As at March 31, 2025						As at December 31, 2024
ASSETS						(Unaudited)
Fixed income securities, available for sale (amortized cost — 2025: $5,188.4 and 2024: $4,861.1 net of allowance for expected credit losses 2025: $1.4 and 2024: $1.0) (1)						$	5,088.1					$	4,692.2
Fixed income securities, trading at fair value (amortized cost — 2025: $1,177.5 and 2024: $1,207.7) (1)						1,172.4						1,199.9
Short-term investments, available for sale (amortized cost — 2025: $139.6 and 2024: $261.9)						139.6						261.9
Short-term investments, trading at fair value (amortized cost — 2025: $19.1 and 2024: $1.0)						19.1						1.0
Catastrophe bonds, trading at fair value (amortized cost — 2025: $Nil and 2024: $1.0)						—						1.0
Privately-held investments, available for sale (amortized cost — 2025: $24.5 and 2024: $24.0)						25.0						24.2
Privately-held investments, trading at fair value (amortized cost — 2025: $234.3 and 2024: $288.0) (2)						230.8						286.8
Investments, equity method						7.4						7.3
Other investments, at fair value (3)						304.4						267.2
Total investments						6,986.8						6,741.5
Cash and cash equivalents (4)						845.2						914.2
Unpaid losses recoverable from reinsurers (net of allowance for expected credit losses of 2025: $27.5 and 2024: $27.5)						4,228.4						4,172.0
Ceded unearned premiums						1,019.0						901.7
Underwriting premiums receivables (7) (net of allowance for expected credit losses of 2025: $24.3 and 2024: $24.6)						1,728.3						1,617.0
Deferred acquisition costs						350.8						322.1
Derivative assets						19.2						17.0
Right-of-use operating lease assets						51.0						53.5
Income taxes refundable						—						0.9
Deferred tax assets						384.9						397.9
Other assets						329.4						590.8
Intangible assets and goodwill						19.9						19.9
Total assets						$	15,962.9					$	15,748.5
LIABILITIES
Reserve for losses and loss adjustment expenses (7)						$	8,448.9					$	8,122.6
Unearned premiums (7)						2,812.0						2,645.8
Total insurance reserves						11,260.9						10,768.4
Reinsurance premiums						858.6						901.1
Income taxes payable						15.9						6.8
Deferred tax liabilities						1.1						1.1
Accrued expenses and other payables (5)						204.3						237.2
Payables for securities purchased						54.5						36.9
Operating lease liabilities						73.1						75.6
Derivative liabilities						4.0						49.5
Long-term debt						300.0						300.0
Total liabilities						$	12,772.4					$	12,376.6
Commitments and contingent liabilities (see Note 13)
SHAREHOLDERS’ EQUITY
Ordinary shares (6)						$	0.1					$	0.1
Preference shares						699.9						970.5
Additional paid-in capital (6)						761.7						761.7
Retained earnings						2,049.6						2,029.7
Accumulated other comprehensive (loss)						(320.8)						(390.1)
Total shareholders’ equity						3,190.5						3,371.9
Total liabilities and shareholders’ equity						$	15,962.9					$	15,748.5

_________________

(1)Fixed income securities, available for sale includes related party investments totaling $16.5 million (December 31, 2024 — $14.0 million). Fixed income securities, trading at fair value includes related party investments totaling $86.1 million (December 31, 2024 — $74.9 million).

(2)Privately-held investments, trading at fair value include related party investments totaling $58.2 million (December 31, 2024 — $73.6 million).

(3)Other investments includes related party investments in Funds Managed by Apollo of $76.1 million (December 31, 2024 — $78.6 million).

(4)Cash and cash equivalents includes restricted cash of $152.9 million (December 31, 2024 — $181.9 million) which are held in trusts.

(5)Includes amounts due to related parties of $3.8 million for investment management fees (December 31, 2024 — $4.0 million), and $1.3 million for management consulting fees (December 31, 2024 — $1.3 million).

(6)Ordinary shares and additional paid-in capital have been retroactively adjusted to reflect the Ordinary Share Exchange, for all periods presented. Refer to Note 9, “Capital Structure” for further details.

