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Investments (Tables) | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments Held by Successor Ambac, by Contractual Maturity | The amortized cost and estimated fair value of available-for-sale investments, at December 31, 2025, by contractual maturity, were as follows:
|  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 180,013 |  |  | $ | 179,824 |
Due after one year through five years |  | 32,409 |  |  | 31,588 |
Due after five years through ten years |  | 47,801 |  |  | 47,619 |
Due after ten years |  | 979 |  |  | 998 |
|  | 261,202 |  |  | 260,029 |
Residential mortgage-backed securities |  | 1,604 |  |  | 1,597 |
Commercial mortgage-backed securities |  | 3,307 |  |  | 3,341 |
Collateralized debt obligations |  | 1,963 |  |  | 1,975 |
Other asset-backed securities |  | 1,772 |  |  | 1,795 |
Total |  | $ | 269,848 |  |  | $ | 268,737 |
Summary of Gross Unrealized Losses and Fair Values of Ambac's Available-for-Sale Investments | The following table shows gross unrealized losses and fair values of Octave’s available-for-sale investments, which at December 31, 2025, did not have an allowance for credit losses under the CECL standard. This information is aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2025 and 2024:
|  | December 31, 2025 |  | December 31, 2024
|  | Less Than 12 Months |  | 12 Months or More |  | Total |  | Less Than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal obligations |  | $ | 535 |  |  | $ | 16 |  |  | $ | 5,820 |  |  | $ | 212 |  |  | $ | 6,355 |  |  | $ | 228 |  |  | 6,042 |  |  | 112 |  |  | 6,582 |  |  | 458 |  |  | $ | 12,624 |  |  | $ | 570 |
Corporate obligations |  | 1,807 |  |  | 10 |  |  | 30,751 |  |  | 1,932 |  |  | 32,558 |  |  | 1,942 |  |  | 23,784 |  |  | 269 |  |  | 46,612 |  |  | 3,636 |  |  | 70,396 |  |  | 3,905 |
U.S. government obligations |  | 2,206 |  |  | 14 |  |  | 9,491 |  |  | 117 |  |  | 11,697 |  |  | 131 |  |  | 15,919 |  |  | 344 |  |  | 14,818 |  |  | 465 |  |  | 30,737 |  |  | 809 |
Residential mortgage-backed securities |  | — |  |  | — |  |  | 1,596 |  |  | 7 |  |  | 1,596 |  |  | 7 |  |  | 2,446 |  |  | 29 |  |  | — |  |  | — |  |  | 2,446 |  |  | 29 |
Commercial mortgage-backed securities |  | 763 |  |  | 8 |  |  | — |  |  | — |  |  | 763 |  |  | 8 |  |  | 738 |  |  | 34 |  |  | — |  |  | — |  |  | 738 |  |  | 34 |
Collateralized debt obligations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 655 |  |  | 2 |  |  | — |  |  | — |  |  | 655 |  |  | 2 |
Other asset-backed securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,428 |  |  | 2 |  |  | — |  |  | — |  |  | 1,428 |  |  | 2 |
Total temporarily impaired securities |  | 5,311 |  |  | 48 |  |  | 47,658 |  |  | 2,268 |  |  | 52,969 |  |  | 2,316 |  |  | $ | 51,012 |  |  | $ | 792 |  |  | $ | 68,012 |  |  | $ | 4,559 |  |  | $ | 119,024 |  |  | $ | 5,351 |
Investment | Octave's unfunded commitments total $1,501 on this private equity fund at December 31, 2025. Other investments also include preferred equity investments with a carrying value of $17,517 and $20,618 as of December 31, 2025 and 2024, respectively, that do not have readily determinable fair values and are carried at cost, less any impairments as permitted under the Investments — Equity Securities Topic of the ASC. There were $(3,100), $(6,517), and $0 impairments recorded on these investments in the years ended December 31, 2025, 2024 and 2023, respectively.
