Universal Insurance Holdings第二季淨利大增69% 收入升至4.27億美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________
FORM 10-Q 
________________________________________________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     
Commission File Number 001-33251 
________________________________________________________

UNIVERSAL INSURANCE HOLDINGS, INC. 
(Exact name of registrant as specified in its charter)
________________________________________________________
Delaware65-0231984
(State or other jurisdiction of
incorporation or organization) (I.R.S. Employer
Identification No.)

1110 W. Commercial Blvd., Fort Lauderdale, Florida 33309 
(Address of principal executive offices) (Zip Code)
(954) 958-1200 
(Registrant’s telephone number, including area code)
________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueUVENew York Stock Exchange 

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐ 

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒   No  ☐ 

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” 

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“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒
Accelerated filer
☐

Non-accelerated filer  
☐
Smaller reporting company
☐

Emerging growth company
☐

                
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes  ☐    No  ☒

    Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 27,830,355 shares of common stock, par value $0.01 per share, outstanding on July 27, 2026.

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UNIVERSAL INSURANCE HOLDINGS, INC.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION

Page No.

Item 1.
Financial Statements:
4

Condensed Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025 
4

Condensed Consolidated Statements of Income for the three and six-month periods ended June 30, 2026 and 2025 (unaudited)
5

Condensed Consolidated Statements of Comprehensive Income for the three and six-month periods ended June 30, 2026 and 2025 (unaudited)
5

Condensed Consolidated Statements of Stockholders’ Equity for the three and six-month periods ended June 30, 2026 and 2025 (unaudited)
6

Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2026 and 2025 (unaudited)
8

Notes to Condensed Consolidated Financial Statements (unaudited)
9

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
26

Item 3.
Quantitative and Qualitative Disclosures about Market Risk
51

Item 4.
Controls and Procedures
52

PART II – OTHER INFORMATION

Item 1.
Legal Proceedings
53

Item 1A.
Risk Factors
53

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
53

Item 5.
Other Information
54

Item 6.
Exhibits
55

Signatures
56

2

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of 
Universal Insurance Holdings, Inc. 
Fort Lauderdale, Florida

RESULTS OF REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

We have reviewed the accompanying condensed consolidated balance sheet of Universal Insurance Holdings, Inc. and its wholly owned subsidiaries (the “Company”) as of June 30, 2026 and the related condensed consolidated statements of income, comprehensive income and stockholders’ equity for the three-month and six-month periods ended June 30, 2026 and 2025, and the related condensed consolidated statement of cash flows for the six-month periods ended June 30, 2026 and 2025. Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheet of Universal Insurance Holdings, Inc. as of December 31, 2025 and the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for the year then ended (not presented herein) and we expressed an unqualified audit opinion on those consolidated financial statements in our report dated February 27, 2026. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

BASIS FOR REVIEW RESULTS

These interim financial statements are the responsibility of the Company’s management. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
/s/ Plante & Moran, PLLC
East Lansing, Michigan
July 30, 2026
3

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PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)

 As of
June 30,December 31,
20262025
ASSETS(unaudited)

Available-for-sale debt securities, at fair value, net of allowance for credit loss of $881 and $631 (amortized cost: $1,553,900 and $1,466,145)
$1,506,146 $1,431,028 

Equity securities, at fair value (cost: $113,037 and $87,326)
111,829 85,420 
Other investments, at fair value (cost: $5,000 and $5,000)
11,155 10,693 

Investment real estate, net
5,367 5,463 
Total invested assets1,634,497 1,532,604 

Cash and cash equivalents532,160 408,868 
Restricted cash and cash equivalents68,635 68,970 
Prepaid reinsurance premiums562,104 291,031 
Reinsurance recoverables
176,889 232,918 

Premiums receivable, net85,537 75,721 
Property and equipment, net48,640 49,349 
Deferred policy acquisition costs135,222 128,564 
Income taxes recoverable16,407 — 
Deferred income tax asset, net14,238 27,658 
Other assets31,835 24,012 
Total assets$3,306,164 $2,839,695 
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Unpaid losses and loss adjustment expenses$633,613 $680,712 
Unearned premiums1,143,593 1,091,959 
Advance premium84,860 61,847 

