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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 September 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 November 3, 2025: 26,501,692

Table of Contents

PALOMAR HOLDINGS, INC.

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets at September 30, 2025 (Unaudited) and December 31, 2024	3
	Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024	4
	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024	5
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 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	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	43

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65
Item 3.	Defaults Upon Senior Securities	65
Item 4.	Mine Safety Disclosures	65
Item 5.	Other Information	65
Item 6.	Exhibits	66
	Signatures	67

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)


	September 30,			December 31,
	2025			2024
	(Unaudited)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $1,146,855 in 2025; $973,330 in 2024)	$	1,141,367		$	939,046
Equity securities, at fair value (cost: $38,482 in 2025; $32,987 in 2024)		52,215			40,529
Equity method investment		—			2,277
Other investments		19,534			5,863
Total investments		1,213,116			987,715
Cash and cash equivalents		111,740			80,438
Restricted cash		20			101
Accrued investment income		10,725			8,440
Premiums receivable		463,230			305,724
Deferred policy acquisition costs, net of ceding commissions and fronting fees		125,076			94,881
Reinsurance recoverable on paid losses and loss adjustment expenses		36,907			47,076
Reinsurance recoverable on unpaid losses and loss adjustment expenses		440,559			348,083
Ceded unearned premiums		361,260			276,237
Prepaid expenses and other assets		113,143			91,086
Deferred tax assets, net		2,537			8,768
Property and equipment, net		2,695			429
Goodwill and intangible assets, net		62,538			13,242
Total assets	$	2,943,546		$	2,262,220
Liabilities and stockholders’ equity
Liabilities:
Accounts payable and other accrued liabilities	$	109,391		$	70,079
Reserve for losses and loss adjustment expenses		684,272			503,382
Unearned premiums		979,374			741,692
Ceded premium payable		253,446			190,168
Funds held under reinsurance treaty		37,204			27,869
Income taxes payable		1,749			—
Total liabilities		2,065,436			1,533,190
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024		—			—
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,494,524 and 26,529,402 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		3			3
Additional paid-in capital		516,355			493,656
Accumulated other comprehensive income (loss)		(4,092	)		(26,845	)
Retained earnings		365,844			262,216
Total stockholders’ equity		878,110			729,030
Total liabilities and stockholders’ equity	$	2,943,546		$	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						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Revenues:
Gross written premiums	$	597,171		$	414,977		$	1,535,623		$	1,168,239
Ceded written premiums		(321,927	)		(255,267	)		(819,171	)		(692,620	)
Net written premiums		275,244			159,710			716,452			475,619
Change in unearned premiums		(50,097	)		(24,064	)		(147,277	)		(109,823	)
Net earned premiums		225,147			135,646			569,175			365,796
Net investment income		14,572			9,408			40,014			24,506
Net realized and unrealized gains on investments		3,493			2,734			9,461			5,768
Commission and other income		1,448			715			3,954			2,035
Total revenues		244,660			148,503			622,604			398,105
Expenses:
Losses and loss adjustment expenses		72,812			40,315			157,739			97,583
Acquisition expenses, net of ceding commissions and fronting fees		56,270			41,469			154,266			109,072
Other underwriting expenses		48,306			28,129			129,563			84,165
Interest expense		133			87			304			1,052
Total expenses		177,521			110,000			441,872			291,872
Income before income taxes		67,139			38,503			180,732			106,233
Income tax expense		15,684			8,006			39,827			23,625
Net income	$	51,455		$	30,497		$	140,905		$	82,608
Other comprehensive income, net:
Net unrealized gains on securities available for sale		9,541			17,916			22,753			13,852
Net comprehensive income	$	60,996		$	48,413		$	163,658		$	96,460
Per Share Data:
Basic earnings per share	$	1.93		$	1.18		$	5.28		$	3.28
Diluted earnings per share	$	1.87		$	1.15		$	5.12		$	3.19

Weighted-average common shares outstanding:
Basic		26,637,592			25,766,697			26,683,856			25,194,114
Diluted		27,446,519			26,479,566			27,533,533			25,877,257

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
Other comprehensive income, net of tax		—			—		—			9,541			—			9,541
Stock-based compensation		—			—		5,379			—			—			5,379
Issuance of common stock via employee stock purchase plan		6,116			—		639			—			—			639
Issuance of common stock via equity incentive plan		19,627			—		80			—			—			80
Policyholder contribution to surplus		—			—		1,106			—			—			1,106
Offering costs (related to prior year offering)		—			—		(10	)		—			—			(10	)
Repurchases of common stock		(308,417	)		—		—			—			(37,277	)		(37,277	)
Net income		—			—		—			—			51,455			51,455
Balance at September 30, 2025		26,494,524		$	3	$	516,355		$	(4,092	)	$	365,844		$	878,110

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
Other comprehensive income, net of tax		—		—		—		17,916			—		17,916
Stock-based compensation		—		—		4,117		—			—		4,117
Issuance of common stock in stock offering, net of offering costs		1,380,000		—		115,724		—			—		115,724
Issuance of common stock via employee stock purchase plan		7,294		—		468		—			—		468
Issuance of common stock via equity incentive plan		80,310		—		1,064		—			—		1,064
Policyholder contribution to surplus		—		—		921		—			—		921
Net income		—		—		—		—			30,497		30,497
Balance at September 30, 2024		26,452,242	$	3	$	486,198	$	(10,139	)	$	227,251	$	703,313

See accompanying notes.