(7)Included within underwriting premiums receivables, reserve for losses and loss adjustment expenses and unearned premiums are related party balances of $0.5 million, $0.4 million and $0.8 million respectively. Refer to Note 12, “Related Party Transactions” for further details.

_________________

(1)    Net investment income includes related party net investment income of $1.8 million (March 31, 2024 — $4.4 million) and related party investment management fees of $2.3 million (March 31, 2024 — $2.6 million).

(2)    Realized and unrealized investments gains includes losses of $1.3 million on related party investments (March 31, 2024 — gains of $2.7 million).

(3)    General, administrative and corporate expenses includes related party management consulting fees of $1.3 million (March 31, 2024 — $1.3 million).

(4)    Included within net earned premiums and losses and loss adjustment expenses are related party balances of $0.8 million and $0.4 million respectively. Refer to Note 12, “Related Party Transactions” for further details.

_________________

(1)    Ordinary shares and additional paid-in capital have been retroactively adjusted to reflect the Ordinary Share Exchange, for all periods presented. Refer to Note 9, “Capital Structure” for further details.

(2)    Preference shares of $725.0 million, less issuance costs of $25.1 million (December 31, 2024 — $1,000.0 million and $29.5 million).

(3)    On January 1, 2025, the Company redeemed its 5.950% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, representing an aggregate amount of $275.0 million, plus a reclassification adjustment of $4.4 million between retained earnings and preference shares which represents the difference between the capital raised upon issuance, net of issuance costs, and the final redemption cost.

_________________

(1)    Cash and cash equivalents includes restricted cash of $152.9 million (December 31, 2024 — $181.9 million) which are held in trusts.

History and Organization. Aspen Insurance Holdings Limited (“Aspen Holdings”) was incorporated as a Bermuda exempted company on May 23, 2002 as a holding company headquartered in Bermuda. We underwrite specialty insurance and reinsurance on a global basis through our Operating Subsidiaries (as defined below) based in Bermuda, the United States and the United Kingdom: Aspen Bermuda Limited (“Aspen Bermuda”), Aspen Specialty Insurance Company (“Aspen Specialty”), Aspen American Insurance Company (“AAIC”), Aspen Insurance UK Limited (“Aspen UK”) and Aspen Underwriting Limited (“AUL”) (as the sole corporate member of our Lloyd’s operations, Syndicate 4711, which is managed by Aspen Managing Agency Limited (“AMAL”) (together, “Aspen Lloyd’s”)), each referred to herein as an “Operating Subsidiary” and collectively referred to as the “Operating Subsidiaries”, as well as through branch operations in Canada, Singapore and Switzerland. We established Aspen Capital Management, Ltd. (“ACML”) and other related entities (collectively, “ACM”) to leverage our existing underwriting franchise, increase our operational flexibility and provide third-party investors direct access to our capital markets and underwriting expertise. References to the “Company,” the “Group,” “we,” “us” or “our” refer to Aspen Holdings or Aspen Holdings and its consolidated subsidiaries.

Since February 2019, the Company has been a wholly-owned subsidiary of Highlands Bermuda Holdco, Ltd. (“Parent”), which holds all of the Company’s ordinary shares. Parent, a Bermuda exempted company, is an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc., a leading global investment manager (collectively with its subsidiaries, “Apollo”). The Company’s preference shares and depositary shares, as at the date of issuing this report, are listed on the New York Stock Exchange (“NYSE”) under the following symbols: AHL PRD, AHL PRE and AHL PRF.

The accompanying unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ended December 31, 2025. The unaudited consolidated financial statements include the accounts of Aspen Holdings and its subsidiaries. Transactions between Aspen Holdings and its subsidiaries are eliminated within the unaudited consolidated financial statements.

The balance sheet as at December 31, 2024 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These unaudited consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2024 contained in the Company’s Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the “SEC”) on March 19, 2025 (File No. 001-31909).

