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INVESTMENTS | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS Available-for-Sale Securities The following table provides the amortized cost and fair value of available-for-sale debt securities as of the dates presented (in thousands):
| September 30, 2025
| Amortized Cost |  | Allowance for Expected Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt Securities: |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | $ | 23,552 |  |  | $ | — |  |  | $ | 210 |  |  | $ | (259) |  |  | $ | 23,503 |
Corporate bonds | 979,338 |  |  | (653) |  |  | 7,657 |  |  | (28,498) |  |  | 957,844 |
Mortgage-backed and asset-backed securities | 429,470 |  |  | (1) |  |  | 3,291 |  |  | (21,761) |  |  | 410,999 |
Municipal bonds | 14,356 |  |  | (1) |  |  | 11 |  |  | (994) |  |  | 13,372 |
Redeemable preferred stock | 8,106 |  |  | (67) |  |  | 42 |  |  | (178) |  |  | 7,903 |
Total | $ | 1,454,822 |  |  | $ | (722) |  |  | $ | 11,211 |  |  | $ | (51,690) |  |  | $ | 1,413,621 |
| December 31, 2024
| Amortized Cost |  | Allowance for Expected Credit Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Debt Securities: |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies | $ | 20,284 |  |  | $ | — |  |  | $ | 35 |  |  | $ | (572) |  |  | $ | 19,747 |
Corporate bonds | 920,337 |  |  | (894) |  |  | 1,580 |  |  | (52,075) |  |  | 868,948 |
Mortgage-backed and asset-backed securities | 387,538 |  |  | — |  |  | 1,041 |  |  | (31,549) |  |  | 357,030 |
Municipal bonds | 15,893 |  |  | (3) |  |  | — |  |  | (1,536) |  |  | 14,354 |
Redeemable preferred stock | 9,480 |  |  | (121) |  |  | 23 |  |  | (382) |  |  | 9,000 |
Total | $ | 1,353,532 |  |  | $ | (1,018) |  |  | $ | 2,679 |  |  | $ | (86,114) |  |  | $ | 1,269,079 |
The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands):
|  | September 30, 2025 |  | December 31, 2024
Average Credit Ratings |  | Fair Value |  | % of Total Fair Value |  | Fair Value |  | % of Total Fair Value
AAA |  | $ | 423,818 |  |  | 30.0 | % |  | $ | 378,732 |  |  | 29.9 | %
AA |  | 224,221 |  |  | 15.9 | % |  | 146,456 |  |  | 11.5 | %
A |  | 435,769 |  |  | 30.8 | % |  | 425,503 |  |  | 33.5 | %
BBB |  | 324,436 |  |  | 22.9 | % |  | 313,265 |  |  | 24.7 | %
No Rating Available |  | 5,377 |  |  | 0.4 | % |  | 5,123 |  |  | 0.4 | %
Total |  | $ | 1,413,621 |  |  | 100.0 | % |  | $ | 1,269,079 |  |  | 100.0 | %
The table above includes credit quality ratings by Standard and Poor’s Rating Services, Inc. (“S&P”), Moody’s Investors Service, Inc. and Fitch Ratings, Inc. The Company has presented the highest rating of the three rating agencies for each investment position. The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):
| September 30, 2025 |  | December 31, 2024
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Mortgage-backed securities: |  |  |  |  |  |  |
Agency | $ | 223,513 |  |  | $ | 208,684 |  |  | $ | 194,400 |  |  | $ | 171,531 |
Non-agency | 65,608 |  |  | 61,486 |  |  | 58,722 |  |  | 51,940 |
Asset-backed securities: |  |  |  |  |  |  |
Auto loan receivables | 66,201 |  |  | 66,792 |  |  | 60,087 |  |  | 60,326 |
Credit card receivables | 7,525 |  |  | 7,606 |  |  | 9,702 |  |  | 9,769 |
Other receivables | 66,623 |  |  | 66,431 |  |  | 64,627 |  |  | 63,464 |
Total | $ | 429,470 |  |  | $ | 410,999 |  |  | $ | 387,538 |  |  | $ | 357,030 |
The following tables summarize available-for-sale debt securities, aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position, for which no allowance for expected credit losses has been recorded as of the dates presented (in thousands):
|  | September 30, 2025
|  | Less Than 12 Months |  |  | 12 Months or Longer
|  |  | Fair Value |  | Unrealized Losses |  |  |  | Fair Value |  | Unrealized Losses
Debt Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  |  | $ | 6,371 |  |  | $ | (2) |  |  |  |  | $ | 1,717 |  |  | $ | (257) |
Corporate bonds |  |  | 32,282 |  |  | (370) |  |  |  |  | 238,045 |  |  | (15,228) |
Mortgage-backed and asset-backed securities |  |  | 32,142 |  |  | (272) |  |  |  |  | 159,765 |  |  | (21,466) |
Municipal bonds |  |  | 1,997 |  |  | (34) |  |  |  |  | 7,561 |  |  | (721) |
Redeemable preferred stock |  |  | — |  |  | — |  |  |  |  | 840 |  |  | (69) |
