| Net Investment Income |
Net Investment Income Net investment income consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months
Ended June 30, | | For the Six Months
Ended June 30, | | | | (In thousands) | 2026 | | 2025 | | 2026 | | 2025 | | Investment income (loss) earned on: | | | | | | | | | Fixed maturity securities, including cash and cash equivalents and loans receivable | $ | 360,852 | | | $ | 322,518 | | | $ | 707,379 | | | $ | 636,306 | | | Investment funds | 28,783 | | | 27,268 | | | 68,311 | | | 54,291 | | | Arbitrage trading account (1) | 19,026 | | | 23,672 | | | 29,339 | | | 40,001 | | | Equity securities | 18,075 | | | 12,485 | | | 33,894 | | | 23,126 | | | | | | | | | | | Real estate | (3,549) | | | (4,092) | | | (8,482) | | | (8,109) | | | | | | | | | | | Gross investment income | 423,187 | | | 381,851 | | | 830,441 | | | 745,615 | | | Investment expense | (4,473) | | | (2,548) | | | (7,393) | | | (6,020) | | | Net investment income | $ | 418,714 | | | $ | 379,303 | | | $ | 823,048 | | | $ | 739,595 | |
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