
Details of Fixed Income Securities by Category as of March 31, 2026
Table	5.1a
(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		$	236,034	$	316	$	(2,720)	$	233,630
Obligations of U.S. states and political subdivisions		1,902,497		8,232		(138,321)		1,772,408
Corporate debt securities		2,727,634		19,830		(67,327)		2,680,137
ABS		263,392		1,367		(2,118)		262,641
RMBS		361,981		5,212		(16,483)		350,710
CMBS		261,115		919		(3,117)		258,917
CLOs		131,422		8		(209)		131,221
Foreign government debt		4,488		—		(429)		4,059
Commercial paper		9,398		—		—		9,398
Total fixed income securities		$	5,897,961	$	35,884	$	(230,724)	$	5,703,121


Details of Fixed Income Securities by Category as of December 31, 2025
Table	5.1b

(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		$	279,359	$	958	$	(2,505)	$	277,812
Obligations of U.S. states and political subdivisions		1,961,841		10,958		(134,035)		1,838,764
Corporate debt securities		2,712,348		36,781		(57,857)		2,691,272
ABS		225,478		2,418		(1,335)		226,561
RMBS		366,671		8,169		(16,816)		358,024
CMBS		237,974		2,484		(1,675)		238,783
CLOs		99,182		129		(24)		99,287
Foreign government debt		4,487		—		(420)		4,067
Commercial paper		56,661		—		—		56,661
Total fixed income securities		$	5,944,001	$	61,897	$	(214,667)	$	5,791,231

We had $12.5 million and $12.6 million of investments at fair value on deposit with various states as of March 31, 2026 and December 31, 2025, 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 $173.9 million and $185.7 million at March 31, 2026 and December 31, 2025, respectively.

The amortized cost and fair values of fixed income securities at March 31, 2026, by contractual maturity, are shown in table 5.2 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	5.2
		March 31, 2026
(In thousands)		Amortized cost		Fair Value
Due in one year or less		$	650,211	$	649,526
Due after one year through five years		1,697,951		1,662,497
Due after five years through ten years		1,626,253		1,565,298
Due after ten years		905,636		822,311
		4,880,051		4,699,632

ABS		263,392		262,641
RMBS		361,981		350,710
CMBS		261,115		258,917
CLOs		131,422		131,221
Total		$	5,897,961	$	5,703,121


Details of Equity Security Investments as of March 31, 2026
Table	5.3a
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,323	$	29	$	(1,161)	$	15,191


Details of Equity Security Investments as of December 31, 2025
Table	5.3b
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,286	$	42	$	(1,006)	$	15,322

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 5.4 below.


Details of Net Gains (Losses) on Investments and Other Financial Instruments
Table	5.4	Three Months Ended March 31,
(in thousands)		2026		2025

Fixed income securities:
Gains on sales		$	210	$	349
Losses on sales		(10)		(29)


Equity securities gains (losses):

Changes in fair value		(168)		120
Change in embedded derivative on Home Re Transactions(1)		(201)		301



Net gains (losses) on investments and other financial instruments		$	(169)	$	741

Proceeds from sales of fixed income securities		$	1,005	$	20,737

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 5.5a and 5.5b below summarize, for all available-for-sale investments in an unrealized loss position at March 31, 2026 and December 31, 2025, 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 5.5a and 5.5b are estimated using the process described in Note 6 - “Fair Value Measurements” to these consolidated financial statements and in Note 2 - “Significant Accounting Policies” to the consolidated financial statements in our 2025 Annual Report on Form 10-K.


Unrealized Loss Aging for Securities by Type and Length of Time as of March 31, 2026
Table	5.5a
		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		$	76,203	$	(326)	$	42,711	$	(2,394)	$	118,914	$	(2,720)
Obligations of U.S. states and political subdivisions		222,709		(4,077)		1,054,706		(134,244)		1,277,415		(138,321)
Corporate debt securities		718,161		(5,659)		800,140		(61,668)		1,518,301		(67,327)
ABS		150,590		(970)		4,719		(1,148)		155,309		(2,118)
RMBS		24,711		(273)		155,868		(16,210)		180,579		(16,483)
CMBS		124,997		(1,543)		71,050		(1,574)		196,047		(3,117)
CLOs		112,902		(209)		—		—		112,902		(209)
Foreign government debt		—		—		4,059		(429)		4,059		(429)

Total		$	1,430,273	$	(13,057)	$	2,133,253	$	(217,667)	$	3,563,526	$	(230,724)


Unrealized Loss Aging for Securities by Type and Length of Time as of December 31, 2025
Table	5.5b
		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		$	15,762	$	(60)	$	51,113	$	(2,445)	$	66,875	$	(2,505)
Obligations of U.S. states and political subdivisions		144,148		(6,123)		1,087,931		(127,912)		1,232,079		(134,035)
Corporate debt securities		258,349		(1,180)		887,659		(56,677)		1,146,008		(57,857)
ABS		49,774		(1,103)		22,965		(232)		72,739		(1,335)
RMBS		2,906		(8)		187,553		(16,808)		190,459		(16,816)
CMBS		15,363		(30)		82,994		(1,645)		98,357		(1,675)
CLOs		35,272		(24)		—		—		35,272		(24)
Foreign government debt		—		—		4,068		(420)		4,068		(420)
Total		$	521,574	$	(8,528)	$	2,324,283	$	(206,139)	$	2,845,857	$	(214,667)

There were 956 and 712 securities in an unrealized loss position at March 31, 2026 and December 31, 2025, respectively. Based on current facts and circumstances, we believe the unrealized losses as of March 31, 2026 presented in table 5.5a 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 March 31, 2026 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.