See Note 6, "Fair Value" for additional fair value disclosures. The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our fixed maturity securities as of:


	June 30, 2026
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value




Available-for-sale securities:
Corporate debt securities	$	784,968	$	4,200	$	4,794	$	784,374
Collateralized debt obligations	233,053		155		487		232,721
Commercial mortgage-backed securities	147,887		1,550		1,715		147,722
Residential mortgage-backed securities	220,319		421		12,055		208,685
Other debt securities	46,032		187		385		45,834
U.S. Treasury	13,938		3		55		13,886
Total available-for-sale securities, net (1)	1,446,197		6,516		19,491		1,433,222

Held-to-maturity securities - states & political subdivisions	4,833		15		0		4,848

Total fixed maturity securities, net	$	1,451,030	$	6,531	$	19,491	$	1,438,070


	December 31, 2025
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Available-for-sale securities:




Corporate debt securities	$	834,885	$	12,779	$	3,185	$	844,479
Collateralized debt obligations	133,224		207		164		133,267
Commercial mortgage-backed securities	139,516		2,808		1,783		140,541
Residential mortgage-backed securities	196,624		982		10,380		187,226
Other debt securities	34,863		543		254		35,152
U.S. Treasury	24,116		106		59		24,163
Total available-for-sale securities, net (1)	1,363,228		17,425		15,825		1,364,828
Held-to-maturity securities - states & political subdivisions	4,833		30		0		4,863
Total fixed maturity securities, net	$	1,368,061	$	17,455	$	15,825	$	1,369,691

The amortized cost and estimated fair value of our fixed maturity securities at June 30, 2026 are shown below by remaining contractual term to maturity. Expected 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, 2026
	Amortized		Estimated
(in thousands)	cost		fair value
Available-for-sale securities:
Due in one year or less	$	63,311	$	63,363
Due after one year through five years	546,224		545,677
Due after five years through ten years	188,795		187,998
Due after ten years	647,867		636,184
Total available-for-sale securities, net (1) (2)	1,446,197		1,433,222

Held-to-maturity securities - due after ten years	4,833		4,848

Total fixed maturity securities, net	$	1,451,030	$	1,438,070

(1)The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Consolidated Statement of Financial Position at June 30, 2026.

The below securities have been evaluated for credit impairment using criteria described within Note 2, "Significant Accounting Policies, of Notes to Consolidated Financial Statements" included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 23, 2026. The gross unrealized losses are primarily attributable to changes in interest rates and are not deemed to be credit-related. We do not have the intent to sell these securities and it is more likely than not that we would not be required to sell these securities before the anticipated recovery of the amortized cost basis.


	June 30, 2026
	Less than 12 months				12 months or longer				Total
(dollars in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		No. of holdings





Corporate debt securities	$	432,603	$	4,186	$	13,788	$	608	$	446,391	$	4,794	273
Collateralized debt obligations	146,226		463		2,566		24		148,792		487		144
Commercial mortgage-backed securities	36,406		261		16,335		1,454		52,741		1,715		100
Residential mortgage-backed securities	99,078		1,393		73,795		10,662		172,873		12,055		185
Other debt securities	25,741		169		3,347		216		29,088		385		57
U.S. Treasury	10,404		55		0		0		10,404		55		3
Total available-for-sale securities	$	750,458	$	6,527	$	109,831	$	12,964	$	860,289	$	19,491	762
Quality breakdown of available-for-sale securities:
Investment grade	$	725,388	$	5,879	$	106,979	$	12,807	$	832,367	$	18,686	734
Non-investment grade	25,070		648		2,852		157		27,922		805		28
Total available-for-sale securities	$	750,458	$	6,527	$	109,831	$	12,964	$	860,289	$	19,491	762


	December 31, 2025
	Less than 12 months				12 months or longer				Total
(dollars in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses		No. of holdings





Corporate debt securities	$	72,699	$	1,555	$	41,040	$	1,630	$	113,739	$	3,185	418
Collateralized debt obligations	57,917		120		3,909		44		61,826		164		83
Commercial mortgage-backed securities	16,103		59		19,956		1,724		36,059		1,783		70
Residential mortgage-backed securities	17,675		27		92,019		10,353		109,694		10,380		146
Other debt securities	3,936		39		3,655		215		7,591		254		27
U.S. Treasury	13,296		59		0		0		13,296		59		3
Total available-for-sale securities	$	181,626	$	1,859	$	160,579	$	13,966	$	342,205	$	15,825	747
Quality breakdown of available-for-sale securities:
Investment grade	$	144,472	$	433	$	144,604	$	12,773	$	289,076	$	13,206	371
Non-investment grade	37,154		1,426		15,975		1,193		53,129		2,619		376
Total available-for-sale securities	$	181,626	$	1,859	$	160,579	$	13,966	$	342,205	$	15,825	747


