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Investments (Tables) | 12 Months Ended
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Dec. 31, 2025
Investments, All Other Investments [Abstract] |
Schedule of Investments | The table below summarizes the net gains (losses) from investment activities:
For the years ended December 31, |  | 2025 |  | 2024
|  | Net realized gains (losses) |  | Net unrealized gains (losses) |  | Credit releases (losses) |  | Total |  | Net realized gains (losses) |  | Net unrealized gains (losses) |  | Credit releases (losses) |  | Total
Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 418 |  |  | $ | 262 |  |  | $ | — |  |  | $ | 680 |  |  | $ | 338 |  |  | $ | (1,573) |  |  | $ | — |  |  | $ | (1,235) |
Derivatives |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |
Debt obligation |  | — |  |  | 1,339 |  |  | — |  |  | 1,339 |  |  | — |  |  | (296) |  |  | — |  |  | (296) |
Net gains (losses) from investment activities — Asset Management |  | $ | 418 |  |  | $ | 1,603 |  |  | $ | — |  |  | $ | 2,021 |  |  | $ | 338 |  |  | $ | (1,869) |  |  | $ | — |  |  | $ | (1,531) |
Insurance Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. state, territories and municipalities |  | $ | (4) |  |  | $ | 51 |  |  | $ | — |  |  | $ | 47 |  |  | $ | (5) |  |  | $ | (10) |  |  | $ | — |  |  | $ | (15) |
Other government and agency |  | — |  |  | 115 |  |  | — |  |  | 115 |  |  | — |  |  | (18) |  |  | — |  |  | (18) |
Corporate |  | (1,773) |  |  | 5,023 |  |  | — |  |  | 3,250 |  |  | (165) |  |  | (3,710) |  |  | — |  |  | (3,875) |
Asset and mortgage- backed securities |  | (641) |  |  | 117 |  |  | — |  |  | (524) |  |  | (158) |  |  | 4,041 |  |  | — |  |  | 3,883 |
Corporate loans |  | (4) |  |  | 1,853 |  |  | — |  |  | 1,849 |  |  | 110 |  |  | (594) |  |  | — |  |  | (484) |
Mortgage loans |  | — |  |  | — |  |  | (4,057) |  |  | (4,057) |  |  | — |  |  | — |  |  | (4,693) |  |  | (4,693) |
Equity securities |  | (246) |  |  | 2,330 |  |  | — |  |  | 2,084 |  |  | (3) |  |  | 785 |  |  | — |  |  | 782 |
Other invested assets |  | (755) |  |  | 4,075 |  |  | 133 |  |  | 3,453 |  |  | 2 |  |  | (4,255) |  |  | 462 |  |  | (3,791) |
Net gains (losses) from investment activities — Insurance Solutions |  | $ | (3,423) |  |  | $ | 13,564 |  |  | $ | (3,924) |  |  | $ | 6,217 |  |  | $ | (219) |  |  | $ | (3,761) |  |  | $ | (4,231) |  |  | $ | (8,211) |
Investments of consolidated VIEs |  | (386) |  |  | (2,015) |  |  | — |  |  | (2,401) |  |  | 107 |  |  | (3,177) |  |  | — |  |  | (3,070) |
Net gains (losses) from investment activities — Insurance Solutions including consolidated VIEs |  | $ | (3,809) |  |  | $ | 11,549 |  |  | $ | (3,924) |  |  | $ | 3,816 |  |  | $ | (112) |  |  | $ | (6,938) |  |  | $ | (4,231) |  |  | $ | (11,281) |
The following table outlines the carrying value of the Company’s investments:
As of |  | December 31, 2025 |  | December 31, 2024
Asset Management |  |  |  |
Corporate loans |  | $ | 13,287 |  |  | $ | 13,287 |
Equity securities |  | 10,409 |  |  | 2,276 |
