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INVESTMENTS IN VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended
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Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Impact on Balance Sheet of Consolidating Variable Interest Entities | The following tables provide supplemental information about the assets and liabilities of the VIEs which have been consolidated in accordance with authoritative guidance (dollars in millions):
| March 31, 2026
| VIEs |  | Eliminations |  | Net effect on consolidated balance sheet
Assets: |  |  |  |  |
Investments held by variable interest entities | $ | 287.4 |  |  | $ | — |  |  | $ | 287.4 |
Notes receivable of VIEs held by subsidiaries | — |  |  | (107.8) |  |  | (107.8) |
Cash and cash equivalents held by variable interest entities | 24.8 |  |  | — |  |  | 24.8 |
Accrued investment income | 0.8 |  |  | — |  |  | 0.8 |
Income tax assets, net | 17.1 |  |  | — |  |  | 17.1 |
Other assets | — |  |  | (0.2) |  |  | (0.2) |
Total assets | $ | 330.1 |  |  | $ | (108.0) |  |  | $ | 222.1 |
Liabilities: |  |  |  |  |
Other liabilities | $ | 13.0 |  |  | $ | (0.8) |  |  | $ | 12.2 |
Borrowings related to variable interest entities | 274.4 |  |  | — |  |  | 274.4 |
Notes payable of VIEs held by subsidiaries | 107.8 |  |  | (107.8) |  |  | — |
Total liabilities | $ | 395.2 |  |  | $ | (108.6) |  |  | $ | 286.6 |
| December 31, 2025
| VIEs |  | Eliminations |  | Net effect on consolidated balance sheet
Assets: |  |  |  |  |
Investments held by variable interest entities | $ | 293.0 |  |  | $ | — |  |  | $ | 293.0 |
Notes receivable of VIEs held by subsidiaries | — |  |  | (107.8) |  |  | (107.8) |
Cash and cash equivalents held by variable interest entities | 27.4 |  |  | — |  |  | 27.4 |
Accrued investment income | 1.0 |  |  | — |  |  | 1.0 |
Income tax assets, net | 16.0 |  |  | — |  |  | 16.0 |
Other assets | 0.6 |  |  | (0.2) |  |  | 0.4 |
Total assets | $ | 338.0 |  |  | $ | (108.0) |  |  | $ | 230.0 |
Liabilities: |  |  |  |  |
Other liabilities | $ | 16.7 |  |  | $ | (0.9) |  |  | $ | 15.8 |
Borrowings related to variable interest entities | 274.4 |  |  | — |  |  | 274.4 |
Notes payable of VIEs held by subsidiaries | 107.8 |  |  | (107.8) |  |  | — |
Total liabilities | $ | 398.9 |  |  | $ | (108.7) |  |  | $ | 290.2 |
Schedule of Changes in the Allowance for Current Expected Credit Losses Related to Investments Held by VIEs | The following table summarizes changes in the allowance for credit losses related to corporate securities held by VIEs (dollars in millions):
| Three months ended |  |
| March 31, |  |
| 2026 |  | 2025 |  |  |  |
Allowance at the beginning of the period | $ | 0.6 |  |  | $ | 1.3 |  |  |  |  |
Additions for securities for which credit losses were not previously recorded | 0.1 |  |  | 0.9 |  |  |  |  |
Additions (reductions) for securities where an allowance was previously recorded | 0.4 |  |  | 0.8 |  |  |  |  |
Reduction for securities disposed during the period | (0.1) |  |  | (0.5) |  |  |  |  |
Allowance at the end of the period | $ | 1.0 |  |  | $ | 2.5 |  |  |  |  |
Schedule of Variable Interest Entities by Contractual Maturity | The following table sets forth the amortized cost and estimated fair value of the investments held by the VIEs at March 31, 2026, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.
| Amortized cost |  | Estimated fair value
| (Dollars in millions)
Due after one year through five years | $ | 134.1 |  |  | $ | 131.6 |
Due after five years through ten years | 158.0 |  |  | 155.8 |
Total | $ | 292.1 |  |  | $ | 287.4 |

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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