Reinsurance payable, net627,776 257,242 
Commission payable33,379 26,307 
Income taxes payable— 28,554 
Other liabilities and accrued expenses47,936 41,558 
Debt, net of issuance costs
97,852 100,481 
Total liabilities2,669,009 2,288,660 

Commitments and Contingencies (Note 12)

STOCKHOLDERS’ EQUITY:
Cumulative convertible preferred stock, $0.01 par value
— — 
Authorized shares - 1,000; 10 issued and 10 outstanding

Minimum liquidation preference, $9.99 and $9.99 per share

Common stock, $0.01 par value
483 482 
Authorized shares - 55,000; 48,388 and 48,234 issued, 27,830 and 28,008 outstanding, respectively

Treasury shares, at cost - 20,558 and 20,226, respectively
(316,751)(305,064)
Additional paid-in capital127,300 124,319 
Accumulated other comprehensive income (loss), net of taxes(35,520)(26,151)
Retained earnings861,643 757,449 
Total stockholders’ equity637,155 551,035 
Total liabilities and stockholders’ equity$3,306,164 $2,839,695 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
4

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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(in thousands, except per common share data)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
REVENUES
Direct premiums written$621,314 $596,720 $1,127,861 $1,063,798 
Change in unearned premiums
(76,508)(73,295)(51,634)(27,116)
Direct premiums earned
544,806 523,425 1,076,227 1,036,682 
Ceded premiums earned
(167,533)(163,232)(342,052)(320,768)
Premiums earned, net377,273 360,193 734,175 715,914 
Net investment income20,213 17,258 39,700 33,318 
Net realized gains (losses) on investments1,257 5,280 1,991 5,266 
Net change in unrealized gains (losses) on investments
6,400 (6,061)1,069 (6,051)
Commission revenue13,780 15,854 28,511 32,129 
Policy fees6,039 5,603 11,021 10,096 
Other revenue2,071 2,014 4,131 4,336 
Total revenues427,033 400,141 820,598 795,008 
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses244,562 260,305 472,658 510,860 
Policy acquisition costs
68,067 61,878 132,540 122,452 
Other operating costs and expenses 
32,794 29,964 60,503 56,634 
Total operating costs and expenses345,423 352,147 665,701 689,946 

Interest and amortization of debt issuance costs1,995 1,608 3,590 3,220 

INCOME (LOSS) BEFORE INCOME TAXES
79,615 46,386 151,307 101,842 
Income tax expense (benefit)20,427 11,293 37,828 25,310 
NET INCOME (LOSS)$59,188 $35,093 $113,479 $76,532 
Basic earnings (loss) per common share$2.14 $1.25 $4.11 $2.73 
Weighted average common shares outstanding - Basic27,618 27,972 27,588 28,066 
Diluted earnings (loss) per common share$2.04 $1.21 $3.93 $2.64 
Weighted average common shares outstanding - Diluted29,043 29,072 28,901 28,977 
Cash dividend declared per common share$0.16 $0.16 $0.32 $0.32 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Net income (loss)$59,188 $35,093 $113,479 $76,532 
Other comprehensive income (loss), net of taxes(1,004)10,290 (9,369)22,384 
Comprehensive income (loss)$58,184 $45,383 $104,110 $98,916 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
5

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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY 
FOR THE THREE AND SIX MONTHS ENDED June 30, 2026 AND 2025 (unaudited)
(in thousands, except per share data)

Treasury SharesCommon
Shares
IssuedPreferred
Shares
IssuedCommon
Stock
AmountPreferred
Stock
AmountAdditional
Paid-In
CapitalRetained
EarningsAccumulated
Other
Comprehensive
Income (Loss)Treasury
Shares,
at CostTotal
Stockholders’
Equity
Balance, December 31, 2025(20,226)48,234 10 $482 $— $124,319 $757,449 $(26,151)$(305,064)$551,035 

