The Company holds: (i) available-for-sale ("AFS") portfolios of fixed maturity and equity securities, carried at fair value; (ii) other investments carried at fair value; (iii) equity method investments using equity method accounting; and (iv) funds held - directly managed.


June 30, 2025	Original or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. treasury bonds	$	43,911	$	—	$	—	$	43,911
U.S. agency bonds – mortgage-backed	21,963		506		(2)		22,467

Non-U.S. government bonds	54,005		2		(31)		53,976
Collateralized loan obligations	68,684		7		(5)		68,686
Corporate bonds	16,760		4		(3)		16,761


Total fixed maturity investments	$	205,323	$	519	$	(41)	$	205,801

The Company separately presents the accrued interest receivable balance on its AFS fixed maturity investments on the Condensed Consolidated Balance Sheets under accrued investment income. The amount of accrued interest receivable on AFS securities was $658 at June 30, 2025. The Company has elected the practical expedient to exclude accrued interest from both the fair value and the amortized cost basis of the AFS fixed maturity securities for the purposes of identifying and measuring any impairments under the allowance for expected credit losses standard. Write-offs of accrued interest receivable balances are recognized in net investment gains and losses in the period in which they are deemed uncollectible. There was no write-off recognized on the accrued interest receivable during the three and six months ended June 30, 2025.

The contractual maturities of our fixed maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



June 30, 2025	Amortized cost		Fair value
Due in one year or less	$	94,117	$	94,097
Due after one year through five years	20,054		20,046
Due after five years through ten years	505		505

	114,676		114,648
U.S. agency bonds – mortgage-backed	21,963		22,467

Collateralized loan obligations	68,684		68,686
Total fixed maturity investments	$	205,323	$	205,801


	Less than 12 Months				12 Months or More				Total
June 30, 2025	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
U.S. treasury bonds	$	20,855	$	—	$	—	$	—	$	20,855	$	—
U.S. agency bonds – mortgage-backed	381		(2)		—		—		381		(2)

Non-U.S. government bonds	38,907		(31)		—		—		38,907		(31)
Collateralized loan obligations	39,129		(5)		—		—		39,129		(5)
Corporate bonds	7,454		(3)		—		—		7,454		(3)

Total temporarily impaired fixed maturities	$	106,726	$	(41)	$	—	$	—	$	106,726	$	(41)

The Company evaluates AFS securities for impairment when fair value is below amortized cost on a quarterly basis. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and included in net investment gains (losses). If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss relating to credit factors is recorded in net income (loss). The non-credit impairment amount of the loss (which could be related to interest rates and/or market conditions) is recognized in other comprehensive income.

To estimate the allowance for expected credit losses for most of the AFS securities, the Company analyzes projected cash flows which are primarily driven by assumptions regarding loss severity, probability of default and projected recovery rates. The Company's determination of default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that any possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g., Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g., U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for impairment based on the Company's intention to sell and likely requirement to sell.

Based on the Company's analysis at June 30, 2025, the unrealized gains on the Company’s AFS fixed maturity securities were due to non-credit factors and were expected to be recovered as the related securities approach maturity. At June 30, 2025, the Company did not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of their amortized costs. Therefore, there was no allowance recorded for expected credit losses on AFS securities for the three and six months ended June 30, 2025.


June 30, 2025	Amortized cost		Fair value		% of Total fair value
U.S. treasury bonds	$	43,911	$	43,911	21.3	%
U.S. agency bonds – mortgage-backed	21,963		22,467		10.9	%
AAA	80,201		80,201		39.0	%
AA+, AA, AA-	35,487		35,481		17.2	%
A+, A, A-	17,394		17,371		8.5	%
BBB+, BBB, BBB-	6,367		6,370		3.1	%

Total fixed maturities (1)	$	205,323	$	205,801	100.0	%

Certain of the Company's other investments and equity method investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which could limit our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request. Certain other investments and equity method investments may not have any restrictions governing their sale, but there is no active market and no assurance that the Company will be able to execute a sale in a timely manner. In addition, even if certain other investments and equity method investments are not eligible for redemption or sales are restricted, we may still receive income distributions from those investments.

The collateralized investments in direct lending entities of $49,978 at June 30, 2025 are carried at fair market value. ASC 825-10: Financial Instruments provides a measurement basis election for most financial instruments using a choice of either historical cost or fair value, including other investments, allowing reporting entities to mitigate potential mismatches that arise under the current mixed measurement attribute model. In connection with the Combination on May 27, 2025, the assets and liabilities of Maiden were recorded at their fair values measured as of the acquisition date. The Company has elected the fair value option for its investments in direct lending entities, and these investments are reported at fair value as of June 30, 2025. Please see Note 5(d). Fair Value Measurements for additional information regarding this investment.


	June 30, 2025
	Fair value		% of Total
Private equity funds	$	27,127	16.7	%
Privately held equity investments	10,315		6.4	%
Private credit investments	1,666		1.0	%
Equity method investments with fair value option elected	73,019		45.0	%

Investments in direct lending entities	49,978		30.9	%
Total other investments at fair value	$	162,105	100.0	%

Equity securities include privately held equity investments in common and preferred stocks. The Company's privately held equity investments in common and preferred stocks are direct investments in companies that the Company believes offer attractive risk adjusted returns or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. There is no active market for these investments.

All privately held securities held at June 30, 2025 are subject to contractual sale restrictions. Each of these investments are subject to agreements that restrict the transfer, sale, and indemnification of these privately held investments indefinitely. The Company must hold these shares indefinitely unless the investee's shares are registered with the SEC and qualified by state authorities, or until an exemption from such registration and qualification requirements may become available.