Total |  |  | $ | 72,792 |  |  | $ | (678) |  |  |  |  | $ | 407,928 |  |  | $ | (37,741) |
|  | December 31, 2024
|  | Less Than 12 Months |  |  | 12 Months or Longer
|  |  | Fair Value |  | Unrealized Losses |  |  |  | Fair Value |  | Unrealized Losses
Debt Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government obligations and agencies |  |  | $ | 12,962 |  |  | $ | (193) |  |  |  |  | $ | 2,727 |  |  | $ | (379) |
Corporate bonds |  |  | 44,049 |  |  | (1,780) |  |  |  |  | 283,877 |  |  | (25,336) |
Mortgage-backed and asset-backed securities |  |  | 64,516 |  |  | (1,567) |  |  |  |  | 179,865 |  |  | (29,935) |
Municipal bonds |  |  | 1,244 |  |  | (53) |  |  |  |  | 9,624 |  |  | (1,099) |
Redeemable preferred stock |  |  | — |  |  | — |  |  |  |  | 825 |  |  | (84) |
Total |  |  | $ | 122,771 |  |  | $ | (3,593) |  |  |  |  | $ | 476,918 |  |  | $ | (56,833) |
Unrealized losses on available-for-sale debt securities in the above table as of September 30, 2025 have not been recognized into income as credit losses because the issuers are of high credit quality (investment grade securities), management does not intend to sell nor does it believe it is more likely than not it will be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. There were no material factors impacting any one category or specific security requiring an accrual for credit loss. The issuers continue to make principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity. The table of expected credit losses below presents the beginning and ending balances, along with the provision for or reversal of credit loss expenses, categorized by security type. This information pertains to available-for-sale debt securities that are in an unrealized loss position, necessitating a credit allowance (in thousands):
|  | Corporate Bonds |  | Mortgage-Backed and Asset-Backed Securities |  | Municipal Bonds |  | Redeemable Preferred Stock |  | Total
Balance, December 31, 2023 |  | $ | 469 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 93 |  |  | $ | 566 |
Provision for (or reversal of) credit loss expense |  | 425 |  |  | — |  |  | (1) |  |  | 28 |  |  | 452 |
Balance, December 31, 2024 |  | 894 |  |  | — |  |  | 3 |  |  | 121 |  |  | 1,018 |
Provision for (or reversal of) credit loss expense |  | (241) |  |  | 1 |  |  | (2) |  |  | (54) |  |  | (296) |
Balance, September 30, 2025 |  | $ | 653 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 67 |  |  | $ | 722 |
Refer to “Part II—Item 8—Note 2 (Summary of Significant Accounting Policies)” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for details of accounting policies and reporting in the condensed consolidated financial statements associated with available-for-sale debt securities and allowance for credit losses. The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands):
| September 30, 2025
| Amortized Cost |  | Fair Value
Due in one year or less | $ | 164,303 |  |  | $ | 163,207 |
Due after one year through five years | 776,417 |  |  | 759,663 |
Due after five years through ten years | 478,398 |  |  | 458,589 |
Due after ten years | 32,457 |  |  | 28,983 |
Perpetual maturity securities | 3,247 |  |  | 3,179 |
Total | $ | 1,454,822 |  |  | $ | 1,413,621 |
All securities, except those with perpetual maturities, were categorized in the table above utilizing years to effective maturity. Effective maturity takes into consideration all forms of potential prepayment, such as call features or prepayment schedules, that shorten the lifespan of contractual maturity dates. The following table provides certain information related to available-for-sale debt securities, equity securities, and other investments during the periods presented (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds from sales and maturities (fair value): |  |  |  |  |  |  |
Available-for-sale debt securities | $ | 103,067 |  |  | $ | 73,568 |  |  | $ | 218,321 |  |  | $ | 138,833 |
Equity securities | $ | 9,066 |  |  | $ | 1,624 |  |  | $ | 12,512 |  |  | $ | 12,576 |
Other investments | $ | — |  |  | $ | — |  |  | $ | 11,463 |  |  | $ | — |
Gross realized gains on sale of securities: |  |  |  |  |  |  |
Available-for-sale debt securities | $ | 263 |  |  | $ | 118 |  |  | $ | 320 |  |  | $ | 703 |