Vesting of performance share units(21)(a)
75 — 1 — (1)— — (637)(637)
Vesting of restricted stock units(31)(a)
82 — 1 — (1)— — (1,041)(1,041)
Stock option exercises(12)(a)
14 — — — 377 — — (413)(36)
Retirement of treasury shares64 (a)
(64)— (1)— (2,090)— — 2,091 — 
Purchases of treasury stock
(210)— — — — — — — (7,149)(7,149)
Share-based compensation— — — — — 1,306 — — — 1,306 

Net income (loss)— — — — — — 54,291 — — 54,291 
Other comprehensive income (loss), net of taxes
— — — — — — — (8,365)— (8,365)
Declaration of dividends
($0.16 per common share and 
$0.25 per preferred share)
— — — — — — (4,660)— — (4,660)
Balance, March 31, 2026(20,436)48,341 10 $483 $— $123,910 $807,080 $(34,516)$(312,213)$584,744 
Grant of restricted stock awards— 31 — — — — — — — — 
Stock option exercises(58)(a)
74 — — — 2,798 — — (3,052)(254)
Retirement of treasury shares58 (a)
(58)— — — (3,052)— — 3,052 — 
Purchases of treasury stock(122)— — — — — — — (4,538)(4,538)
Share-based compensation— — — — — 3,644 — — — 3,644 
Net income (loss)— — — — — — 59,188 — — 59,188 
Other comprehensive loss, net of taxes— — — — — — — (1,004)— (1,004)
Declaration of dividends
($0.16 per common share and
$0.25 per preferred share)
— — — — — — (4,625)— — (4,625)

Balance, June 30, 2026(20,558)48,388 10 $483 $— $127,300 $861,643 $(35,520)$(316,751)$637,155 

(a)All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of stock options exercised, performance share units vested, or restricted stock units vested. These shares have been cancelled by the Company.

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
6

Table of Contents

UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(in thousands, except per share data)

Treasury SharesCommon
Shares
IssuedPreferred
Shares
IssuedCommon
Stock
AmountPreferred
Stock
AmountAdditional
Paid-In
CapitalRetained
EarningsAccumulated
Other
Comprehensive
Income (Loss)Treasury
Shares,
 at CostTotal
Stockholders’
Equity
Balance, December 31, 2024(19,382)47,478 10 $475 $— $121,781 $596,853 $(63,166)$(282,693)$373,250 
Vesting of performance share units(40)(a)
102 — 1 — (1)— — (806)(806)
Vesting of restricted stock units(20)(a)
52 — 1 — (1)— — (461)(461)

Retirement of treasury shares60 (a)
(60)— (1)— (1,266)— — 1,267 — 

Share-based compensation— — — — — 1,362 — — — 1,362 

Net income (loss)— — — — — — 41,439 — — 41,439 
Other comprehensive income (loss), net of taxes
— — — — — — — 12,094 — 12,094 
Declaration of dividends
($0.16 per common share and 
$0.25 per preferred share)
— — — — — — (4,491)— — (4,491)
Balance, March 31, 2025
(19,382)47,572 10 $476 $— $121,875 $633,801 $(51,072)$(282,693)$422,387 
Grant of restricted stock awards

22 — — — — — — 
Stock option exercises(15)(a)
17 — — — 381 — — (404)(23)
Retirement of treasury shares15 (a)
(15)— — — (404)— — 404 — 
Purchases of treasury stock(287)— — — — — — — (7,427)(7,427)
Share-based compensation— — — — — 2,067 — — — 2,067 
Net income (loss)
— — — — — — 35,093 — — 35,093 
Other comprehensive income (loss), net of taxes
— — — — — — — 10,290 — 10,290 
Declaration of dividends 
($0.16 per common share and
$0.25 per preferred share)
— — — — — — (4,579)— — (4,579)

Balance, June 30, 2025(19,669)47,596 10 $476 $— $123,919 $664,315 $(40,782)$(290,120)$457,808 

(a)All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of stock options exercised, performance share units vested, or restricted stock units vested. These shares have been cancelled by the Company.

