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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, 2025


	☐	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: 001-38873

Palomar Holdings, Inc.

(Exact name of registrant as specified in its charter)


Delaware		83-3972551
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7979 Ivanhoe Avenue, Suite 500 La Jolla, California		92037
(Address of principal executive offices)		(Zip Code)

(619) 567-5290

Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	PLMR	The Nasdaq Stock Market LLC

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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “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 Act). Yes ☐ No ☒

Number of shares of the registrant’s common shares outstanding at July 31, 2025: 26,783,465

Table of Contents

PALOMAR HOLDINGS, INC.

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets at June 30, 2025 (Unaudited) and December 31, 2024	3
	Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) for the Three and Six Months Ended June 30, 2025 and 2024	4
	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the Three and Six Months Ended June 30, 2025 and 2024	5
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2025 and 2024	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3.	Defaults Upon Senior Securities	63
Item 4.	Mine Safety Disclosures	63
Item 5.	Other Information	63
Item 6.	Exhibits	65
	Signatures	66

Table of Contents

Part I: FINANCIAL INFORMATION

Item 1: Financial Statements

Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except shares and par value data)


	June 30,			December 31,
	2025			2024
	(Unaudited)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $1,130,737 in 2025; $973,330 in 2024)	$	1,113,366		$	939,046
Equity securities, at fair value (cost: $38,486 in 2025; $32,987 in 2024)		49,222			40,529
Equity method investment		—			2,277
Other investments		12,405			5,863
Total investments		1,174,993			987,715
Cash and cash equivalents		81,297			80,438
Restricted cash		18			101
Accrued investment income		10,180			8,440
Premiums receivable		490,240			305,724
Deferred policy acquisition costs, net of ceding commissions and fronting fees		116,356			94,881
Reinsurance recoverable on paid losses and loss adjustment expenses		37,397			47,076
Reinsurance recoverable on unpaid losses and loss adjustment expenses		399,471			348,083
Ceded unearned premiums		332,970			276,237
Prepaid expenses and other assets		120,740			91,086
Deferred tax assets, net		3,063			8,768
Property and equipment, net		2,929			429
Goodwill and intangible assets, net		62,837			13,242
Total assets	$	2,832,491		$	2,262,220
Liabilities and stockholders’ equity
Liabilities:
Accounts payable and other accrued liabilities	$	153,760		$	70,079
Reserve for losses and loss adjustment expenses		598,656			503,382
Unearned premiums		900,987			741,692
Ceded premium payable		293,967			190,168
Funds held under reinsurance treaty		37,914			27,869
Income taxes payable		10			—
Total liabilities		1,985,294			1,533,190
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024		—			—
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,777,198 and 26,529,402 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		3			3
Additional paid-in capital		509,161			493,656
Accumulated other comprehensive loss		(13,633	)		(26,845	)
Retained earnings		351,666			262,216
Total stockholders’ equity		847,197			729,030
Total liabilities and stockholders’ equity	$	2,832,491		$	2,262,220

See accompanying notes.

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Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)

(in thousands, except shares and per share data)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Revenues:
Gross written premiums	$	496,288		$	385,184		$	938,452		$	753,262
Ceded written premiums		(266,506	)		(209,181	)		(497,251	)		(437,352	)
Net written premiums		229,782			176,003			441,201			315,910
Change in unearned premiums		(49,824	)		(53,718	)		(97,172	)		(85,759	)
Net earned premiums		179,958			122,285			344,029			230,151
Net investment income		13,370			7,960			25,441			15,098
Net realized and unrealized gains on investments		8,306			32			5,968			3,034
Commission and other income		1,677			792			2,507			1,320
Total revenues		203,311			131,069			377,945			249,603
Expenses:
Losses and loss adjustment expenses		46,183			30,431			84,927			57,268
Acquisition expenses, net of ceding commissions and fronting fees		51,637			35,806			97,996			67,604
Other underwriting expenses		45,525			31,233			81,258			56,036
Interest expense		86			225			171			965
Total expenses		143,431			97,695			264,352			181,873
Income before income taxes		59,880			33,374			113,593			67,730
Income tax expense		13,352			7,645			24,143			15,619
Net income	$	46,528		$	25,729		$	89,450		$	52,111
Other comprehensive income, net:
Net unrealized gains (losses) on securities available for sale		3,009			(1,550	)		13,213			(4,064	)
Net comprehensive income	$	49,537		$	24,179		$	102,663		$	48,047
Per Share Data:
Basic earnings per share	$	1.74		$	1.03		$	3.35		$	2.09
Diluted earnings per share	$	1.68		$	1.00		$	3.24		$	2.04

Weighted-average common shares outstanding:
Basic		26,756,095			24,946,987			26,707,371			24,904,677
Diluted		27,628,733			25,617,916			27,568,913			25,554,445

See accompanying notes.

