities	$	6,030	$	12	$	21	$	968	$	(217)	$	2,377	$	(3,015)	$	6,176
Collateralized debt obligations	695		(4)		5		0		(696)		0		0		0
Commercial mortgage-backed securities	9,129		(240)		104		1,997		(1,098)		9,719		(3,177)		16,434
Residential mortgage- backed securities	923		0		0		0		(18)		0		(905)		0

Total available-for-sale securities	16,777		(232)		130		2,965		(2,029)		12,096		(7,097)		22,610
Equity securities	8,647		(9)		—		2,500		0		0		(498)		10,640
Total Level 3 securities	$	25,424	$	(241)	$	130	$	5,465	$	(2,029)	$	12,096	$	(7,595)	$	33,250

Level 3 Assets – 2025 Year-to-Date Change:


(in thousands)	Beginning balance at December 31, 2024		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at June 30, 2025
Available-for-sale securities:
Corporate debt securities	$	6,268	$	30	$	(33)	$	3,085	$	(792)	$	3,476	$	(5,858)	$	6,176
Collateralized debt obligations	0		(4)		0		700		(696)		0		0		0
Commercial mortgage-backed securities	24,089		(622)		404		1,997		(2,387)		11,072		(18,119)		16,434
Residential mortgage-backed securities	0		0		0		0		(18)		923		(905)		0

Total available-for-sale securities	30,357		(596)		371		5,782		(3,893)		15,471		(24,882)		22,610
Equity securities	6,974		646		—		3,500		0		18		(498)		10,640
Total Level 3 securities	$	37,331	$	50	$	371	$	9,282	$	(3,893)	$	15,489	$	(25,380)	$	33,250

(1)These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above.

(2)Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

Schedule of Financial Instruments Not Carried at Fair Value

The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of:


	June 30, 2026				December 31, 2025
(in thousands)	Carrying value		Fair value		Carrying value		Fair value
Agent loans, net (1)	$	119,672	$	116,064	$	109,331	$	113,850
Other loans receivable, net (2)	18,993		15,923		15,491		12,509


Held-to-maturity securities, net (3)	4,833		4,848		4,833		4,863

(1) The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of Financial Position.

(2) The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively, in the Consolidated Statements of Financial Position.

(3) Held-to-maturity securities are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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