Summary of Net Investment Income | Net investment income (loss) was comprised of the following for the affected periods:
Year Ended December 31, |  | 2025 |  | 2024 |  | 2023
Fixed maturity securities |  | $ | 5,175 |  |  | $ | 4,895 |  |  | $ | 3,696 |
Short-term investments |  | 6,014 |  |  | 10,033 |  |  | 9,287 |
Investment expense |  | (273) |  |  | (365) |  |  | (296) |
Securities available-for-sale and short-term |  | 10,916 |  |  | 14,563 |  |  | 12,687 |
Other investments |  | (269) |  |  | (115) |  |  | 472 |
Total net investment income (loss) |  | $ | 10,647 |  |  | $ | 14,448 |  |  | $ | 13,159 |
Net i
Summary of Amortized Cost and Estimated Fair Value of Available-for-Sale Investments, Excluding VIE Investments | The amortized cost and estimated fair value of available-for-sale investments, at December 31, 2025 and 2024 were as follows:
|  | December 31, 2025 |  | December 31, 2024
|  | Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized |  | Estimated Fair Value |  | Amortized Cost |  | Allowance for Credit Losses |  | Gross Unrealized |  | Estimated Fair Value
|  |  |  | Gains |  | Losses |  |  |  |  | Gains |  | Losses |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal obligations |  | $ | 11,697 |  |  | $ | — |  |  | $ | 121 |  |  | $ | 228 |  |  | $ | 11,590 |  |  | $ | 14,646 |  |  | — |  |  | 7 |  |  | 570 |  |  | 14,083 |
Corporate obligations |  | 67,881 |  |  | — |  |  | 634 |  |  | 1,942 |  |  | 66,573 |  |  | 92,990 |  |  | — |  |  | 107 |  |  | 3,905 |  |  | 89,192 |
U.S. government obligations |  | 35,190 |  |  | — |  |  | 365 |  |  | 131 |  |  | 35,424 |  |  | 41,706 |  |  | — |  |  | 98 |  |  | 809 |  |  | 40,995 |
Residential mortgage-backed securities |  | 1,604 |  |  | — |  |  | — |  |  | 7 |  |  | 1,597 |  |  | 2,475 |  |  | — |  |  | — |  |  | 29 |  |  | 2,446 |
Commercial mortgage-backed securities |  | 3,307 |  |  | — |  |  | 42 |  |  | 8 |  |  | 3,341 |  |  | 2,127 |  |  | — |  |  | 8 |  |  | 34 |  |  | 2,101 |
Collateralized debt obligations |  | 1,963 |  |  | — |  |  | 12 |  |  | — |  |  | 1,975 |  |  | 3,131 |  |  | — |  |  | 13 |  |  | 2 |  |  | 3,142 |
Other asset-backed securities |  | 1,772 |  |  | — |  |  | 23 |  |  | — |  |  | 1,795 |  |  | 5,049 |  |  | — |  |  | 14 |  |  | 2 |  |  | 5,061 |
|  | 123,414 |  |  | — |  |  | 1,197 |  |  | 2,316 |  |  | 122,295 |  |  | 162,124 |  |  | — |  |  | 247 |  |  | 5,351 |  |  | 157,020 |
Short-term |  | 146,434 |  |  | — |  |  | 8 |  |  | — |  |  | 146,442 |  |  | 127,588 |  |  | — |  |  | 13 |  |  | — |  |  | 127,601 |
Total available-for-sale investments |  | $ | 269,848 |  |  | $ | — |  |  | $ | 1,205 |  |  | $ | 2,316 |  |  | $ | 268,737 |  |  | $ | 289,712 |  |  | $ | — |  |  | $ | 260 |  |  | $ | 5,351 |  |  | $ | 284,621 |
Summary of Amounts Included in Net Realized (Losses) Gains and Other-Than-Temporary Impairments | The following table details amounts included in net investment gains (losses) and impairments included in earnings for the affected periods and are included in Revenues, other on the Statements of Total Comprehensive Income (Loss):
Year Ended December 31, |  | 2025 |  | 2024 |  | 2023
Gross realized gains on securities |  | $ | 526 |  |  | $ | 6,068 |  |  | $ | 57 |
Gross realized losses on securities |  | (3) |  |  | (47) |  |  | (38) |
Credit impairments |  | (3,100) |  |  | (6,517) |  |  | — |
Net investment gains (losses), including impairments |  | $ | (2,577) |  |  | $ | (496) |  |  | $ | 19 |

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