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Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(in thousands, except share data)


	Number of							Accumulated
	Common				Additional			Other					Total
	Shares		Common		Paid-In			Comprehensive			Retained		Stockholders’
	Outstanding		Stock		Capital			Income (Loss)			Earnings		Equity
Balance at December 31, 2024		26,529,402	$	3	$	493,656		$	(26,845	)	$	262,216	$	729,030
Other comprehensive income, net of tax		—		—		—			10,203			—		10,203
Stock-based compensation		—		—		4,745			—			—		4,745
Issuance of common stock via employee stock purchase plan		6,310		—		526			—			—		526
Issuance of common stock via equity incentive plan		199,420		—		2,377			—			—		2,377
Policyholder contribution to surplus		—		—		777			—			—		777
Offering costs (related to prior year offering)		—		—		(131	)		—			—		(131	)
Net income		—		—		—			—			42,922		42,922
Balance at March 31, 2025		26,735,132	$	3	$	501,950		$	(16,642	)	$	305,138	$	790,449
Other comprehensive income, net of tax		—		—		—			3,009			—		3,009
Stock-based compensation		—		—		5,347			—			—		5,347
Issuance of common stock via employee stock purchase plan		—		—		—			—			—		—
Issuance of common stock via equity incentive plan		42,066		—		889			—			—		889
Policyholder contribution to surplus		—		—		975			—			—		975
Net income		—		—		—			—			46,528		46,528
Balance at June 30, 2025		26,777,198	$	3	$	509,161		$	(13,633	)	$	351,666	$	847,197

See accompanying notes.

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Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(in thousands, except share data)


	Number of						Accumulated
	Common				Additional		Other					Total
	Shares		Common		Paid-In		Comprehensive			Retained		Stockholders’
	Outstanding		Stock		Capital		Income (Loss)			Earnings		Equity
Balance at December 31, 2023		24,772,987	$	3	$	350,597	$	(23,991	)	$	144,643	$	471,252
Other comprehensive loss, net of tax		—		—		—		(2,514	)		—		(2,514	)
Stock-based compensation		—		—		3,820		—			—		3,820
Issuance of common stock via employee stock purchase plan		9,806		—		434		—			—		434
Issuance of common stock via equity incentive plan		138,267		—		1,857		—			—		1,857
Policyholder contribution to surplus		—		—		427		—			—		427
Net income		—		—		—		—			26,382		26,382
Balance at March 31, 2024		24,921,060	$	3	$	357,135	$	(26,505	)	$	171,025	$	501,658
Other comprehensive loss, net of tax		—		—		—		(1,550	)		—		(1,550	)
Stock-based compensation		—		—		3,968		—			—		3,968
Issuance of common stock via equity incentive plan		63,578		—		2,112		—			—		2,112
Policyholder contribution to surplus		—		—		689		—			—		689
Net income		—		—		—		—			25,729		25,729
Balance at June 30, 2024		24,984,638		3		363,904		(28,055	)		196,754	$	532,606

See accompanying notes.

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Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Six Months Ended
	June 30,
	2025			2024
Operating activities
Net cash provided by operating activities	$	208,061		$	88,252
Investing activities
Purchases of property and equipment		(64	)		—
Capitalized software costs		(3,076	)		(2,848	)
Purchases of fixed maturity securities		(629,766	)		(235,549	)
Purchases of equity securities		(10,261	)		(202	)
Sales and maturities of fixed maturity securities		492,146			187,217
Sales of equity securities		12,956			9,014
Change in securities receivable or payable, net		(7,035	)		6
Investments in limited partnerships		(6,089	)		(2,641	)
Acquisitions, net of cash acquired		(61,509	)		—
Net cash used in investing activities		(212,698	)		(45,003	)
Financing activities
Net (payments on) proceeds from line of credit		—			(52,600	)
Offering costs (related to prior year offering)		(131	)		—
Proceeds from common stock issued via employee stock purchase plan		526			434
Proceeds from common stock issued via stock option exercises		3,266			3,968
Policy holder contribution to surplus		1,752			1,116
Net cash provided by (used in) financing activities		5,413			(47,082	)
Net decrease in cash, cash equivalents and restricted cash		776			(3,833	)
Cash, cash equivalents and restricted cash at beginning of period		80,539			51,852
Cash, cash equivalents and restricted cash at end of period	$	81,315		$	48,019
Supplementary cash flow information:
Cash paid for income taxes	$	24,717		$	23,728
Cash paid for interest	$	119		$	908

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,
	2025		2024
	(unaudited)
Cash and cash equivalents	$	81,297	$	80,438
Restricted cash		18		101
Cash and cash equivalents and restricted cash	$	81,315	$	80,539

See accompanying notes.