Assumptions and estimates made by management have a significant impact on the amounts reported within the unaudited consolidated financial statements. The most significant of these assumptions and estimates relate to losses and loss adjustment expenses, reinsurance recoverables, gross written premiums and commissions which have not been reported to the Company such as those relating to proportional treaty reinsurance contracts, unrecognized tax benefits, the fair value of derivatives and the fair value of other and privately-held investments. All material assumptions and estimates are regularly reviewed and adjustments made as necessary, but actual results could differ significantly from those expected when the assumptions or estimates were made.

The consolidated financial statements have been prepared on a going concern basis.

The Company manages its underwriting operations as two business segments: Aspen Re and Aspen Insurance. The Company has determined its reportable segments by taking into account the manner in which the Company’s chief operating decision maker (“CODM”) makes operating decisions and assesses operating performance. The Company’s CODM is the Group Executive Committee, which comprises global heads of key functions and other key business leads.

Profit or loss for each of the Company’s business segments is measured by underwriting income or loss. Underwriting profit is the excess of net earned premiums over the sum of losses and loss expenses, acquisition costs and general and administrative expenses. Underwriting income or loss provides a basis for the CODM to evaluate the segment’s underwriting performance.

Reinsurance Segment. The Reinsurance segment consists of property catastrophe reinsurance, other property reinsurance, casualty reinsurance and specialty reinsurance.

Insurance Segment.  The Insurance segment consists of first party insurance, specialty insurance, casualty and liability insurance, financial and professional lines insurance, and other insurance. The other insurance business line includes Aspen Underwriting Limited’s participation as a corporate member in Carbon Syndicate 4747, and the Company’s digital follow capacity offered through Ki’s Lloyd’s platform.

Non-underwriting Disclosures. The Company provides additional disclosures for corporate and other (non-operating) income and expenses. Corporate and other income and expenses include: corporate expenses, non-operating expenses, net investment income, net realized and unrealized investment gains or losses, changes in fair value of derivatives, interest expenses, net realized and unrealized foreign exchange gains or losses, and income taxes. These income and expense items are not allocated to the Company’s business segments as they are not directly related to the Company’s business segment operations and is consistent with how the CODM measures the performance of the business segments. The Company does not allocate its assets by business segment as we evaluate underwriting results of each segment separately from the results of our investment portfolio.

The Company uses underwriting ratios as measures of performance. The loss ratio is the ratio of losses and loss adjustment expenses to net earned premiums. The acquisition cost ratio is the ratio of acquisition costs to net earned premiums. The general and administrative expense ratio is the ratio of general and administrative expenses to net earned premiums. The combined ratio is the sum of the loss ratio, the acquisition cost ratio and the general and administrative expense ratio.

The following tables provide a summary of gross and net written and earned premiums, underwriting income or loss, ratios and reserves for each of the Company’s business segments for the three months ended March 31, 2025 and 2024:

Geographical Areas. The following summary presents the Company’s gross written premiums based on the location of the insured risk for the three months ended March 31, 2025 and 2024:

 ______________

(1)    “United States & Canada” comprises individual policies that insure risks specifically in the United States and/or Canada, but not elsewhere.

(2)    “Worldwide excluding the United States” consists of individual policies that insure global risks with the specific exclusion of the United States.

(3)    “Worldwide including the United States” consists of individual policies that insure global risks with the specific inclusion of the United States.

(4)    “Other” comprises individual policies that insure risks in other countries including, but not limited to, countries in the Caribbean, South America and the Middle East.

Net Investment Income.  The following table summarizes net investment income for the three months ended March 31, 2025 and 2024:

						Three Months Ended
						March 31, 2025						March 31, 2024
						($ in millions)
Fixed income securities — Available for sale						$	50.5					$	35.5
Fixed income securities — Trading						17.9						24.6
Short-term investments — Available for sale						1.8						0.9
Short-term investments — Trading						0.1						0.1
Fixed term deposits (included in cash and cash equivalents)						8.5						11.5
Privately-held investments — Available for sale						0.3						0.2
Privately-held investments — Trading						5.3						11.3
Other investments, at fair value (1)						(5.1)						(3.7)
Total						79.3						80.4
Investment expenses						(3.4)						(3.6)
Net investment income						$	75.9					$	76.8

_____________

(1)    Other investments primarily represent the Company’s investments in investment funds and exchange-traded funds. The amount reported represents the change in fair value of the investment funds in the period.