Fair Value

Remaining duration of restrictions

Nature of contractual sale restrictions

Circumstances that could cause a lapse in restrictions

Privately held common stocks

5,181

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Privately held preferred stocks

6,010

Indefinite

The Purchaser must hold the restricted shares indefinitely

Registration of securities with the SEC or if exemption is available

Total equity securities subject to contractual sale restrictions

11,191

The equity method investments currently include real estate investments accounted for under the equity method and other investments measured at fair value. The table below shows the total value of the Company's equity method investments as of June 30, 2025 including those classified as other investments under the fair value option:


June 30,	2025
	Carrying Value		% of Total
Real estate investments at equity method	$	33,173	31.2	%
Total equity method investments accounted for under the Equity Method	33,173		31.2	%
Real estate investments at fair value option elected	46,000		43.3	%
Other equity method investments at fair value option elected	27,019		25.5	%
Total equity method investments with fair value option (included in Other Investments)	73,019		68.8	%
Total equity method investments	$	106,192	100.0	%

The equity method investments above include limited partnerships which are variable interests issued by variable interest entities ("VIEs"). The Company is not the primary beneficiary of these VIEs as it does not have the power to direct the activities that are most significant to the economic performance of these VIEs. The Company is deemed to have limited influence over the operating and financial policies of the investee and accordingly, these investments are reported under the equity method of accounting. In applying the equity method of accounting, the investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the investee's net income or loss. Generally, the maximum exposure to loss on these interests is limited to the amount of commitment made by the Company as more fully described in "Note 11 - Commitments, Contingencies and Guarantees" in these condensed consolidated financial statements.

ASC 825-10: Financial Instruments provides a measurement basis election for most financial instruments using a choice of either historical cost or fair value, including equity method investments, allowing reporting entities to mitigate potential mismatches that arise under the current mixed measurement attribute model. As a result of the Combination on May 27, 2025, the assets and liabilities of Maiden were recorded at their fair values measured as of the acquisition date. The Company has elected the fair value option for certain of its equity method investments, and these investments are reported at their fair values as of June 30, 2025.

The table below shows the carrying/fair values and beneficial ownership percentage of the Company's equity method investments, including those measured using the fair value option and reported in other investments, as of June 30, 2025, the summarized financial data of each equity method investment for the six months ended June 30, 2025 and the Company's realized and unrealized gains (losses) on these investments for the three and six months ended June 30, 2025:


	June 30, 2025				For the Six Months Ended June 30, 2025				For the Three and Six Months Ended June 30, 2025
	Carrying Value		Beneficial Ownership		Investee Revenue(1)		Investee net income (loss)(1)		Realized and unrealized gains (losses)(2)

Silverstone Venture 1	$	3,729	90.0	%	$	1,227	$	605	$	53
Silverstone Venture 2	4,094		86.8	%	69		66		(264)
Silverstone Venture 3	19,196		70.2	%	—		(3)		336
Extell Hudson Waterfront Holdings	46,000		25.0	%	588		320		—
Seiden LP & Seiden MGMT LP(3)	33,173		99.9	%	172		(89)		—
Total equity method investments	$	106,192							$	125

1. The Company included summarized financial data of its equity method investees for the three months ended March 31, 2025 as this period represents the most recent audited financial statements available at the time of filing the Company's Form 10-Q for the three and six months ended June 30, 2025.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Fixed maturities	$	614	$	—	$	614	$	—
Income on funds withheld	20		—		20		—
Interest income from net loan receivable from AmTrust	659		—		659		—
Other investments	84		—		84		—
Cash and cash equivalents	156		54		190		118
	1,533		54		1,567		118

Investment expenses	(2)		—		(2)		—
Net investment income	$	1,531	$	54	$	1,565	$	118

Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. The following tables show the net realized and unrealized investment gains (losses) included in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025:


For the three and six months ended June 30, 2025	Gross gains		Gross losses		Net
Fixed maturities	$	875	$	(111)	$	764
Equity securities	46		—		46
Other investments	512		(264)		248
Net realized and unrealized investment gains (losses)	$	1,433	$	(375)	$	1,058

Realized and unrealized gains and losses from equity securities detailed above include both sales and distributions of equity securities and unrealized gains and losses coming from fair value changes. Net unrealized gains recognized for equity securities still held at the reporting date for the three and six months ended June 30, 2025, respectively, included:



For the Three and Six Months Ended June 30,	2025
Net gains recognized for equity securities	$	46
Net gains recognized for equity securities divested	—
Net unrealized gains recognized for equity securities still held at the reporting date	$	46


	June 30, 2025
Net unrealized gains on fixed maturity investments	$	478
Net unrealized losses on held for sale AFS investments	7

Total net unrealized losses	485
Deferred income tax	—
Net unrealized gains, net of deferred income tax	$	485
Change, net of deferred income tax	$	485

The Company is required to provide collateral for its reinsurance liabilities under various reinsurance agreements and utilizes trust accounts to collateralize business with reinsurance counterparties. The assets in trust as collateral are primarily cash and highly rated fixed maturities. The fair values of the Company's restricted assets at June 30, 2025 are:


	June 30, 2025
Restricted cash – third party agreements	$	8,440
Restricted cash – related party agreements	6,277
Total restricted cash	14,717
Restricted investments – in trust for third party agreements at fair value (amortized cost: 2025 – $53,766)	54,019
Restricted investments – in trust for related party agreements at fair value (amortized cost: 2025 – $143,741)	143,793
Restricted investments – liability for investments purchased for related party agreements	(1,080)
Total restricted investments	196,732
Total restricted cash and investments	$	211,449