Equity method |  | 5,517 |  |  | 5,807 |
Derivatives |  | 13 |  |  | — |
Other invested assets |  | 72 |  |  | — |
Total investments - Asset Management |  | $ | 29,298 |  |  | $ | 21,370 |
Insurance Solutions |  |  |  |
Debt securities |  | $ | 632,038 |  |  | $ | 615,460 |
Corporate loans |  | 124,067 |  |  | 114,735 |
Mortgage loans |  | 162,566 |  |  | 147,640 |
Equity securities |  | 15,053 |  |  | 16,404 |
Other invested assets |  | 23,084 |  |  | 21,317 |
Total investments - Insurance Solutions |  | 956,808 |  |  | 915,556 |
Corporate loans of consolidated VIEs |  | 119,731 |  |  | 125,757 |
Equity securities of consolidated VIEs |  | 949 |  |  | 141 |
Total investments - Insurance Solutions, including consolidated VIEs |  | 1,077,488 |  |  | 1,041,454 |
Total investments |  | $ | 1,106,786 |  |  | $ | 1,062,824 |
Schedule of Financial Assets | The following tables summarize the measurement categories of financial assets held by the Company as of December 31, 2025, and December 31, 2024:
As of December 31, 2025 |  | Fair value |  | Amortized cost |  | Fair value option |  | Total
Financial assets |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |
Corporate loans |  | $ | — |  |  | $ | 13,287 |  |  | $ | — |  |  | $ | 13,287 |
Equity securities |  | 10,409 |  | — |  | — |  | 10,409
Derivatives |  | 13 |  |  | — |  |  | — |  |  | 13 |
Other invested assets |  | 72 |  |  | — |  |  | — |  |  | 72 |
Total financial assets — Asset Management¹ |  | $ | 10,494 |  |  | $ | 13,287 |  |  | $ | — |  |  | $ | 23,781 |
Insurance Solutions |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |
U.S. government and agency |  | 10,348 |  |  | — |  |  | — |  |  | 10,348 |
U.S. state, territories and municipalities |  | 3,440 |  |  | — |  |  | 1,914 |  |  | 5,354 |
Other government and agency |  | — |  |  | — |  |  | 2,475 |  |  | 2,475 |
Corporate |  | 166,693 |  |  | — |  |  | 104,495 |  |  | 271,188 |
Asset and mortgage-backed securities |  | 221,524 |  |  | — |  |  | 121,149 |  |  | 342,673 |
Corporate loans |  | — |  |  | — |  |  | 124,067 |  |  | 124,067 |
Mortgage loans |  | — |  |  | 162,566 |  |  | — |  |  | 162,566 |
Equity securities |  | 15,053 |  |  | — |  |  | — |  |  | 15,053 |
Other invested assets² |  | 4,878 |  |  | 17,097 |  |  | 1,109 |  |  | 23,084 |
Total financial assets — Insurance Solutions |  | $ | 421,936 |  |  | $ | 179,663 |  |  | $ | 355,209 |  |  | $ | 956,808 |
Corporate loans of consolidated VIEs |  | — |  |  | — |  |  | 119,731 |  |  | 119,731 |
Equity securities of consolidated VIEs |  | 949 |  |  | — |  |  | — |  |  | 949 |
Total financial assets — Insurance Solutions, including consolidated VIEs |  | 422,885 |  |  | 179,663 |  |  | 474,940 |  |  | 1,077,488 |
Total financial assets |  | $ | 433,379 |  |  | $ | 192,950 |  |  | $ | 474,940 |  |  | $ | 1,101,269 |
_______________ (1)The MLC US Holdings Credit Facility (as hereinafter defined) is collateralized by assets held by MLC US Holdings, including assets totaling $34.8 million as of December 31, 2025. (2)Other invested assets primarily include structured securities and loan receivables.