The following table summarizes the net realized and unrealized investment gains and losses recorded in the consolidated statement of operations and the change in unrealized gains and losses on investments recorded in other comprehensive income for the three months ended March 31, 2025 and 2024:

_____________

(1)    Other investments primarily represent the Company’s investments in investment funds and exchange-traded funds. The amount reported represents the change in fair value of the exchange-traded funds in the period.

Fixed Income Securities, Short-term Investments and Privately-held Investments — Available for Sale.  The following tables present the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of available for sale investments in fixed income securities, short-term investments and privately-held investments as at March 31, 2025 and December 31, 2024:

Fixed Income Securities, Short-term Investments, Catastrophe Bonds and Privately-held Investments — Trading.  The following tables present the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of trading investments in fixed income securities, short-term investments, catastrophe bonds and privately-held investments as at March 31, 2025 and December 31, 2024:

Catastrophe Bonds. The Company has invested in catastrophe bonds with a total value of $Nil as at March 31, 2025 (December 31, 2024 — $1.0 million). The bonds were either zero-coupon notes or received quarterly interest payments based on variable interest rates. The redemption value of the bonds adjust based on the occurrence or aggregate occurrence of a covered event, such as windstorms and earthquakes in the United States, Canada, the North Atlantic, South America, Europe, Japan or Australia. The catastrophe bonds matured during the three months ended March 31, 2025.

Privately-held Investments. The Company has invested in privately-held investments, which primarily include commercial mortgage loans of $46.0 million and middle market loans and other private debt of $54.5 million as at March 31, 2025 (December 31, 2024 — commercial mortgage loans of $79.7 million; middle market loans and other private debt of $61.0 million). Privately-held investments also includes investments in asset-backed securities and global corporate securities.

Commercial Mortgage Loans. The commercial mortgage loans are related to investments in properties including apartments, hotels, office and retail buildings, other commercial properties and industrial properties. The commercial mortgage loan portfolio is diversified by property type, geographic region and issuer to reduce risks. As part of our investment process, we evaluate factors such as size, property type, and security to determine that properties are performing at a consistent and acceptable level to secure the related debt. 

Middle Market Loans and Other Private Debt. The middle market loans are investments in senior secured loan positions with full covenants, focused on the middle market in the U.S., Europe and the Caribbean. The other private debt consists of debt securities issued to private investment funds. The middle market loan and other private debt portfolio is diversified by industry type, geographic region and issuer to reduce risks. As part of our investment process, we evaluate factors such as size, industry and security to determine that loans are performing at a consistent and acceptable level to secure the related debt.

Asset-backed Securities. Asset-backed securities represent interests in underlying pools of diversified referenced assets that are collateralized and backed by future cash flows and these securities are performing.

Global Corporate Securities. The privately-held global corporate securities portfolio consists of debt securities issued by U.S. and foreign corporations.

Investments, Equity Method. In January 2015, the Company, along with seven other insurance companies, established a micro-insurance venture consortium and micro-insurance incubator (“MVI”) domiciled in Bermuda. The MVI is a social impact organization that provides micro-insurance products to assist global emerging consumers. The investment is accounted for under the equity method and adjustments to the carrying value of this investment are made based on the Company’s share of capital, including share of income and expenses.

On January 1, 2017, the Company purchased through its wholly-owned subsidiary, Aspen U.S. Holdings, Inc., a 49% share of Digital Risk Resources, LLC (“Digital Re”), a U.S.-based enterprise engaged in the business of developing, marketing and servicing turnkey information security and privacy liability insurance products for a total consideration of $2.3 million. During the year ended December 31, 2024, the Company sold its investment in Digital Re for no consideration.