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in thousands)

Six Months Ended
June 30,
20262025
Cash flows from operating activities:
Net cash provided by (used in) operating activities
$255,899 $292,992 
Cash flows from investing activities:
Proceeds from sale of property and equipment52 12 
Purchases of property and equipment(2,482)(2,204)
Purchases of equity securities(60,581)(18,431)
Purchases of available-for-sale debt securities(271,990)(210,052)

Proceeds from sales of equity securities37,495 3,446 
Proceeds from sales of available-for-sale debt securities88,519 25,476 

Proceeds from sale of private equity limited partnership— 11,463 
Maturities of available-for-sale debt securities102,291 89,778 

Net cash provided by (used in) investing activities(106,696)(100,512)
Cash flows from financing activities:
Debt issuance costs paid(2,536)— 
Preferred stock dividend(5)(5)
Common stock dividend(9,315)(9,356)
Purchases of treasury stock inclusive of excise taxes paid(11,687)(7,427)
Payments related to tax withholding for share-based compensation(1,967)(1,290)
Repayment of debt(100,736)(735)
Proceeds from issuance of long-term debt100,000 — 
Net cash provided by (used in) financing activities(26,246)(18,813)
Cash and cash equivalents and restricted cash and cash equivalents:
Net increase (decrease) during the period122,957 173,667 
Balance, beginning of period477,838 262,076 
Balance, end of period$600,795 $435,743 

The following table summarizes our cash and cash equivalents and restricted cash and cash equivalents within the Condensed Consolidated Balance Sheets (in thousands):

 June 30,December 31,
20262025
Cash and cash equivalents$532,160 $408,868 
Restricted cash and cash equivalents (1)
68,635 68,970 
Total cash and cash equivalents and restricted cash and cash equivalents$600,795 $477,838 

(1)See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and "—Note 14
(Variable Interest Entities)” for a discussion of restricted cash held in a trust account.

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
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UNIVERSAL INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Nature of Operations
Universal Insurance Holdings, Inc. (“UVE,” and together with its wholly-owned subsidiaries, “the Company”) is a Delaware corporation incorporated in 1990. The Company is a vertically integrated insurance holding company performing all aspects of insurance underwriting, distribution, and claims. Through its wholly-owned insurance company subsidiaries, Universal Property & Casualty Insurance Company (“UPCIC”) and American Platinum Property and Casualty Insurance Company (“APPCIC,” and together with UPCIC, the “Insurance Entities”), the Company is principally engaged in the property and casualty insurance business offered primarily through its network of independent agents. Risk from catastrophic losses is managed through the use of reinsurance agreements. The Company’s primary product is residential homeowners’ insurance offered in 19 states as of June 30, 2026, including Florida, which comprises the majority of the Company’s policies in force. See “—Note 5 (Insurance Operations)” for more information regarding the Company’s insurance operations.
The Company generates revenues primarily from the collection of premiums and investment returns on funds invested on cash flows in excess of those retained and used for claims-paying obligations and insurance operations. Other significant sources of revenue include brokerage commissions collected from reinsurers on certain reinsurance programs placed on behalf of the Insurance Entities, policy fees collected from policyholders by the Company’s wholly-owned managing general agent (“MGA”) subsidiary and payment plan fees charged to policyholders who choose to pay their premiums in installments. The Company’s wholly-owned adjusting company receives claims-handling fees from the Insurance Entities. The Insurance Entities receive reimbursement whenever claims-handling fees are subject to recovery under the Insurance Entities’ respective reinsurance programs. These fees, after expenses, are recorded in the Condensed Consolidated Financial Statements (“Financial Statements”) as an adjustment to losses and loss adjustment expense (“LAE”).
The condensed consolidated financial statements have been prepared in conformity with: (i) United States (“U.S.”) generally accepted accounting principles (“GAAP”); and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).
Basis of Presentation and Consolidation
The Company has prepared the accompanying unaudited Financial Statements in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, the Financial Statements do not include all of the information and footnotes required by GAAP for annual financial statements. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026. The Condensed Consolidated Balance Sheet at December 31, 2025, was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods do not necessarily indicate the results that may be expected for any interim period or for the full year.
The Financial Statements include the accounts of UVE and its wholly-owned subsidiaries, as well as variable interest entities (“VIE”) in which the Company is determined to be the primary beneficiary. All material intercompany balances and transactions have been eliminated in consolidation.
Certain prior period amounts are reclassified whenever necessary to conform to the current period presentation.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s primary use of estimates is in the recognition of unpaid losses, LAE, subrogation recoveries, reinsurance recoveries, and valuation of level 3 investments. Actual results could differ from those estimates.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The Company reported Significant Accounting Policies in its Annual Report on Form 10-K for the year ended December 31, 2025. 
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NOTE 3 - INVESTMENTS
Available-for-Sale Securities
The following table provides the amortized cost and fair value of available-for-sale debt securities as of the dates presented (in thousands):