Equity securities | $ | 193 |  |  | $ | 334 |  |  | $ | 1,177 |  |  | $ | 1,128 |
Other investments | $ | — |  |  | $ | — |  |  | $ | 6,669 |  |  | $ | — |
Gross realized losses on sale of securities: |  |  |  |  |  |  |
Available-for-sale debt securities | $ | (800) |  |  | $ | (918) |  |  | $ | (1,180) |  |  | $ | (1,499) |
Equity securities | $ | — |  |  | $ | (680) |  |  | $ | (2,065) |  |  | $ | (1,866) |
The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Available-for-sale debt securities | $ | 12,492 |  |  | $ | 9,430 |  |  | $ | 34,826 |  |  | $ | 25,034 |
Equity securities | 969 |  |  | 864 |  |  | 2,698 |  |  | 2,600 |
Cash and cash equivalents (1) | 5,471 |  |  | 5,689 |  |  | 15,924 |  |  | 17,397 |
Other (2) | 161 |  |  | 86 |  |  | 485 |  |  | 413 |
Total investment income | 19,093 |  |  | 16,069 |  |  | 53,933 |  |  | 45,444 |
Less: Investment expenses (3) | (756) |  |  | (663) |  |  | (2,278) |  |  | (1,855) |
Net investment income | $ | 18,337 |  |  | $ | 15,406 |  |  | $ | 51,655 |  |  | $ | 43,589 |
(1) |  |  | Includes interest earned on restricted cash and cash equivalents.
(2) |  |  | Includes investment income earned on real estate investments.
(3) |  |  | Includes custodial fees, investment accounting and advisory fees, and expenses associated with real estate investments.
Equity Securities The following table provides the unrealized gains and (losses) recognized for the periods presented on equity securities still held at the end of the reported period (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period | $ | 1,409 |  |  | $ | 5,078 |  |  | $ | 1,589 |  |  | $ | 8,963 |
Investment in Real Estate Investment in real estate consisted of the following as of the dates presented (in thousands):
| September 30, |  | December 31,
| 2025 |  | 2024
Income Producing: |  |  |
Investment in real estate | $ | 7,337 |  |  | $ | 10,102 |
Less: Accumulated depreciation | (1,912) |  |  | (1,780) |
Investment in real estate, net | $ | 5,425 |  |  | $ | 8,322 |
The following table provides the depreciation expense related to investment in real estate for the periods presented (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation expense on investment in real estate | $ | 50 |  |  | $ | 49 |  |  | $ | 200 |  |  | $ | 142 |
Other Investments The Company has ownership interests in limited partnerships that are not registered or readily tradable on a securities exchange. These partnerships are with private equity funds managed by general partners who make decisions with regard to financial policies and operations. As such, the Company is not the primary beneficiary and does not consolidate these partnerships. The fair value of the Company's investments in certain private equity funds is also determined using Net Asset Value. The timing of the delivery of the funds’ financial statements and financial information is on a three-month lag which results in a three-month delay in the recognition of our share of the change in Net Asset Value. Effective in 2024, as this is the best information available, it will be used for the estimate of the net asset value as well as the fair value, unless conditions have changed significantly in the economy or securities markets. In such a case, we will adjust our estimate with assistance from the general partner. The fair value of the other investments reported at net asset value consisted of the following as of the date presented (in thousands):
|  | As of September 30, 2025
|  | Fair Value |  | Unfunded Commitments |  | Redemption Frequency (if Currently Eligible) | Redemption Notice Period
Investments in private equity limited partnerships - Net Asset Value (a) |  | $ | 3,903 |  |  | $ | — |  |  | N/A | N/A
Total |  | $ | 3,903 |  |  | $ | — |  |  |  |
(a)This class includes private equity funds that invest in cybersecurity companies which are subject to a contractual restriction on the transfer or sale by the Company prior to liquidation or dissolution of the partnership agreement by the general partner. Distributions are received through liquidation of the underlying assets of the fund. The fair value of these assets has been estimated using the net asset value (NAV) per share of investments. It is estimated that these investments will be liquidated over four to nine years.