On December 23, 2019, the Company committed $5.0 million as an equity investment in the holding company of a multi-line reinsurer. The strategy for the multi-line reinsurer is to combine a diversified reinsurance business, focused primarily on long-tailed lines of property and casualty business and, potentially to a lesser extent, life business, with a diversified investment strategy. During the period ending March 31, 2025, no capital was invested in the multi-line reinsurer (December 31, 2024 — $Nil) and the commitment has been fully funded.

The table below shows the Company’s investments in MVI, Multi-Line Reinsurer and Digital Re for the three months ended March 31, 2025 and the twelve months ended December 31, 2024:

Other Investments. On December 20, 2017, the Company committed, and during 2018 invested, $100.0 million as a limited partner to a real estate fund. As at March 31, 2025, the fair value of the fund is $107.5 million (December 31, 2024 — $111.7 million).

During 2020, the Company committed $10.5 million as a limited partner to a related party managed lending fund. The partnership was established to provide direct lending to large corporate borrowers. On April 1, 2021, the Company committed an additional $2.8 million to the fund. As at March 31, 2025, the fair value of the fund is $19.8 million (December 31, 2024 — $19.3 million) and the unfunded commitment is $Nil (December 31, 2024 — $0.2 million).

On April 1, 2021, the Company established pledge accounts with its custodian bank for the ability to obtain liquidity and funding services provided by a U.S. co-operative bank, which provides liquidity and funding to its insurance member institutions. As at March 31, 2025, the fair value of the Company’s member shares in the bank is $2.0 million (December 31, 2024 — $2.0 million).

On September 30, 2021, the Company committed $20.0 million as a limited partner to a third-party managed real estate fund. The Partnership was established to make equity and equity related investments in multifamily and other commercial real estate properties located in the United States and its territories, with the goal of generating superior risk-adjusted returns. The partnership seeks to acquire commercial real estate assets including real estate assets (or interests therein) that may have management or operational problems and require improvements or lack sufficient capital, including mortgage loans and development or redevelopment properties. On April 1, 2022, the Company committed an additional $10.0 million to the fund. As at March 31, 2025, the fair value of the fund is $34.4 million (December 31, 2024 — $36.2 million) and the unfunded commitment is $0.9 million (December 31, 2024 — $0.9 million).

On April 1, 2022, the Company committed $30.0 million as a limited partner to a related party managed real estate fund. The partnership was established to pursue investment opportunities to acquire, recapitalize, restructure and reposition real estate assets, portfolios and companies primarily in the United States. As at March 31, 2025, the fair value of the fund is $16.3 million (December 31, 2024 — $19.3 million) and the unfunded commitment is $3.7 million (December 31, 2024 — $3.7 million).

On May 5, 2022, the Company committed $15.0 million as a limited partner to a third-party managed infrastructure fund. The partnership was established to make value added infrastructure investments in environmental services, transportation, communications and digital, energy/energy transition and other infrastructure sectors primarily in North America. As at March 31, 2025, the fair value of the fund is $13.3 million (December 31, 2024 — $12.9 million) and the unfunded commitment is $2.5 million (December 31, 2024 — $2.3 million).

On August 31, 2023, the Company committed £7.0 million as a limited partner to a third-party managed debt fund. The fund focuses on three core sectors: health and social care, affordable housing, and social infrastructure. The fund invests across the U.K., focusing on areas of poverty and deprivation. The fund provides fixed-rate loans typically backed by property assets. Borrowers are established, socially impactful organizations, with a history of profitable revenue generation. As at March 31, 2025, the fair value of the fund is $1.3 million (December 31, 2024 — $0.1 million) and the unfunded commitment is £6.0 million (December 31, 2024 — £6.8 million).

On September 30, 2023, the Company committed $55.0 million as a limited partner to a third-party managed energy fund. The fund invests in energy transition and climate solutions, accelerating growth and business transformation through flexible capital, enabling leading energy companies to build enterprises at scale that can deliver clean, reliable and affordable energy to help meet global needs. As at March 31, 2025 the fair value of the fund is $5.8 million (December 31, 2024 — $Nil) and the unfunded commitment is $49.6 million (December 31, 2024 — $55.0 million).