	Three months ended June 30, 2026
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	1,029	$	2,167	$	15,357	$	1,879
Provision and recoveries	(1)		0		289		0
Sales/collections and write-offs	(562)		0		0		0
Balance, end of period	$	466	$	2,167	$	15,646	$	1,879



	Six months ended June 30, 2026
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	902	$	2,167	$	15,101	$	1,680
Provision and recoveries	274		0		545		199
Sales/collections and write-offs	(710)		0		0		0
Balance, end of period	$	466	$	2,167	$	15,646	$	1,879



	Three months ended June 30, 2025
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	826	$	2,167	$	12,592	$	1,476
Provision and recoveries	304		0		446		0
Sales/collections and write-offs	(249)		0		0		0
Balance, end of period	$	881	$	2,167	$	13,038	$	1,476



	Six months ended June 30, 2025
(in thousands)	Available-for-sale securities		Held-to-maturity securities		Other loans receivable		Agent loans
Balance, beginning of period	$	513	$	2,167	$	12,198	$	1,312
Provision and recoveries	669		0		840		164
Sales/collections and write-offs	(301)		0		0		0
Balance, end of period	$	881	$	2,167	$	13,038	$	1,476


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Available-for-sale securities	$	16,770	$	14,530	$	34,002	$	27,813
Equity securities	1,706		1,149		3,013		2,313
Limited partnerships (1)	(16)		83		716		1,155
Agent loans	2,030		1,557		3,934		3,001
Cash equivalents and other	3,010		3,509		5,773		6,896
Total investment income	23,500		20,828		47,438		41,178
Less: investment expenses	913		798		1,291		1,200
Net investment income	$	22,587	$	20,030	$	46,147	$	39,978

(1)Limited partnership (losses) income includes both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position. We have made no new significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received.


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Available-for-sale securities:
Gross realized gains	$	3,074	$	331	$	4,095	$	680
Gross realized losses	(4,037)		(762)		(4,909)		(1,373)
Net realized losses on available-for-sale securities	(963)		(431)		(814)		(693)
Equity securities	1,520		910		606		1,669
Miscellaneous	0		0		0		5
Net realized and unrealized investment gains (losses)	$	557	$	479	$	(208)	$	981


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Equity securities:
Net gains recognized during the period	$	1,520	$	910	$	606	$	1,669
Less: net gains (losses) recognized on securities sold	32		15		(7)		149
Net unrealized gains recognized on securities held at reporting date	$	1,488	$	895	$	613	$	1,520


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Available-for-sale securities:
Intent to sell	$	(349)	$	(417)	$	(339)	$	(417)
Credit recovered (impaired)	1		(304)		(274)		(669)
Total available-for-sale securities	(348)		(721)		(613)		(1,086)
Expected credit losses:

Agent loans	0		0		(199)		(164)
Other loans receivable	(243)		(188)		(455)		(573)
Net impairment losses recognized in earnings	$	(591)	$	(909)	$	(1,267)	$	(1,823)

As of June 30, 2026, the estimated fair value of loaned securities was $69.9 million, consisting of $44.4 million of available- for-sale securities and $25.5 million of equity securities. As of December 31, 2025, the estimated fair value of loaned securities was $64.5 million consisting of $44.4 million of available-for-sale securities and $20.1 million of equity securities. Cash collateral received in connection with these securities lending transactions totaled $63.2 million and $61.9 million as of June 30, 2026 and December 31, 2025 respectively. The cash collateral was reinvested in cash equivalents and is included with "Cash and cash equivalents" in our Consolidated Statements of Financial Position. We also received $9.1 million and $4.5 million of non-cash collateral as of June 30, 2026 and December 31, 2025, respectively, which we are not permitted to sell or repledge. There were no securities lending transactions outstanding with contractual maturities extending beyond one year from the reporting date.

If we have to return cash collateral on short notice, we may have difficulty selling investments in a timely manner, be forced to sell them for less than we otherwise would have been able to realize, or both. In addition, in the event of such forced sale, for securities in an unrealized loss position, realized losses would be incurred on securities sold and impairments would be incurred, if there is a need to sell securities prior to recovery, which may negatively impact our financial condition.