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Palomar Holdings, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Summary of Operations and Basis of Presentation

Summary of Operations

Palomar Holdings, Inc. (the “Company”) is a Delaware incorporated insurance holding company that was founded in 2014. The Company has several wholly owned subsidiaries including an Oregon domiciled insurance company, Palomar Specialty Insurance Company (“PSIC”), a Bermuda domiciled reinsurance company, Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), an Arizona domiciled surplus lines insurance company, Palomar Excess and Surplus Insurance Company (“PESIC”), a California domiciled property and casualty insurance agency, Palomar Insurance Agency, Inc., DBA Palomar General Insurance Agency (“PGIA”), a Delaware-incorporated management company, Palomar Underwriters Exchange Organization, Inc. (“PUEO”), that provides services to a Hawaii domiciled reciprocal exchange, Laulima Exchange (“Laulima”), as its attorney-in-fact, a New Jersey domiciled insurance carrier specializing in surety bonds, First Indemnity of America Insurance Co. (“FIA”) and a Delaware-incorporated insurance management company, Palomar Crop Insurance Services, Inc. (“PCIS”).

Segment Reporting

The Company has a single operating segment, the property and casualty insurance business. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The significant segment expenses provided to the CODM are consistent with the categories shown in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income and there are no other segment items used by the CODM. The CODM reviews the Company’s revenue, expenses and net income as reported under U.S. generally accepted accounting principles (“GAAP”), which is the primary measure of segment profit or loss. The CODM reviews these measures, comparing them to prior periods and expectations, and makes resource allocation decisions based on the analysis. While the Company’s CODM also reviews the revenue streams attributable to individual products, operations are managed, resources are allocated, and financial performance is evaluated on a consolidated basis.

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and include the accounts of the Company and its wholly‑owned subsidiaries. The condensed consolidated financial statements also include the accounts of Laulima, as Laulima is a variable interest entity (“VIE”) for which the Company is the primary beneficiary.

These condensed consolidated financial statements do not contain all information and footnotes required by GAAP for complete consolidated financial statements. For a more complete description of the Company’s business and accounting policies, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025 (the “2024 Annual Report on Form 10-K”). In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. All revisions to accounting estimates are recognized in the period in which the estimates are revised. Significant estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses, reinsurance recoverables on unpaid losses, and the fair values of investments.

Recent Accounting Pronouncements

Recently adopted accounting pronouncements

The Company has not adopted any new accounting guidance during the three months ended June 30, 2025.

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Recently issued accounting pronouncements not yet adopted

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires public business entities to disclose additional information with respect to the reconciliation of the effective tax rate to the statutory rate. Additionally, public business entities will need to disaggregate federal, state and foreign taxes paid in their financial statements. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. The Company will adopt this guidance beginning with the Annual Report on Form 10-K for the year ending December 31, 2025 and the adoption is not expected to have a significant impact on the Company’s required disclosures.

Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (“ASU 2023-03”), which will require disclosure of additional information about specific expense categories in the notes to financial statements for all public business entities. ASU 2024-03 is effective for annual reporting beginning with the fiscal year ending December 31, 2027, and for interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

2. Investments

The Company’s available‑for‑sale investments are summarized as follows:


	Amortized		Gross		Gross			Allowance for
	Cost or		Unrealized		Unrealized			Credit		Fair
June 30, 2025	Cost		Gains		Losses			Losses		Value
	(in thousands)
Fixed maturities:
U.S. Governments	$	20,635	$	51	$	(348	)	$	—	$	20,338
U.S. States, Territories, and Political Subdivisions		19,832		58		(1,518	)		—		18,372
Special revenue excluding mortgage/asset-backed securities		19,406		13		(2,446	)		—		16,973
Corporate and other		588,794		5,904		(11,863	)		—		582,835
Mortgage/asset-backed securities		482,070		3,298		(10,520	)		—		474,848
Total available-for-sale investments	$	1,130,737	$	9,324	$	(26,695	)	$	—	$	1,113,366


