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Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses and Fair Value on Fixed Maturities
The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at June 30, 2025 are as follows:
June 30, 2025Original or amortized costGross unrealized gainsGross unrealized lossesFair 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 bonds54,005 2 (31)53,976 
Collateralized loan obligations68,684 7 (5)68,686 
Corporate bonds
16,760 4 (3)16,761 
Total fixed maturity investments
$205,323 $519 $(41)$205,801 
December 31, 2024Original or amortized costGross unrealized gainsGross unrealized lossesFair value
Schedule of Contractual Maturities of Fixed Maturities
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, 2025Amortized costFair 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 obligations68,684 68,686 
Total fixed maturity investments
$205,323 $205,801 
Schedule of Fixed Maturities in an Unrealized Loss Position and Aggregate Fair Value
The following tables summarize fixed maturities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
Less than 12 Months12 Months or MoreTotal
June 30, 2025Fair
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 bonds38,907 (31)— — 38,907 (31)
Collateralized loan obligations39,129 (5)— — 39,129 (5)
Corporate bonds
7,454 (3)— — 7,454 (3)
Total temporarily impaired fixed maturities
$106,726 $(41)$— $— $106,726 $(41)
Schedule of the Credit Ratings of Fixed Maturities
The following tables summarize the credit ratings of our fixed maturities as at June 30, 2025:
June 30, 2025Amortized costFair 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 %
December 31, 2024Amortized costFair value
(1)Ratings above are based on Standard & Poor’s ("S&P"), or equivalent, ratings
Schedule of Composition of Other Investments
The table shows the composition of the Company's other investments at fair value as of June 30, 2025:
June 30, 2025
Fair value% of Total
Private equity funds$27,127 16.7 %
Privately held equity investments10,315 6.4 %
Private credit investments1,666 1.0 %
Equity method investments with fair value option elected73,019 45.0 %
Investments in direct lending entities49,978 30.9 %
Total other investments at fair value$162,105 100.0 %
Schedule of Cost and Fair Values of the Equity Securities and Privately Held Securities Held Subject to Contractual Sale Restrictions
The following table provides the cost and fair values of the equity securities held at June 30, 2025:
 June 30, 2025
CostFair Value
Privately held common stocks$5,135 $5,181 
Privately held preferred stocks6,010 6,010 
Total equity securities$11,145 $11,191 
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 restrictionsNature of contractual sale restrictionsCircumstances that could cause a lapse in restrictions
Privately held common stocks$5,181 IndefiniteThe Purchaser must hold the restricted shares indefinitely Registration of securities with the SEC or if exemption is available
Privately held preferred stocks6,010 IndefiniteThe Purchaser must hold the restricted shares indefinitelyRegistration of securities with the SEC or if exemption is available
Total equity securities subject to contractual sale restrictions$11,191  
Schedule of Equity Method Investments and Carrying Value and Beneficial Ownership Percentage of Equity Method Investments 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 Method33,173 31.2 %
Real estate investments at fair value option elected46,000 43.3 %
Other equity method investments at fair value option elected27,019 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 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, 2025For the Six Months Ended June 30, 2025
For the Three and Six Months Ended June 30, 2025
Carrying ValueBeneficial 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 24,094 86.8 %69 66 (264)
Silverstone Venture 319,196 70.2 %— (3)336 
Extell Hudson Waterfront Holdings46,000 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.
2.Fair value adjustments have been recorded under realized and unrealized gains (losses) for those equity method investments reported at fair value.
3.Seiden LP and Seiden MGMT LP are measured using equity method accounting at June 30, 2025.
Schedule of Net Investment Income
Net investment income was derived from the following sources for the three and six months ended June 30, 2025 and 2024:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Fixed maturities
$614 $— $614 $— 
Income on funds withheld20 — 20 — 
Interest income from net loan receivable from AmTrust659 — 659 — 
Other investments84 — 84 — 
Cash and cash equivalents156 54 190 118 
1,533 54 1,567 118 
Investment expenses
(2)— (2)— 
Net investment income
$1,531 $54 $1,565 $118 
Schedule of Net Realized and Unrealized Investment Gains (Losses)
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 gainsGross lossesNet
Fixed maturities
$875 $(111)$764 
Equity securities46 — 46 
Other investments512 (264)248 
Net realized and unrealized investment gains (losses)$1,433 $(375)$1,058 
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 
Schedule of Net Unrealized Losses Included in Accumulated Other Comprehensive Income Net unrealized gains included in accumulated other comprehensive income ("AOCI") were as follows at June 30, 2025:
June 30, 2025
Net unrealized gains on fixed maturity investments
$478 
Net unrealized losses on held for sale AFS investments
7 
Total net unrealized losses485 
Deferred income tax
— 
Net unrealized gains, net of deferred income tax
$485 
Change, net of deferred income tax
$485 
4. Investments (continued)
Schedule of Fair Value of Restricted Assets 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 agreements6,277 
  Total restricted cash14,717 
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