June 30, 2026
Amortized
CostAllowance for Expected Credit LossesGross
Unrealized
GainsGross
Unrealized
LossesFair Value
Debt Securities:
  U.S. government obligations and agencies$30,555 $— $40 $(466)$30,129 
  Corporate bonds981,860 (879)2,525 (27,597)955,909 
  Mortgage-backed and asset-backed securities530,106 (1)1,652 (22,322)509,435 
  Municipal bonds11,379 (1)— (705)10,673 

Total$1,553,900 $(881)$4,217 $(51,090)$1,506,146 

December 31, 2025
Amortized
CostAllowance for Expected Credit LossesGross
Unrealized
GainsGross
Unrealized
LossesFair Value
Debt Securities:
  U.S. government obligations and agencies$28,560 $— $248 $(243)$28,565 
  Corporate bonds962,761 (568)7,860 (24,730)945,323 
  Mortgage-backed and asset-backed securities452,405 — 3,726 (20,370)435,761 
  Municipal bonds15,157 (1)11 (897)14,270 
  Redeemable preferred stock7,262 (62)48 (139)7,109 
Total$1,466,145 $(631)$11,893 $(46,379)$1,431,028 

The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands):

June 30, 2026December 31, 2025
Average Credit RatingsFair Value% of Total
 Fair ValueFair Value% of Total
 Fair Value
AAA$496,769 32.9 %$452,520 31.6 %
AA261,456 17.4 %238,705 16.7 %
A417,091 27.7 %431,545 30.2 %
BBB301,084 20.0 %298,976 20.9 %

No Rating Available29,746 2.0 %9,282 0.6 %
   Total$1,506,146 100.0 %$1,431,028 100.0 %

The table above includes credit quality ratings by Standard and Poor’s Rating Services, Inc. (“S&P”), Moody’s Investors Service, Inc. and Fitch Ratings, Inc. The Company has presented the highest rating of the three rating agencies for each investment position.
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The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):

June 30, 2026December 31, 2025
Amortized
CostFair ValueAmortized
CostFair Value
Mortgage-backed securities:
Agency$267,310 $251,676 $248,661 $235,255 
Non-agency81,827 77,767 64,301 60,580 
Asset-backed securities:
Auto loan receivables80,095 80,148 60,011 60,626 
Credit card receivables5,461 5,478 5,437 5,514 
Other receivables95,413 94,366 73,995 73,786 
Total$530,106 $509,435 $452,405 $435,761 

The following tables summarize available-for-sale debt securities, aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position, for which no allowance for expected credit losses has been recorded as of the dates presented (in thousands):

June 30, 2026
Less Than 12 Months12 Months or Longer
Fair ValueUnrealized
LossesFair ValueUnrealized
Losses
Debt Securities:
U.S. government obligations and agencies$23,573 $(219)$1,727 $(248)
Corporate bonds98,122 (1,411)193,871 (13,390)
Mortgage-backed and asset-backed securities210,527 (1,888)142,809 (20,412)
Municipal bonds2,381 (43)6,000 (527)

Total$334,603 $(3,561)$344,407 $(34,577)

December 31, 2025
Less Than 12 Months12 Months or Longer
Fair ValueUnrealized
LossesFair ValueUnrealized
Losses
Debt Securities:
U.S. government obligations and agencies$2,585 $(4)$1,735 $(239)
Corporate bonds27,363 (103)223,610 (13,306)
Mortgage-backed and asset-backed securities41,071 (293)154,470 (20,076)
Municipal bonds1,815 (16)8,207 (671)
Redeemable preferred stock— — 92