	Amortized		Gross		Gross			Allowance for
	Cost or		Unrealized		Unrealized			Credit			Fair
December 31, 2024	Cost		Gains		Losses			Losses			Value
	(in thousands)
Fixed maturities:
U.S. Governments	$	33,449	$	6	$	(649	)	$	—		$	32,806
U.S. States, Territories, and Political Subdivisions		10,606		29		(857	)		—			9,778
Special revenue excluding mortgage/asset-backed securities		30,283		85		(3,734	)		—			26,634
Corporate and other		492,395		1,689		(18,349	)		(244	)		475,491
Mortgage/asset-backed securities		406,597		1,408		(13,668	)		—			394,337
Total available-for-sale investments	$	973,330	$	3,217	$	(37,257	)	$	(244	)	$	939,046

Security holdings in an unrealized loss position

As of June 30, 2025, the Company held 491 fixed maturity securities in an unrealized loss position with a total estimated fair value of $495.2 million and total gross unrealized losses of $26.7 million. As of December 31, 2024, the Company held 595 fixed maturity securities in an unrealized loss position with a total estimated fair value of $664.0 million and total gross unrealized losses of $37.3 million.

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The aggregate fair value and gross unrealized losses of the Company’s investments aggregated by investment category and the length of time these individual securities have been in a continuous unrealized loss position as of June 30, 2025 and December 31, 2024, are as follows:


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
June 30, 2025	Value		Losses			Value		Losses			Value		Losses
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	7,152	$	(3	)	$	10,029	$	(345	)	$	17,181	$	(348	)
U.S. States, Territories, and Political Subdivisions		7,358		(1,099	)		8,069		(419	)		15,427		(1,518	)
Special revenue excluding mortgage/asset-backed securities		1,618		(99	)		14,481		(2,347	)		16,099		(2,446	)
Corporate and other		111,899		(3,475	)		143,214		(8,388	)		255,113		(11,863	)
Mortgage/asset-backed securities		102,968		(1,122	)		88,382		(9,398	)		191,350		(10,520	)
Total available-for-sale investments	$	230,995	$	(5,798	)	$	264,175	$	(20,897	)	$	495,170	$	(26,695	)


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2024	Value		Losses			Value		Losses			Value		Losses
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	16,507	$	(65	)	$	14,291	$	(584	)	$	30,798	$	(649	)
U.S. States, Territories, and Political Subdivisions		2,614		(419	)		5,076		(438	)		7,690		(857	)
Special revenue excluding mortgage/asset-backed securities		2,182		(426	)		21,733		(3,308	)		23,915		(3,734	)
Corporate and other		181,179		(4,996	)		176,531		(13,353	)		357,710		(18,349	)
Mortgage/asset-backed securities		152,287		(2,820	)		91,572		(10,848	)		243,859		(13,668	)
Total available-for-sale investments	$	354,769	$	(8,726	)	$	309,203	$	(28,531	)	$	663,972	$	(37,257	)

The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. The Company considers numerous factors in its review as described in Note 1 of the Notes to the Consolidated Financial Statements in the 2024 Annual Report on Form 10-K.

Based on the Company’s review as of June 30, 2025, the Company determined that the fixed maturity securities’ unrealized losses were primarily the result of the interest rate environment and not the credit quality of the issuers. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis.

Contractual maturities of available‑for‑sale fixed maturity securities

The amortized cost and fair value of fixed maturity securities at June 30, 2025, by contractual maturity, are shown below.


	Amortized		Fair
	Cost		Value
	(in thousands)
Due within one year	$	69,498	$	69,428
Due after one year through five years		250,894		248,447
Due after five years through ten years		214,429		213,039
Due after ten years		113,846		107,604
Mortgage and asset-backed securities		482,070		474,848
	$	1,130,737	$	1,113,366

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations.

