
March 31, 2025 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	554,597	$	1,068	$	(10,403)	$	545,262

U.S. agency mortgage-backed securities	1,254,479		2,577		(91,413)		1,165,643
Municipal debt securities (1)	634,161		1,606		(43,206)		592,561
Non-U.S. government securities	72,338		—		(10,468)		61,870
Corporate debt securities (2)	1,945,158		3,812		(81,479)		1,867,491
Residential and commercial mortgage securities	505,931		498		(35,948)		470,481
Asset-backed securities	754,428		1,560		(9,469)		746,519
Money market funds	432,532		—		—		432,532
Total investments available for sale	$	6,153,624	$	11,121	$	(282,386)	$	5,882,359


December 31, 2024 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	561,853	$	325	$	(14,888)	$	547,290

U.S. agency mortgage-backed securities	1,249,259		42		(123,865)		1,125,436
Municipal debt securities (1)	631,015		1,596		(49,110)		583,501
Non-U.S. government securities	81,631		—		(11,833)		69,798
Corporate debt securities (2)	1,887,647		1,064		(105,665)		1,783,046
Residential and commercial mortgage securities	519,613		527		(42,054)		478,086
Asset-backed securities	642,395		601		(11,037)		631,959
Money market funds	657,605		—		—		657,605
Total investments available for sale	$	6,231,018	$	4,155	$	(358,452)	$	5,876,721


	March 31,		December 31,
(2) The following table summarizes corporate debt securities as of :	2025		2024
Financial	41.7	%	41.8	%
Consumer, non-cyclical	15.5		15.1
Utilities	8.6		8.7
Industrial	8.4		8.2
Technology	6.5		6.4
Consumer, cyclical	6.2		6.3
Communications	5.5		5.7
Energy	4.9		5.1
Basic Materials	2.7		2.7

Total	100.0	%	100.0	%

The amortized cost and fair value of investments available for sale at March 31, 2025, by contractual maturity, are shown below. Expected 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 U.S. agency mortgage-backed securities, residential and commercial mortgage securities and asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.


(In thousands)	Amortized Cost		Fair Value
U.S. Treasury securities:
Due in 1 year	$	245,299	$	244,122
Due after 1 but within 5 years	273,066		268,123
Due after 5 but within 10 years	21,754		20,207
Due after 10 years	14,478		12,810
Subtotal	554,597		545,262




Municipal debt securities:
Due in 1 year	31,146		31,022
Due after 1 but within 5 years	169,668		163,972
Due after 5 but within 10 years	302,786		281,001
Due after 10 years	130,561		116,566
Subtotal	634,161		592,561
Non-U.S. government securities:
Due in 1 year	460		455
Due after 1 but within 5 years	32,019		31,168
Due after 5 but within 10 years	16,581		13,348
Due after 10 years	23,278		16,899
Subtotal	72,338		61,870
Corporate debt securities:
Due in 1 year	207,925		206,923
Due after 1 but within 5 years	630,168		608,427
Due after 5 but within 10 years	999,926		968,511
Due after 10 years	107,139		83,630
Subtotal	1,945,158		1,867,491
U.S. agency mortgage-backed securities	1,254,479		1,165,643
Residential and commercial mortgage securities	505,931		470,481
Asset-backed securities	754,428		746,519
Money market funds	432,532		432,532
Total investments available for sale	$	6,153,624	$	5,882,359


	Less than 12 months				12 months or more				Total
March 31, 2025 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	63,222	$	(196)	$	278,244	$	(10,207)	$	341,466	$	(10,403)

U.S. agency mortgage-backed securities	306,077		(4,678)		604,998		(86,735)		911,075		(91,413)
Municipal debt securities	185,865		(4,408)		287,275		(38,798)		473,140		(43,206)
Non-U.S. government securities	—		—		61,870		(10,468)		61,870		(10,468)
Corporate debt securities	762,984		(13,455)		665,362		(68,024)		1,428,346		(81,479)
Residential and commercial mortgage securities	29,793		(569)		410,962		(35,379)		440,755		(35,948)
Asset-backed securities	231,532		(2,071)		145,933		(7,398)		377,465		(9,469)

