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Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Carried at Estimated Fair Value Measured on a Recurring Basis

The following table presents by level the financial assets carried at estimated fair value measured on a recurring basis as of September 30, 2025 and December 31, 2024. The table does not include assets which are measured at historical cost or any basis other than estimated fair value.

		September 30, 2025
		Carrying Value				Level 1				Level 2				Level 3				Estimated Fair Value
Assets:
Cash and cash equivalents		$	861,558			$	861,558			$	—			$	—			$	861,558
Restricted cash			779				779				—				—				779
Restricted cash - variable interest entity			539,855				539,855				—				—				539,855
Fixed-maturity securities			465,454				277,789				196,814				—				474,603
		$	1,867,646			$	1,679,981			$	196,814			$	—			$	1,876,795
Liabilities:
Interest rate swap		$	91			$	—			$	—			$	91			$	91

		December 31, 2024
		Carrying Value				Level 1				Level 2				Level 3				Estimated Fair Value
Assets:
Cash and cash equivalents		$	493,409			$	493,409			$	—			$	—			$	493,409
Restricted cash			631				631				—				—				631
Restricted cash - variable interest entity			295,802				295,802				—				—				295,802
Fixed-maturity securities			464,585				323,749				141,217				—				464,966
		$	1,254,427			$	1,113,591			$	141,217			$	—			$	1,254,808
Liabilities:
Interest rate swap		$	117			$	—			$	—			$	117			$	117

Schedule of Long-Term Debt and Methods and Estimating Fair Values

The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values:

		Maturity Date		Valuation Methodology
Promissory Notes, 0.00%		2027		Discounted cash flow method, Level 3 inputs
Commercial Loan, variable rate of interest		2029		Discounted cash flow method, Level 3 inputs

Schedule of Fair Value Information for Liabilities Carried Balance Sheets

The following tables present fair value information for liabilities that are carried on the consolidated balance sheets at amounts other than fair value as of September 30, 2025 and December 31, 2024:

		Fair Value Measurements Using
As of September 30, 2025		Carrying Value				Level 1				Level 2				Level 3				Estimated Fair Value
Financial Liabilities:
Long-Term debt:
0.00% Promissory notes		$	3,000			$	—			$	—			$	2,771			$	2,771
Commercial Loan			35,000				—				—				32,017				32,017
Less: unamortized issuance costs			(3,017	)			—				—				(3,017	)			(3,017	)
		$	34,983			$	—			$	—			$	31,771			$	31,771

		Fair Value Measurements Using
As of December 31, 2024		Carrying Value				Level 1				Level 2				Level 3				Estimated Fair Value
Financial Liabilities:
Long-Term debt:
0.00% Promissory notes		$	4,500			$	—			$	—			$	3,992			$	3,992
Commercial Loan			38,000				—				—				37,192				37,192
Less: unamortized issuance costs			(3,310	)			—				—				(3,310	)			(3,310	)
		$	39,190			$	—			$	—			$	37,874			$	37,874

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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