As of December 31, 2024 |  | Fair value |  | Amortized cost |  | Fair value option |  | Total
Financial assets |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |
Corporate loans |  | $ | — |  |  | $ | 13,287 |  |  | $ | — |  |  | $ | 13,287 |
Equity securities |  | 2,276 |  |  | — |  |  | — |  |  | 2,276 |
Total financial assets — Asset Management¹ |  | $ | 2,276 |  |  | $ | 13,287 |  |  | $ | — |  |  | $ | 15,563 |
Insurance Solutions |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |
U.S. government and agency |  | $ | 8,075 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,075 |
U.S. state, territories and municipalities |  | 3,370 |  |  | — |  |  | 1,882 |  |  | 5,252 |
Other government and agency |  | — |  |  | — |  |  | 2,369 |  |  | 2,369 |
Corporate |  | 119,895 |  |  | — |  |  | 106,354 |  |  | 226,249 |
Asset and mortgage-backed securities |  | 253,935 |  |  | — |  |  | 119,581 |  |  | 373,516 |
Corporate loans |  | — |  |  | — |  |  | 114,734 |  |  | 114,734 |
Mortgage loans |  | — |  |  | 147,640 |  |  | — |  |  | 147,640 |
Equity securities |  | 16,404 |  |  | — |  |  | — |  |  | 16,404 |
Other invested assets² |  | 3,632 |  |  | 16,742 |  |  | 943 |  |  | 21,317 |
Total financial assets — Insurance Solutions |  | $ | 405,311 |  |  | $ | 164,382 |  |  | $ | 345,863 |  |  | $ | 915,556 |
Corporate loans of consolidated VIEs |  | — |  |  | — |  |  | 125,757 |  |  | 125,757 |
Equity securities of consolidated VIEs |  | 141 |  |  | — |  |  | — |  |  | 141 |
Total financial assets — Insurance Solutions, including consolidated VIEs |  | 405,452 |  |  | 164,382 |  |  | 471,620 |  |  | 1,041,454 |
Total financial assets |  | $ | 407,728 |  |  | $ | 177,669 |  |  | $ | 471,620 |  |  | $ | 1,057,017 |
_______________ (1)The MLC US Holdings Credit Facility (as hereinafter defined) is collateralized by assets held by MLC US Holdings, including assets totaling $31.2 million as of December 31, 2024. (2)Other invested assets primarily include structured securities and loan receivables.
Schedule of Debt Securities, Available-for-Sale | The following table represents the cost or amortized cost, gross unrealized gains, gross unrealized losses, and fair value of available-for-sale (“AFS”) investments by asset type:
As of December 31, 2025 |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value 1
Insurance Solutions |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |
U.S. government and agency |  | $ | 10,623 |  |  | $ | 75 |  |  | $ | (350) |  |  | $ | 10,348 |
U.S. state, territories and municipalities |  | 4,154 |  |  | 0 |  |  | (714) |  |  | 3,440 |
Corporate |  | 177,997 |  |  | 1,429 |  |  | (12,733) |  |  | 166,693 |
Asset and mortgage-backed securities |  | 222,766 |  |  | 3,130 |  |  | (4,372) |  |  | 221,524 |
Other invested assets |  | 5,439 |  |  | 1 |  |  | (1,824) |  |  | 3,616 |
Total AFS — Insurance Solutions |  | $ | 420,979 |  |  | $ | 4,635 |  |  | $ | (19,993) |  |  | $ | 405,621 |
As of December 31, 2024 |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value 1
Financial assets |  |  |  |  |  |  |  |
Insurance Solutions |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |
U.S. government and agency |  | $ | 8,627 |  |  | $ | 13 |  |  | $ | (565) |  |  | $ | 8,075 |
U.S. state, territories and municipalities |  | 4,268 |  | — |  | (898) |  | 3,370
Corporate |  | 133,527 |  | 1,196 |  | (14,827) |  | 119,896
Asset and mortgage-backed securities |  | 258,482 |  | 2,089 |  | (6,637) |  | 253,934
Other invested assets |  | 5,321 |  | — |  | (1,689) |  | 3,632
Total AFS — Insurance Solutions |  | $ | 410,225 |  |  | $ | 3,298 |  |  | $ | (24,616) |  |  | $ | 388,907 |
_______________ (1)There is no allowance for credit losses for AFS investments as of December 31, 2025 and December 31, 2024. The maturity distribution for AFS securities is as follows:
|  | As of December 31, 2025
|  | Cost or amortized cost |  | Fair value
Due in one year or less |  | $ | 1,195 |  |  | $ | 1,185 |
Due after one year through five years |  | 110,139 |  |  | 110,377 |
Due after five years through ten years |  | 132,999 |  |  | 130,775 |
Due after ten years |  | 176,646 |  |  | 163,284 |
Total AFS securities |  | $ | 420,979 |  |  | $ | 405,621 |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table provides information about AFS securities for which an allowance for credit losses has not been recorded aggregated by category and length of time that securities have been continuously in an unrealized loss position:
|  | Less than 12 months |  | 12 months or more |  | Total
As of December 31, 2025 |  | Fair value | Unrealized losses |  | Fair value | Unrealized losses |  | Fair value | Unrealized losses
Insurance Solutions |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
U.S. government and agency |  | $ | 778 |  | $ | (40) |  |  | $ | 5,172 |  | $ | (310) |  |  | $ | 5,950 |  | $ | (350) |
U.S. state, territories and municipalities |  | — |  | — |  |  | 3,440 |  | (714) |  |  | 3,440 |  | (714) |
Corporate |  | 36,752 |  | (370) |  |  | 48,113 |  | (12,362) |  |  | 84,865 |  | (12,732) |
Asset and mortgage-backed securities |  | 23,755 |  | (240) |  |  | 53,666 |  | (4,133) |  |  | 77,421 |  | (4,373) |
Other invested assets |  | — |  | — |  |  | 3,565 |  | (1,824) |  |  | 3,565 |  | (1,824) |
Total AFS securities in a continuous loss position |  | $ | 61,285 |  | $ | (650) |  |  | $ | 113,956 |  | $ | (19,343) |  |  | $ | 175,241 |  | $ | (19,993) |
|  | Less than 12 months |  | 12 months or more |  | Total
As of December 31, 2024 |  | Fair value | Unrealized losses |  | Fair value | Unrealized losses |  | Fair value | Unrealized losses
Insurance Solutions |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
U.S. government and agency |  | $ | 983 |  | $ | (50) |  |  | $ | 4,725 |  | $ | (515) |  |  | $ | 5,708 |  | $ | (565) |
U.S. state, territories and municipalities |  | — | — |  | 3,370 | (898) |  | 3,370 | (898)
Corporate |  | 31,867 | (629) |  | 48,706 | (14,199) |  | 80,573 | (14,828)
Asset and mortgage-backed securities |  | 50,961 | (1,405) |  | 91,990 | (5,231) |  | 142,951 | (6,636)
Other invested assets |  | — | — |  | 3,632 | (1,689) |  | 3,632 | (1,689)
Total AFS securities in a continuous loss position |  | $ | 83,811 |  | $ | (2,084) |  |  | $ | 152,423 |  | $ | (22,532) |  |  | $ | 236,234 |  | $ | (24,616) |
Schedule of Mortgage and Corporate Loans | Mortgage and corporate loans consist of the following:
|  | December 31, 2025 |  | December 31, 2024
Asset Management |  |  |  |
Corporate loans |  | $ | 13,586 |  |  | $ | 13,586 |
Total corporate loans |  | 13,586 |  |  | 13,586 |
Allowance for credit losses |  | (299) |  |  | (299) |
Total corporate loans, net of allowance for credit losses |  | $ | 13,287 |  |  | $ | 13,287 |
Insurance Solutions |  |  |  |
Commercial real estate mortgage loans |  | $ | 65,070 |  |  | $ | 60,429 |
Multi-family mortgage loans |  | 107,532 |  | 93,186
Other invested assets - corporate loans |  | 18,043 |  | 17,820
Total mortgage and corporate loans |  | $ | 190,645 |  |  | $ | 171,435 |
Allowance for credit losses |  | (10,982) |  | (7,053)
Total mortgage and other invested assets - corporate loans, net of allowance for credit losses |  | $ | 179,663 |  |  | $ | 164,382 |
Schedule of Maturity of Finance Receivables | The maturity distribution for commercial real estate, multi-family mortgage loans and corporate loans were as follows as of December 31, 2025:
Asset Management |  | Corporate loans
2026 |  | $ | — |
2027 |  | —
2028 |  | —
2029 |  | —
2030 |  | —
2031 and thereafter |  | 13,586 |
Total |  | $ | 13,586 |
Insurance Solutions |  | Commercial real estate mortgage loans |  | Multi-family mortgage loans |  | Other invested assets - corporate loans |  | Total loans
2026 |  | $ | 47,662 |  |  | $ | 68,345 |  |  | $ | — |  |  | $ | 116,007 |
2027 |  | 12,574 |  | 23,567 |  | — |  | 36,141
2028 |  | 4,834 |  | 15,620 |  | — |  | 20,454
2029 |  | — |  | — |  | — |  | —
2030 |  | — |  | — |  | — |  | —
2031 and thereafter |  | — |  | — |  | 18,043 |  | 18,043
Total |  | $ | 65,070 |  |  | $ | 107,532 |  |  | $ | 18,043 |  |  | $ | 190,645 |
Schedule of Financing Receivable Credit Quality Indicators | The carrying value by credit risk and loan type were as follows:
Asset Management |  |
Loans – carrying value by credit risk |  | December 31, 2025 |  | December 31, 2024
Level 1 |  | $ | 13,586 |  |  | 100 | % |  | $ | 13,586 |  |  | 100 | %
Level 2 |  | — |  |  | — | % |  | — |  |  | — | %
Level 3 |  | — |  |  | — | % |  | — |  |  | — | %
Level 4 |  | — |  |  | — | % |  | — |  |  | — | %
Level 5 |  | — |  |  | — | % |  | — |  |  | — | %
Total by credit risk |  | $ | 13,586 |  |  | 100 | % |  | $ | 13,586 |  |  | 100 | %
Asset Management |  |
Loans – carrying value by loan type |  | December 31, 2025 |  | December 31, 2024
Corporate loans |  | $ | 13,586 |  |  | 100 | % |  | $ | 13,586 |  |  | 100 | %
Total by loan type |  | $ | 13,586 |  |  | 100 | % |  | $ | 13,586 |  |  | 100 | %
Insurance Solutions |  |
Loans – carrying value by credit risk |  | December 31, 2025 |  | December 31, 2024
Level 1 |  | $ | 18,043 |  |  | 9.5 | % |  | $ | 22,731 |  |  | 13.3 | %
Level 2 |  | 107,259 |  |  | 56.3 | % |  | 83,448 |  |  | 48.6 | %
Level 3 |  | 8,120 |  |  | 4.3 | % |  | 6,997 |  |  | 4.1 | %
Level 4 |  | — |  |  | — | % |  | — |  |  | — | %
Level 5 |  | 57,223 |  |  | 30.0 | % |  | 58,259 |  |  | 34.0 | %
Total by credit risk |  | $ | 190,645 |  |  | 100 | % |  | $ | 171,435 |  |  | 100 | %
Insurance Solutions |  |
Loans – carrying value by loan type |  | December 31, 2025 |  | December 31, 2024
Commercial real estate mortgage loans |  | $ | 65,070 |  |  | 34.1 | % |  | $ | 60,429 |  |  | 35.2 | %
Multi-family mortgage loans |  | 107,532 |  | 56.3 | % |  | 93,186 |  | 54.4 | %
Other invested assets - corporate loans |  | 18,043 |  | 9.5 | % |  | 17,820 |  | 10.4 | %
Total by loan type |  | $ | 190,645 |  |  | 100 | % |  | $ | 171,435 |  |  | 100 | %
The following table represents the portfolio of mortgage and corporate loans by origination year as of December 31, 2025 and December 31, 2024:
Performance status as of December 31, 2025 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,586 |  |  | $ | 13,586 |
Level 2 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 5 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total corporate loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,586 |  | $ | — |  | $ | 13,586 |
Insurance Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Level 2 |  | 7,354 |  |  | 5,220 |  |  | 17,554 |  |  | 10,840 |  |  | 3,460 |  |  | — |  |  | 44,428 |
Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,482 |  |  | — |  |  | 4,482 |
Level 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 5 |  | — |  |  | — |  |  | — |  |  | 1,914 |  |  | 10,799 |  |  | 3,447 |  |  | 16,160 |
Total commercial real estate loans |  | 7,354 |  |  | 5,220 |  |  | 17,554 |  |  | 12,754 |  |  | 18,741 |  |  | 3,447 |  |  | 65,070 |
Multi-family loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 2 |  | 21,586 |  |  | 33,614 |  |  | 7,631 |  |  | — |  |  | — |  |  | — |  |  | 62,831 |
Level 3 |  | 3,638 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,638 |
Level 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 5 |  | — |  |  | — |  |  | — |  |  | 9,487 |  |  | 19,107 |  |  | 12,469 |  |  | 41,063 |
Total multi-family loans |  | 25,224 |  |  | 33,614 |  |  | 7,631 |  |  | 9,487 |  |  | 19,107 |  |  | 12,469 |  |  | 107,532 |
Other invested assets - corporate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  | 223 |  |  | 48 |  |  | 596 |  |  | 74 |  |  | 17,102 |  |  | — |  |  | 18,043 |
Level 2 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 5 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total other invested assets - corporate loans |  | 223 |  |  | 48 |  |  | 596 |  |  | 74 |  |  | 17,102 |  |  | — |  |  | 18,043 |
Total mortgage and corporate loans |  | $ | 32,801 |  |  | $ | 38,882 |  |  | $ | 25,781 |  |  | $ | 22,315 |  |  | $ | 54,950 |  |  | $ | 15,916 |  |  | $ | 190,645 |
Performance status as of December 31, 2024 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,586 |  |  | $ | — |  |  | $ | 13,586 |
Level 2 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 5 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total corporate loans |  | $ | — |  |  | — |  |  | — |  |  | — |  |  | $ | 13,586 |  | 0 | — |  | 0 | $ | 13,586 |
Insurance Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  | $ | — |  |  | $ | 4,910 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,910 |
Level 2 |  | 4,000 |  |  | 15,416 |  |  | 11,800 |  |  | 3,661 |  |  | — |  |  | — |  |  | 34,877 |
Level 3 |  | — |  |  | — |  |  | — |  |  | 4,482 |  |  | — |  |  | — |  |  | 4,482 |
Level 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 5 |  | 6,720 |  |  | 4,079 |  |  | 1,914 |  |  | — |  |  | — |  |  | 3,447 |  |  | 16,160 |
Total commercial real estate loans |  | 10,720 |  |  | 24,405 |  |  | 13,714 |  |  | 8,143 |  |  | — |  |  | 3,447 |  |  | 60,429 |
Multi-family loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 2 |  | 33,389 |  |  | 5,469 |  |  | — |  |  | 9,715 |  |  | — |  |  | — |  |  | 48,573 |
Level 3 |  | — |  |  | — |  |  | 2,515 |  |  | — |  |  | — |  |  | — |  |  | 2,515 |
Level 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 5 |  | — |  |  | — |  |  | 8,714 |  |  | 21,782 |  |  | 11,602 |  |  | — |  |  | 42,098 |
Total multi-family loans |  | 33,389 |  |  | 5,469 |  |  | 11,229 |  |  | 31,497 |  |  | 11,602 |  |  | — |  |  | 93,186 |
Other invested assets - corporate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  | 48 |  |  | 596 |  |  | 74 |  |  | 17,102 |  |  | — |  |  | — |  |  | 17,820 |
Level 2 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 4 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Level 5 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total other invested assets - corporate loans |  | 48 |  |  | 596 |  |  | 74 |  |  | 17,102 |  |  | — |  |  | — |  |  | 17,820 |
Total mortgage and corporate loans |  | $ | 44,157 |  |  | $ | 30,470 |  |  | $ | 25,017 |  |  | $ | 56,742 |  |  | $ | 11,602 |  |  | $ | 3,447 |  |  | $ | 171,435 |
Schedule of Financing Receivable, Allowance for Credit Loss | The following tables summarizes the activity related to the allowance for credit losses for the year ended December 31, 2025 and 2024:
Asset Management |  | Corporate loans |  | Total loans
Balance, December 31, 2024 |  | $ | 299 |  |  | $ | 299 |
Charge-offs |  | — |  |  | — |
Recoveries |  | — |  |  | — |
Provision for credit losses |  | — |  |  | — |
Balance, December 31, 2025 |  | $ | 299 |  |  | $ | 299 |
Insurance Solutions |  | Commercial real estate mortgage loans |  | Multi-family mortgage loans |  | Corporate loans |  | Total loans
Balance, December 31, 2024 |  | $ | 2,615 |  |  | $ | 3,360 |  |  | $ | 1,078 |  |  | $ | 7,053 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |
Recoveries |  | — |  |  | — |  |  | — |  |  | — |
Provision for credit losses |  | (260) |  |  | 4,321 |  |  | (132) |  |  | 3,929 |
Balance, December 31, 2025 |  | $ | 2,355 |  |  | $ | 7,681 |  |  | $ | 946 |  |  | $ | 10,982 |
Asset Management |  | Corporate loans |  | Total loans
Balance, December 31, 2023 |  | $ | 299 |  |  | $ | 299 |
Charge-offs |  | — |  |  | — |
Recoveries |  | — |  |  | — |
Provision for credit losses |  | — |  |  | — |
Balance, December 31, 2024 |  | $ | 299 |  |  | $ | 299 |
Insurance Solutions |  | Commercial real estate mortgage loans |  | Multi-family mortgage loans |  | Corporate loans |  | Total loans
Balance, December 31, 2023 |  | $ | 632 |  |  | $ | 620 |  |  | $ | 1,541 |  |  | $ | 2,793 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |
Recoveries |  | — |  |  | — |  |  | — |  |  | — |
Provision for credit losses |  | 1,983 |  |  | 2,740 |  |  | (463) |  |  | 4,260 |
Balance, December 31, 2024 |  | $ | 2,615 |  |  | $ | 3,360 |  |  | $ | 1,078 |  |  | $ | 7,053 |
Schedule of Financing Receivable, Past Due | The following tables present an analysis of past-due loans:
|  | December 31, 2025
Asset Management |  | Loans 30-59 days past due |  | Loans 60-89 days past due |  | Loans 90 days or more past due |  | Nonaccrual loans |  | Current loans |  | Total loans
Corporate loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,586 |  |  | $ | 13,586 |
Total corporate loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,586 |  |  | $ | 13,586 |
|  | December 31, 2025
Insurance Solutions |  | Loans 30-59 days past due |  | Loans 60-89 days past due |  | Loans 90 days or more past due |  | Nonaccrual loans |  | Current loans |  | Total loans
Commercial real estate mortgage loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20,642 |  |  | $ | 44,428 |  |  | $ | 65,070 |
Multi-family mortgage loans |  | — |  |  | — |  |  | — |  |  | 41,063 |  |  | 66,469 |  |  | 107,532 |
Other invested assets - corporate loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 18,043 |  |  | 18,043 |
Total mortgage and other invested assets - corporate loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 61,705 |  |  | $ | 128,940 |  |  | $ | 190,645 |
|  | December 31, 2024
Asset Management |  | Loans 30-59 days past due |  | Loans 60-89 days past due |  | Loans 90 days or more past due |  | Nonaccrual loans |  | Current loans |  | Total loans
Corporate loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,586 |  |  | $ | 13,586 |
Total corporate loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,586 |  |  | $ | 13,586 |
|  | December 31, 2024
Insurance Solutions |  | Loans 30-59 days past due |  | Loans 60-89 days past due |  | Loans 90 days or more past due |  | Nonaccrual loans |  | Current loans |  | Total loans
Commercial real estate mortgage loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,799 |  |  | $ | 49,630 |  |  | $ | 60,429 |
Multi-family mortgage loans |  | — |  |  | — |  |  | — |  |  | 10,969 |  |  | 82,217 |  |  | 93,186 |
Other invested assets - corporate loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,820 |  |  | 17,820 |
Total mortgage and other invested assets - corporate loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 21,768 |  |  | $ | 149,667 |  |  | $ | 171,435 |
The following represents total nonaccrual loans:
|  | December 31, 2025
Insurance Solutions |  | Nonaccrual loans with no allowance |  | Nonaccrual loans with an allowance |  | Total nonaccrual loans
Commercial real estate mortgage loans |  | $ | 3,447 |  |  | $ | 17,195 |  |  | $ | 20,642 |
Multi-family mortgage loans |  | — |  |  | 41,063 |  |  | 41,063 |
Other invested assets - corporate loans |  | — |  |  | — |  |  | — |
Total loans |  | $ | 3,447 |  |  | $ | 58,258 |  |  | $ | 61,705 |
|  | December 31, 2024
Insurance Solutions |  | Nonaccrual loans with no allowance |  | Nonaccrual loans with an allowance |  | Total nonaccrual loans
Commercial real estate mortgage loans |  | $ | — |  |  | $ | 10,799 |  |  | $ | 10,799 |
Multi-family mortgage loans |  | — |  |  | 10,969 |  |  | 10,969 |
Other invested assets - corporate loans |  | — |  |  | — |  |  | — |
Total loans |  | $ | — |  |  | $ | 21,768 |  |  | $ | 21,768 |
Schedule Of Accrued Interest Write-off | The following represents accrued interest receivables written off:
As of |  | December 31, 2025 |  | December 31, 2024
Insurance Solutions |  |  |  |
Commercial real estate mortgage loans |  | $ | 494 |  |  | $ | 1,034 |
Multi-family mortgage loans |  | 1,787 |  | —
Other invested assets - corporate loans |  | — |  | —
Total accrued interest receivables written off |  | $ | 2,281 |  |  | $ | 1,034 |
Schedule of Collateral Dependent Loans | The following represents the carrying value of collateral-dependent loans of the Company as of December 31, 2025 and December 31, 2024:
|  | December 31, 2025 |  | December 31, 2024
Commercial real estate mortgage loans |  | $ | 14,246 |  |  | $ | 10,799 |
Multi-family mortgage loans |  | 36,894 |  |  | — |
Total Loans |  | $ | 51,140 |  |  | $ | 10,799 |

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