Total	$	1,579,473	$	(25,377)	$	2,454,644	$	(257,009)	$	4,034,117	$	(282,386)


	Less than 12 months				12 months or more				Total
December 31, 2024 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	141,789	$	(1,620)	$	279,143	$	(13,268)	$	420,932	$	(14,888)

U.S. agency mortgage-backed securities	476,695		(13,028)		629,036		(110,837)		1,105,731		(123,865)
Municipal debt securities	204,810		(5,688)		282,312		(43,422)		487,122		(49,110)
Non-U.S. government securities	4,146		(262)		65,652		(11,571)		69,798		(11,833)
Corporate debt securities	898,449		(25,547)		725,148		(80,118)		1,623,597		(105,665)
Residential and commercial mortgage securities	39,931		(1,168)		421,891		(40,886)		461,822		(42,054)
Asset-backed securities	188,475		(2,701)		164,683		(8,336)		353,158		(11,037)

Total	$	1,954,295	$	(50,014)	$	2,567,865	$	(308,438)	$	4,522,160	$	(358,452)

At March 31, 2025 and December 31, 2024, we held 2,294 and 2,481 individual investment securities, respectively, that were in an unrealized loss position. We assess our intent to sell these securities and whether we will be required to sell these securities before the recovery of their amortized cost basis when determining whether to record an impairment on the securities in an unrealized loss position. In assessing whether the decline in the fair value at March 31, 2025 of any of these securities resulted from a credit loss or other factors, we made inquiries of our investment managers to determine that each issuer was current on its scheduled interest and principal payments. We reviewed the credit rating of these securities noting that approximately 99% of the securities at March 31, 2025 had investment-grade ratings. We concluded that gross unrealized losses noted above were primarily associated with the changes in interest rates subsequent to purchase rather than due to credit impairment. There were no impairments recorded in the three months ended March 31, 2025 or 2024.

The Company's other invested assets at March 31, 2025 and December 31, 2024 totaled $321.9 million and $303.9 million, respectively. Other invested assets are principally comprised of limited partnership interests which are generally accounted for under the equity method or fair value using net asset value (or its equivalent) as a practical expedient. Our proportionate share of earnings or losses or changes in fair value are reported in income from other invested assets on the condensed consolidated statements of comprehensive income. For entities accounted for under the equity method that follow industry-specific guidance for investment companies, our proportionate share of earnings or losses includes changes in the fair value of the underlying assets of these entities. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.

Other invested assets that are accounted for at fair value using the net asset value (or its equivalent) as a practical expedient totaled $180.7 million as of March 31, 2025 and $171.7 million as of December 31, 2024. The majority of these investments were in limited partnerships invested in real estate or consumer credit. At March 31, 2025, maximum future

funding commitments were $42.3 million. For limited partnership investments that have a contractual expiration date, we expect the liquidation of the underlying assets to occur over the next one to nine years. For certain of these investments, the Company does not have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. In addition, the Company generally does not have the ability to sell or transfer these investments without the consent from the general partner of individual limited partnerships.

The fair value of investments deposited with insurance regulatory authorities to meet statutory requirements was $8.6 million at March 31, 2025 and $9.3 million at December 31, 2024. In connection with its insurance and reinsurance activities, Essent Re is required to maintain assets in trusts for the benefit of its contractual counterparties. The fair value of the investments on deposit in these trusts was $1.0 billion at March 31, 2025 and $983.5 million at December 31, 2024. Essent Guaranty is also required to maintain assets on deposit for the benefit of the sponsor of a fixed income investment commitment. The fair value of the assets on deposit was $5.0 million at March 31, 2025 and $9.3 million at December 31, 2024.


	Three Months Ended March 31,
(In thousands)	2025		2024
Fixed maturities	$	52,485	$	46,288
Short-term investments	7,475		7,143
Gross investment income	59,960		53,431
Investment expenses	(1,750)		(1,346)
Net investment income	$	58,210	$	52,085