On August 1, 2024, the Company committed and invested $25.0 million as a limited partner to a third-party managed liquidity fund. The fund seeks to maximize total return, by investing in a portfolio of investment grade debt securities, both fixed and floating rate. As at March 31, 2025, the fair value of the fund is $26.0 million (December 31, 2024 — $25.7 million) and the unfunded commitment is $Nil (December 31, 2024 — $Nil).

On October 31, 2024, the Company converted one of its commercial mortgage loan investments to an equity interest in a joint venture. As at March 31, 2025, the carrying value of the investment is $40.0 million (December 31, 2024 — $40.0 million). This investment has no unfunded commitments.

As at March 31, 2025, the Company held investments in exchange-traded funds with a fair value of $38.0 million (December 31, 2024 — $Nil).

As at March 31, 2025, the aggregate current fair value of the other investments described above is $304.4 million (December 31, 2024 — $267.2 million).

For further information on the investment funds, refer to Note 13(a) in these consolidated financial statements, “Commitments and Contingent Liabilities.”

Fixed Income Securities, Short-term Investments and Privately-held Investments — Available for Sale.  The scheduled maturity distribution of the Company’s available for sale securities as at March 31, 2025 and December 31, 2024 is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

Guaranteed Investments. As at March 31, 2025 and December 31, 2024, the Company held no investments which are guaranteed by mono-line insurers, excluding those with explicit government guarantees. The Company’s exposure to other third-party guaranteed debt is primarily to investments backed by non-U.S. government guaranteed issuers.

Gross Unrealized Losses, Available for Sale. The following tables summarize, by type of security, the aggregate fair value and gross unrealized loss by length of time the security has been in an unrealized loss position for the Company’s available for sale portfolio as at March 31, 2025 and December 31, 2024:

At March 31, 2025, 927 available for sale securities were in an unrealized loss position of $139.9 million, of which $0.9 million was related to securities below investment grade or not rated. At December 31, 2024, 1,170 available for sale securities were in an unrealized loss position of $181.9 million, of which $0.3 million was related to securities below investment grade or not rated.

The unrealized losses of $139.9 million at March 31, 2025 were due to non-credit factors and are expected to be recovered as the related securities approach maturity. The Company does not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

The Company’s estimates of fair value for financial assets and liabilities are based on the framework established in the fair value accounting guidance included in ASC Topic 820, “Fair Value Measurements and Disclosures.” The framework prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or liability, into three levels.

The Company considers prices for actively traded securities to be derived based on quoted prices in an active market for identical assets, which are Level 1 inputs in the fair value hierarchy. The majority of these securities are valued using prices supplied by pricing services.

The Company considers prices for other securities that may not be as actively traded which are priced via pricing services, vendors and broker-dealers, or with reference to interest rates and yield curves, to be derived based on inputs that are observable for the asset, either directly or indirectly, which are Level 2 inputs in the fair value hierarchy. The majority of these securities are also valued using prices supplied by pricing services.

The Company considers securities, other financial instruments, privately-held investments and derivative insurance contracts subject to fair value measurement whose valuation is derived by internal valuation models to be based largely on unobservable inputs, which are Level 3 inputs in the fair value hierarchy.

The following tables present the level within the fair value hierarchy at which the Company’s financial assets and liabilities are measured on a recurring basis as at March 31, 2025 and December 31, 2024:

______________

(1)    The loss portfolio transfer contract includes a funds withheld arrangement that provides variable interest expense based on Aspen’s investment performance. As a result, the funds withheld arrangement is considered an embedded derivative and accounted for as an option-based derivative.

______________

(1)    The loss portfolio transfer contract includes a funds withheld arrangement that provides variable interest expense based on Aspen’s investment performance. As a result, the funds withheld arrangement is considered an embedded derivative and accounted for as an option-based derivative.

Transfers of assets into or out of a particular level are recorded at their fair values as of the end of each reporting period consistent with the date of the determination of fair value. During the three months ended March 31, 2025, $Nil was transferred in or out of Level 3 (March 31, 2024 — $Nil).

The following table presents a reconciliation of the beginning and ending balances for all assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2025 and 2024: