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Segments | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segments | Note 23. Segments The Company conducts its business through two reportable segments: Asset Management and Insurance Solutions. The Company defines operating segments by type of product and business line. The Asset Management segment comprises all fee generating activities. The Insurance Solutions segment consists of two product lines within the insurance business, LTC and MYGA. Segment information is utilized by the Company’s chief operating decision maker (“CODM”) to assess performance and to allocate resources. The Company’s Chief Executive Officer (“CEO”) is the CODM, who is also solely responsible for decisions related to the allocation of resources on a Company-wide basis. For each segment, the CODM uses the key measure of Segment Income to allocate resources (including employees, financial or capital resources) to that segment in the annual budget and forecasting process. The performance is measured by the Company’s CODM on an unconsolidated basis because the CODM makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and data that exclude the effects of consolidation. Each reportable segment is then responsible for managing its operating results, developing products, defining strategies for services and distributions based on the profile and needs of its business and market. Segment Income Segment Income is the key performance measure used by the CODM in evaluating the performance of the asset management and insurance solutions segments. The CODM uses Segment Income to make key operating decisions such as the following: •decisions related to the allocation of resources such as staffing decisions, including hiring and locations for deployment of the new hires; •decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; and •decisions related to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees and/or service providers. Segment Income is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. Segment Income is the sum of (i) Fee Related Earnings and (ii) Spread Related Earnings (“SRE”). Segment Income excludes the effects of the consolidation of each segment, taxes and related payables, and other items unique to deriving each segment’s performance metric as explained respectively below. Segment Income may not be comparable to similarly titled measures used by other companies and is not a measure of performance calculated in accordance with U.S. GAAP. We use Segment Income as a measure of operating performance, not as a measure of liquidity. Segment Income should not be considered in isolation or as a substitute for net income or other income data prepared in accordance with U.S. GAAP. The use of Segment Income without consideration of related U.S. GAAP measures is not adequate due to the adjustments described above. Management compensates for these limitations by using Segment Income as a supplemental measure to U.S. GAAP results, to provide a more complete understanding of our performance as management measures it. A reconciliation of Segment Income to its most directly comparable U.S. GAAP measure of income (loss) before income tax provision can be found in this footnote. Fee Related Earnings Fee Related Earnings (“FRE”) is a component of Segment Income that is used to assess the performance of the Asset Management segment. FRE is the sum of (i) management fees, (ii) performance fees received from certain managed funds, (iii) advisory and transactions fees, (iv) equity investment earnings related to fee generating vehicles, (v) interest income attributable to investment management activity, and (vi) other fee-related income derived from the Company’s profit-sharing agreement over a fee-generating vehicle less (a) fee-related compensation, excluding equity-based compensation, and (b) other associated operating expenses, which excludes amortization of acquisition-related intangible assets and interest and other credit facility expenses. FRE excludes non-fee generating revenues and expenses, transaction-related charges, equity-based compensation costs, the amortization of intangible assets, the operating results of VIEs that are included in the Consolidated Financial Statements, and any other non-recurring income and expenses. In addition, FRE excludes interest and other financing costs related to the Company not attributable to any specific segment, and corporate overhead expenses incurred to support the operations of the business rather than directly fee-related. Management considers these types of costs corporate in nature, and are included only for reconciliation purposes to income (loss) before income tax (provision) benefit. Spread Related Earnings SRE is a component of Segment Income that is used to assess the performance of the Insurance Solutions segment, excluding certain market volatility, which consists of investment gains (losses), other income and certain general, administrative & other expenses. For the Insurance Solutions segment, SRE equals the sum of (i) the net investment earnings on Insurance Solutions segment’s net invested assets (excluding investment earnings on funds held under reinsurance contracts and Modco agreement), less (ii) cost of funds (as described below), (iii) compensation and benefits, (iv) interest expense and (v) operating expenses. Cost of funds includes liability costs associated with the crediting cost on MYGA liabilities as well as other liability costs. Other liability costs include DAC amortization, the cost of liabilities associated with LTC, net of reinsurance, which includes change in reserves, premiums, actual claim experience including related expenses and certain product charges related to MYGA. The following presents financial data for the Company’s reportable segments and the reconciliation of Segment Income to Income (loss) before taxes reported in the Consolidated Statements of Operations:
|  |  |  |  |  |  |  | Years Ended December 31, |  |  |  |
|  |  |  |  |  |  |  |  |  | 2025 |  | 2024 |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees |  |  |  |  |  |  |  |  |  | $ | 15,575 |  |  | $ | 16,758 |  |  |  |  |
Incentive fees |  |  |  |  |  |  |  |  |  | 1,613 |  |  | 3,198 |  |  |  |  |
Advisory and transaction fees, net |  |  |  |  |  |  |  |  |  | 798 |  |  | — |  |  |  |  |
Equity investment earnings |  |  |  |  |  |  |  |  |  | 1,023 |  |  | 680 |  |  |  |  |
Interest income¹ |  |  |  |  |  |  |  |  |  | 1,087 |  |  | 1,091 |  |  |  |  |
Other fee-related income |  |  |  |  |  |  |  |  |  | 367 |  |  | — |  |  |  |  |
Fee-related compensation |  |  |  |  |  |  |  |  |  | (4,962) |  |  | (5,665) |  |  |  |  |
Other operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administration and servicing fees |  |  |  |  |  |  |  |  |  | (4,313) |  |  | (4,290) |  |  |  |  |
General, administrative and other |  |  |  |  |  |  |  |  |  | (2,704) |  |  | (2,693) |  |  |  |  |
Fee related earnings |  |  |  |  |  |  |  |  |  | 8,484 |  |  | 9,079 |  |  |  |  |
Insurance Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income and realized gain (loss), net |  |  |  |  |  |  |  |  |  | 47,147 |  |  | 53,477 |  |  |  |  |
Cost of funds |  |  |  |  |  |  |  |  |  | (32,303) |  |  | (22,269) |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |  |  |  | (543) |  |  | (1,367) |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  | (1,541) |  |  | (1,313) |  |  |  |  |
General, administrative and other |  |  |  |  |  |  |  |  |  | (12,764) |  |  | (14,788) |  |  |  |  |
Spread related earnings |  |  |  |  |  |  |  |  |  | (4) |  |  | 13,740 |  |  |  |  |
Segment income |  |  |  |  |  |  |  |  |  | $ | 8,480 |  |  | $ | 22,819 |  |  |  |  |
Asset Management Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intersegment management fee eliminations |  |  |  |  |  |  |  |  |  | (6,043) |  |  | (5,627) |  |  |  |  |
Administration and servicing fees ² |  |  |  |  |  |  |  |  |  | (2,236) |  |  | (1,605) |  |  |  |  |
Transaction costs |  |  |  |  |  |  |  |  |  | (9,501) |  |  | (2,174) |  |  |  |  |
Compensation and benefits ² |  |  |  |  |  |  |  |  |  | (1,885) |  |  | (2,173) |  |  |  |  |
Equity-based compensation |  |  |  |  |  |  |  |  |  | (1,476) |  |  | (363) |  |  |  |  |
Amortization and impairment of intangible assets |  |  |  |  |  |  |  |  |  | (14,978) |  |  | (3,582) |  |  |  |  |
Interest and other credit facility expenses |  |  |  |  |  |  |  |  |  | (7,810) |  |  | (7,001) |  |  |  |  |
General, administrative and other ² |  |  |  |  |  |  |  |  |  | (10,434) |  |  | (3,787) |  |  |  |  |
Net gains (losses) from investment activities |  |  |  |  |  |  |  |  |  | 2,021 |  |  | (1,531) |  |  |  |  |
Dividend income |  |  |  |  |  |  |  |  |  | 98 |  |  | 356 |  |  |  |  |
Interest income - bank interest |  |  |  |  |  |  |  |  |  | 191 |  |  | — |  |  |  |  |
Other income (loss), net |  |  |  |  |  |  |  |  |  | 335 |  |  | 69 |  |  |  |  |
Gain on acquisition |  |  |  |  |  |  |  |  |  | 4,457 |  |  | — |  |  |  |  |
Insurance Solutions Adjustments: |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Equity-based compensation |  |  |  |  |  |  |  |  |  | (1,322) |  |  | (211) |  |  |  |  |
Net unrealized gains (losses) from investment activities |  |  |  |  |  |  |  |  |  | 2,424 |  |  | (9,651) |  |  |  |  |
Other income |  |  |  |  |  |  |  |  |  | 309 |  |  | 541 |  |  |  |  |
Intersegment management fee eliminations |  |  |  |  |  |  |  |  |  | 6,043 |  |  | 5,627 |  |  |  |  |
General, administrative and other ³ |  |  |  |  |  |  |  |  |  | (1,630) |  |  | (1,488) |  |  |  |  |
Impairment loss - Goodwill |  |  |  |  |  |  |  |  |  | (25,504) |  |  | — |  |  |  |  |
Income (loss) before taxes |  |  |  |  |  |  |  |  |  | $ | (58,461) |  |  | $ | (9,781) |  |  |  |  |
_______________ (1)Represents interest income on a loan asset related to a fee generating vehicle. (2)Represents corporate overhead allocated to each segment. (3)Represents costs incurred by the insurance segment for purposes of U.S. GAAP reporting but not the day-to-day operations of the insurance company. The following presents financial data for the Company’s reportable segments and the reconciliation of Segment Revenue to total revenue reported in the Consolidated Statements of Operations:
|  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024
Segment Revenues |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  | $ | 20,463 |  |  | $ | 21,727 |
Insurance Solutions |  |  |  |  |  | 47,147 |  |  | 53,477 |
Total segment revenues |  |  |  |  |  | 67,610 |  |  | 75,204 |
Asset Management Adjustments: |  |  |  |  |  |  |  |
Intersegment management fee eliminations |  |  |  |  |  | (6,043) |  |  | (5,627) |
Interest income |  |  |  |  |  | (1,087) |  |  | (1,091) |
Other fee-related income |  |  |  |  |  | (367) |  |  | — |
Insurance Solutions Adjustments: |  |  |  |  |  | — |  |  | — |
Net Premiums |  |  |  |  |  | (17,200) |  |  | (15,479) |
Product charges |  |  |  |  |  | 1,877 |  |  | 266 |
Net gains (losses) from investment activities |  |  |  |  |  | 2,424 |  |  | (9,651) |
Other income |  |  |  |  |  | 309 |  |  | 541 |
Intersegment management fee eliminations |  |  |  |  |  | 6,043 |  |  | 5,627 |
Total revenues |  |  |  |  |  | $ | 53,566 |  |  | $ | 49,790 |
The following presents financial data for the Company’s reportable segments and the reconciliation of the Company’s total reportable segment assets to total assets reported in the Consolidated Statements of Financial Position:
As of |  | December 31, 2025 |  | December 31, 2024
Segments Assets |  |  |  |
Asset Management |  | $ | 145,226 |  |  | $ | 124,377 |
Insurance Solutions |  | 1,534,295 |  |  | 1,496,527 |
Total segment assets |  | 1,679,521 |  |  | 1,620,904 |
Asset Management Adjustments: |  |  |  |
Intersegment investments |  | (71,705) |  |  | (53,601) |
Intersegment receivables |  | (7,098) |  |  | (5,354) |
Total assets |  | $ | 1,600,718 |  |  | $ | 1,561,949 |

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- Definition The entire disclosure for reporting segments including data and tables. 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