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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

At June 30, 2025, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

June 30, 2025						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value Based on NAV Practical Expedient						Total Fair Value
Fixed maturities
U.S. treasury bonds						$	43,911					$	—					$	—					$	—					$	43,911
U.S. agency bonds – mortgage-backed						—						22,467						—						—						22,467
Non-U.S. government bonds						—						53,976						—						—						53,976
Collateralized loan obligations						—						68,686						—						—						68,686
Corporate bonds						—						16,761						—						—						16,761
Equity securities						—						—						11,191						—						11,191
Other investments						—						—						127,728						34,377						162,105
Total investments						$	43,911					$	161,890					$	138,919					$	34,377					$	379,097
As a percentage of total assets						3.8%						14.0%						12.0%						3.0%						32.8%
Underwriting-related derivative liability						$	—					$	—					$	3,984					$	—					$	3,984

December 31, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Based on NAV Practical Expedient Total Fair Value

Schedule of Significant Unobservable Inputs for Determining Fair Value of Other Investments

The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at June 30, 2025:

Fair Value

Valuation Technique

Unobservable Inputs

Range

Privately held equity investments - common shares

$

5,181

Quarterly financial statements

Price/book ratios of comparable public companies

Privately held equity investments - preferred shares

10,741

Quarterly financial statements

Privately calculated enterprise valuations

Other investments - Investments in direct lending entities

49,978

Quarterly financial statements

Privately calculated enterprise valuations

Equity method investments measured at fair value option

73,019

Quarterly financial statements

Privately calculated enterprise valuations

Total Level 3 investments

$

138,919

Underwriting-related derivative liability

$

3,984

Discounted cash flows

Duration matched discount rates

5.0%

to

6.0%

Schedule of Reconciliation of Other Investments Measured at Fair value on a Recurring Basis Using Level 3 Inputs

The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2025, respectively. The Company includes any related interest and dividend income in net investment income and are excluded from the reconciliation in the table below:

For the Three and Six Months Ended June 30,						2025
Balance - beginning of period						$	—
Acquired Level 3 investments						137,188
Purchases						1,723
Sales						(163)
Net realized and unrealized gains during the period						171
Total Level 3 investments - end of period						$	138,919

Schedule of Carrying Value and Fair Value of Senior Notes

The following table presents the respective principal amount and fair values for the Senior Notes as at June 30, 2025:

						June 30, 2025
						Principal Amount						Fair Value
Senior Notes - MHLA – 6.625%						$	110,000					$	65,516
Senior Notes - MHNC – 7.75%						152,361						100,254
Total Senior Notes						$	262,361					$	165,770

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.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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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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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

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