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Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Nine Months Ended
	September 30,
	2025			2024
Operating activities
Net cash provided by operating activities	$	291,705		$	188,520
Investing activities
Purchases of property and equipment		(115	)		(194	)
Proceeds from sale of property and equipment		230			—
Capitalized software costs		(4,583	)		(4,115	)
Purchases of fixed maturity securities		(710,495	)		(448,968	)
Purchases of equity securities		(10,261	)		(202	)
Sales and maturities of fixed maturity securities		557,125			227,748
Sales of equity securities		12,956			9,014
Change in securities receivable or payable, net		(522	)		(2,960	)
Investments in limited partnerships and other assets		(12,661	)		(5,207	)
Purchase of policy renewal rights		(600	)		—
Acquisitions, net of cash acquired		(61,509	)		—
Net cash used in investing activities		(230,435	)		(224,884	)
Financing activities
Payments on line of credit		(15,000	)		(52,600	)
Proceeds from line of credit		15,000			—
Proceeds from stock offering, net of offering costs		(141	)		115,724
Proceeds from common stock issued via employee stock purchase plan		1,165			902
Proceeds from common stock issued via stock option exercises		3,346			5,033
Policy holder contribution to surplus		2,858			2,037
Repurchases of common stock		(37,277	)		—
Net cash (used in) provided by financing activities		(30,049	)		71,096
Net increase in cash, cash equivalents and restricted cash		31,221			34,732
Cash, cash equivalents and restricted cash at beginning of period		80,539			51,852
Cash, cash equivalents and restricted cash at end of period	$	111,760		$	86,584
Supplementary cash flow information:
Cash paid for income taxes	$	38,232		$	29,299
Cash paid for interest	$	228		$	968

The following table summarizes our cash and cash equivalents and restricted cash and cash equivalents within the condensed consolidated balance sheets (in thousands):


	September 30,		December 31,
	2025		2024
	(unaudited)
Cash and cash equivalents	$	111,740	$	80,438
Restricted cash		20		101
Cash and cash equivalents and restricted cash	$	111,760	$	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 September 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.

Internal-Use Software

In September 2025, the FASB issued ASU No. 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”), which clarifies and modernizes the accounting for costs related to internal-use software by removing references to project stages and clarifying the probable-to-complete threshold for capitalization when significant development uncertainty exists. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. 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
September 30, 2025	Cost		Gains		Losses			Losses		Value
	(in thousands)
Fixed maturities:
U.S. Governments	$	24,831	$	85	$	(279	)	$	—	$	24,637
U.S. States, Territories, and Political Subdivisions		19,789		104		(1,178	)		—		18,715
Special revenue excluding mortgage/asset-backed securities		19,292		36		(2,125	)		—		17,203
Corporate and other		601,329		10,080		(8,526	)		—		602,883
Mortgage/asset-backed securities		481,614		5,212		(8,897	)		—		477,929
Total available-for-sale investments	$	1,146,855	$	15,517	$	(21,005	)	$	—	$	1,141,367

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	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 September 30, 2025, the Company held 390 fixed maturity securities in an unrealized loss position with a total estimated fair value of $368.8 million and total gross unrealized losses of $21.0 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.

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 September 30, 2025 and December 31, 2024, are as follows:


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
September 30, 2025	Value		Losses			Value		Losses			Value		Losses
	(in thousands)
Fixed maturity securities:
U.S. Governments	$	1,600	$	(45	)	$	8,161	$	(234	)	$	9,761	$	(279	)
U.S. States, Territories, and Political Subdivisions		5,181		(541	)		9,342		(637	)		14,523		(1,178	)
Special revenue excluding mortgage/asset-backed securities		230		(7	)		14,939		(2,118	)		15,169		(2,125	)
Corporate and other		61,100		(1,392	)		143,594		(7,134	)		204,694		(8,526	)
Mortgage/asset-backed securities		35,994		(497	)		88,658		(8,400	)		124,652		(8,897	)
Total available-for-sale investments	$	104,105	$	(2,482	)	$	264,694	$	(18,523	)	$	368,799	$	(21,005	)


	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.

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Based on the Company’s review as of September 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 September 30, 2025, by contractual maturity, are shown below.


	Amortized		Fair
	Cost		Value
	(in thousands)
Due within one year	$	71,849	$	71,977
Due after one year through five years		260,401		260,035
Due after five years through ten years		226,631		228,747
Due after ten years		106,360		102,679
Mortgage and asset-backed securities		481,614		477,929
	$	1,146,855	$	1,141,367

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

Net investment income summary

Net investment income is summarized as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
	(in thousands)						(in thousands)
Interest income	$	14,515		$	9,365		$	39,824		$	24,317
Dividend income		298			220			857			675
Investment expense		(241	)		(177	)		(667	)		(486	)
Net investment income	$	14,572		$	9,408		$	40,014		$	24,506

Net realized and unrealized investment gains and losses

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025				2024
	(in thousands)						(in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	29		$	42		$	463			$	59
Gains on sales of equity securities		—			—			234				—
Total realized gains		29			42			697				59
Realized losses:
Losses on sales of fixed maturity securities		(25	)		(328	)		(783	)			(330	)
Losses on sales of equity securities		—			—			(235	)			(1,204	)
Total realized losses		(25	)		(328	)		(1,018	)	&nb

Palomar Holdings, Inc. 10-Q