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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets Measured for at Fair Value on Recurring Basis

The following tables set forth by level within the fair value hierarchy the Company’s assets measured at fair value on a recurring basis as of the dates presented (in thousands):

			Fair Value Measurements
			As of March 31, 2025
			Level 1						Level 2						Level 3						Total
Available-For-Sale Debt Securities:
U.S. government obligations and agencies			$	—					$	21,491					$	—					$	21,491
Corporate bonds			—						901,783						—						901,783
Mortgage-backed and asset-backed securities			—						377,522						—						377,522
Municipal bonds			—						14,578						—						14,578
Redeemable preferred stock			—						8,964						—						8,964
Equity Securities:
Common stock			17,170						—						—						17,170
Mutual funds			62,813						—						—						62,813
Investment in Private Equity Limited Partnership			—						—						11,750						11,750
Total assets accounted for at fair value			$	79,983					$	1,324,338					$	11,750					$	1,416,071
Assets carried at NAV, which approximates fair value and which are not categorized within the fair value hierarchy, reported as of:
Investment in Private Equity Limited Partnerships																					$	3,932
Total assets at fair value																					$	1,420,003

			Fair Value Measurements
			As of December 31, 2024
			Level 1						Level 2						Level 3						Total
Available-For-Sale Debt Securities:
U.S. government obligations and agencies			$	—					$	19,747					$	—					$	19,747
Corporate bonds			—						868,948						—						868,948
Mortgage-backed and asset-backed securities			—						357,030						—						357,030
Municipal bonds			—						14,354						—						14,354
Redeemable preferred stock			—						9,000						—						9,000
Equity Securities:
Common stock			14,409						—						—						14,409
Mutual funds			63,343						—						—						63,343
Investment in Private Equity Limited Partnership			—						—						12,202						12,202
Total assets accounted for at fair value			$	77,752					$	1,269,079					$	12,202					$	1,359,033
Assets carried at NAV, which approximates fair value and which are not categorized within the fair value hierarchy, reported as of:
Investment in Private Equity Limited Partnerships																					$	3,921
Total assets at fair value																					$	1,362,954

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of the dates presented (in thousands):

As of March 31, 2025

Range

Fair Value

Valuation  Methodology

Unobservable Input

Weighted Average Mean

Minimum

Maximum

Assets:

Investment in Private Equity Limited Partnership

$

11,750

Market  Approach

Trailing Twelve Month EBITDA Multiple

6.6x

5.3x

7.0x

As of December 31, 2024

Range

Fair Value

Valuation  Methodology

Unobservable Input

Weighted Average Mean

Minimum

Maximum

Assets:

Investment in Private Equity Limited Partnership

$

12,202

Market  Approach

Trailing Twelve Month EBITDA Multiple

5.8x

5.3x

7.0x

Schedule of Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value

The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments not carried at fair value as of the dates presented (in thousands):

			As of March 31, 2025												As of December 31, 2024
			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Liabilities (debt):
Surplus note (1)			$	2,206					$	2,122					$	2,573					$	2,481
5.625% Senior unsecured notes (2)			100,000						99,792						100,000						99,086
Total debt			$	102,206					$	101,914					$	102,573					$	101,567

(1) The fair value of the surplus note was determined by management from the expected cash flows discounted using the interest rate quoted by the holder. The SBA is the holder of the surplus note and the quoted interest rate is below prevailing rates quoted by private lending institutions. However, as the Company’s use of funds from the surplus note is limited by the terms of the agreement, the Company has determined the interest rate quoted by the SBA to be appropriate for the purpose of establishing the fair value of the note (Level 2).

(2) The fair value of the senior unsecured notes was determined based on pricing from quoted prices for similar assets in active markets and was included as Level 2.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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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
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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