|  | As of December 31, 2024
|  | Fair Value |  | Unfunded Commitments |  | Redemption Frequency (if Currently Eligible) | Redemption Notice Period
Investments in private equity limited partnerships - Net Asset Value (a) |  | $ | 3,921 |  |  | $ | — |  |  | N/A | N/A
Total |  | $ | 3,921 |  |  | $ | — |  |  |  |
(a)This class includes private equity funds that invest in cybersecurity companies which are subject to a contractual restriction on the transfer or sale by the Company prior to liquidation or dissolution of the partnership agreement by the general partner. Distributions are received through liquidation of the underlying assets of the fund. The fair value of these assets has been estimated using the net asset value (NAV) per share of investments. It is estimated that these investments will be liquidated over four to nine years.
Other investments consisted of the following as of the dates presented (in thousands):
|  | September 30, |  | December 31,
|  | 2025 |  | 2024
Investments in private equity limited partnerships reported at fair value |  | $ | — |  |  | $ | 12,202 |
Investments in private equity limited partnerships reported at net asset value |  | 3,903 |  |  | 3,921 |
Total Investments in private equity partnerships |  | $ | 3,903 |  |  | $ | 16,123 |
The limited partnership investments are subject to a contractual restriction on the transfer or sale by the Company prior to liquidation or dissolution of the partnership agreement by the general partner. This restriction lapses upon the dissolution of the partnership or upon the written consent of the general partner and its Board of Directors. The following table provides the realized and unrealized gains recognized for the periods presented on investment in private equity limited partnerships still held at the end of the reported period (in thousands):
|  | Three Months Ended September 30, |  | Three Months Ended September 30,
|  | 2025 |  | 2024 |  |
Unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships reported at fair value still held at the end of reported period |  | $ | — |  |  | $ | 1,814 |  |  |
Unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships reported at net asset value still held at the end of reported period |  | (29) |  |  | — |  |  |
Total unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships still held at the end of the reported period |  | $ | (29) |  |  | $ | 1,814 |  |  |
|  | Nine Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  |
Unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships reported at fair value still held at the end of reported period |  | $ | — |  |  | $ | 1,814 |  |  |
Unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships reported at net asset value still held at the end of reported period |  | (18) |  |  | — |  |  |
Total unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships still held at the end of the reported period |  | $ | (18) |  |  | $ | 1,814 |  |  |
The unrealized gains (losses) and realized gains (losses) on these investments are recognized in net change in unrealized gains (losses) on equity investments and net realized gains (losses) on investments, respectively, in the Condensed Consolidated Statement of Income. On September 30, 2025 and December 31, 2024, the Company’s net cumulative contributed capital to the partnerships reported at fair value was $0.0 million and $4.8 million, respectively. On September 30, 2025 and December 31, 2024, the Company’s net cumulative contributed capital to the partnerships reported at net asset value was $4.0 million and $4.0 million, respectively.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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