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Net investment income summary

Net investment income is summarized as follows:


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025			2024		2025			2024
	(in thousands)					(in thousands)
Interest income	$	13,344		$	7,626	$	25,308		$	14,952
Dividend income		242			257		559			455
Investment income (expense)		(216	)		77		(426	)		(309	)
Net investment income	$	13,370		$	7,960	$	25,441		$	15,098

Net realized and unrealized investment gains and losses

The following table presents net realized and unrealized investment gains and losses:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
	(in thousands)						(in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	409		$	18		$	434		$	18
Gains on sales of equity securities		218			—			234			—
Total realized gains		627			18			668			18
Realized losses:
Losses on sales of fixed maturity securities		(298	)		—			(758	)		(2	)
Losses on sales of equity securities		(225	)		—			(234	)		(1,204	)
Total realized losses		(523	)		—			(992	)		(1,206	)
Net realized investment gains (losses)		104			18			(324	)		(1,188	)
Change in allowance for credit losses		—			(327	)		244			(327	)
Net unrealized gains on equity securities		5,659			388			3,327			4,617
Net unrealized gains (losses) on equity method investment		2,286			(245	)		2,268			(266	)
Net unrealized gains on other investments		257			198			453			198
Net realized and unrealized gains on investments	$	8,306		$	32		$	5,968		$	3,034

Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date.

Proceeds from the sale of fixed maturity securities were $3.0 million and immaterial for the three months ended June 30, 2025 and 2024, respectively. Proceeds from the sale of equity securities were $4.6 million and immaterial for the three months ended June 30, 2025 and 2024, respectively.

Proceeds from the sale of fixed maturity securities were $8.8 million and $2.2 million for the six months ended June 30, 2025 and 2024, respectively. Proceeds from the sale of equity securities were $6.4 million and immaterial for the six months ended June 30, 2025 and 2024, respectively.

The Company places securities on statutory deposit with certain state agencies to retain the right to do business in those states. These securities are included in available‑for‑sale investments on the balance sheet. As of June 30, 2025 and December 31, 2024, the carrying value of securities on deposit with state regulatory authorities was $12.4 million and $9.9 million, respectively.

The Company has investments in limited partnerships, recorded in the Other investments line of the Unaudited Condensed Consolidated Balance Sheets. These investments represent capital contributions to private equity funds structured as limited partnerships, which primarily hold illiquid securities. The funds have a ten-year term with no redemption rights. Capital is contributed as called by the general partners, and distributions are received as proceeds are generated from the underlying investments. These investments are measured at estimated fair value utilizing a net asset value per share (or its equivalent) as a practical expedient. As of June 30, 2025, the Company had unfunded commitments to invest an additional $74.4 million in these limited partnerships.

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3. Fair Value Measurements

Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment.

The three‑tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1—Unadjusted quoted prices are available in active markets for identical investments as of the reporting date.

Level 2—Pricing inputs are quoted prices for similar investments in active markets; quoted prices for identical or similar investments in inactive markets; or valuations based on models where the significant inputs are observable or can be corroborated by observable market data.

Level 3—Pricing inputs into models are unobservable for the investment. The unobservable inputs require significant management judgment or estimation.

To measure fair value, the Company obtains quoted market prices for its investment securities from its outside investment managers. If a quoted market price is not available, the Company uses prices of similar securities. The fair values obtained from the outside investment managers are reviewed for reasonableness and any discrepancies are investigated for final valuation.

The fair value of the Company’s investments in fixed maturity securities is estimated using relevant inputs, including available market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. An Option Adjusted Spread model is also used to develop prepayment and interest rate scenarios. Industry standard models are used to analyze and value securities with embedded options or prepayment sensitivities. These fair value measurements are estimated based on observable, objectively verifiable market information rather than market quotes. Therefore, these investments are classified and disclosed in Level 2 of the hierarchy.

The following tables present the hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024.


June 30, 2025	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	20,338	$	—	$	20,338
U.S. States, Territories, and Political Subdivisions		—		18,372		—		18,372
Special revenue excluding mortgage/asset-backed securities		—		16,973		—		16,973
Corporate and other		—		582,835		—		582,835
Mortgage/asset-backed securities		—		474,848		—		474,848
Equity securities		49,222		—		—		49,222
Cash, cash equivalents, and restricted cash		81,315		—		—		81,315
Total assets	$	130,537	$	1,113,366	$	—	$	1,243,903


December 31, 2024	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	32,806	$	—	$	32,806
U.S. States, Territories, and Political Subdivisions		—		9,778		—		9,778
Special revenue excluding mortgage/asset-backed securities		—		26,634		—		26,634
Corporate and other		—		475,491		—		475,491
Mortgage/asset-backed securities		—		394,337		—		394,337
Equity securities		40,529		—		—		40,529
Cash, cash equivalents, and restricted cash		80,539

Palomar Holdings, Inc. 10-Q