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Fair value measurements | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Fair value measurements | Note 9. Fair value measurements The following tables summarize the valuation of assets and liabilities measured at fair value by fair value hierarchy. Investments classified as Equity Method for which the Fair Value Option (“FVO”) has not been elected have been excluded from the table below.
|  | Fair Value Measurements
December 31, 2025 |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Financial assets |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 3,834 |  |  | $ | 91 |  |  | $ | 6,484 |  |  | $ | — |  |  | $ | 10,409 |
Derivatives |  | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
Other invested assets |  | — |  |  | — |  |  | 72 |  |  | — |  |  | 72 |
Total financial assets — Asset Management |  | 3,834 |  |  | 91 |  |  | 6,569 |  |  | — |  |  | 10,494 |
Insurance Solutions |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
U.S. government and agency |  | — |  |  | 10,348 |  |  | — |  |  | — |  |  | 10,348 |
U.S. state, territories and municipalities |  | — |  |  | 5,354 |  |  | — |  |  | — |  |  | 5,354 |
Other government and agency |  | — |  |  | 2,475 |  |  | — |  |  | — |  |  | 2,475 |
Corporate |  | — |  |  | 261,039 |  |  | 10,149 |  |  | — |  |  | 271,188 |
Asset and mortgage-backed securities |  | — |  |  | 323,246 |  |  | 19,427 |  |  | — |  |  | 342,673 |
Corporate loans |  | — |  |  | 7,499 |  |  | 116,568 |  |  | — |  |  | 124,067 |
Equity securities |  | 7,644 |  |  | 2,246 |  |  | 3,240 |  |  | 1,923 |  |  | 15,053 |
Other invested assets |  | — |  |  | 51 |  |  | 5,637 |  |  | 299 |  |  | 5,987 |
Total financial assets — Insurance Solutions |  | 7,644 |  |  | 612,258 |  |  | 155,021 |  |  | 2,222 |  |  | 777,145 |
Corporate loans of consolidated VIEs |  | — |  |  | — |  |  | 119,731 |  |  | — |  |  | 119,731 |
Equity of consolidated VIEs |  | — |  |  | — |  |  | 949 |  |  | — |  |  | 949 |
Total financial assets including consolidated VIEs |  | 7,644 |  |  | 612,258 |  |  | 275,701 |  |  | 2,222 |  |  | 897,825 |
Derivatives |  | — |  |  | 481 |  |  | — |  |  | — |  |  | 481 |
Total financial assets |  | $ | 11,478 |  |  | $ | 612,830 |  |  | $ | 282,270 |  |  | $ | 2,222 |  |  | $ | 908,800 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Insurance Solutions |  |  |  |  |  |  |  |  |  |
Ceded reinsurance - embedded derivative |  | — |  |  | 29,650 |  |  | — |  |  | — |  |  | 29,650 |
Interest rate swaps |  | — |  |  | 1,388 |  |  | — |  |  | — |  |  | 1,388 |
Total financial liabilities — Insurance Solutions |  | — |  |  | 31,038 |  |  | — |  |  | — |  |  | 31,038 |
Total financial liabilities |  | $ | — |  |  | $ | 31,038 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,038 |
|  | Fair Value Measurements
December 31, 2024 |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Financial assets |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,777 |  |  | $ | — |  |  | $ | 499 |  |  | $ | — |  |  | $ | 2,276 |
Total financial assets — Asset Management |  | 1,777 |  |  | — |  |  | 499 |  |  | — |  |  | 2,276 |
Insurance Solutions |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
U.S. government and agency |  | — |  |  | 8,075 |  |  | — |  |  | — |  |  | 8,075 |
U.S. state, territories and municipalities |  | — |  |  | 5,252 |  |  | — |  |  | — |  |  | 5,252 |
Other government and agency |  | — |  |  | 2,369 |  |  | — |  |  | — |  |  | 2,369 |
Corporate |  | — |  |  | 226,249 |  |  | — |  |  | — |  |  | 226,249 |
Asset and mortgage-backed securities |  | — |  |  | 364,875 |  |  | 8,641 |  |  | — |  |  | 373,516 |
Corporate loans |  | — |  |  | — |  |  | 114,734 |  |  | — |  |  | 114,734 |
Equity securities |  | 310 |  |  | 11,134 |  |  | 2,918 |  |  | 2,042 |  |  | 16,404 |
Other invested assets |  | — |  |  | — |  |  | 4,575 |  |  | — |  |  | 4,575 |
Total financial assets — Insurance Solutions |  | 310 |  |  | 617,954 |  |  | 130,868 |  |  | 2,042 |  |  | 751,174 |
Corporate loans of consolidated VIEs |  | — |  |  | — |  |  | 125,757 |  |  | — |  |  | 125,757 |
Equity securities of consolidated VIEs |  | — |  |  | — |  |  | 141 |  |  | — |  |  | 141 |
Total financial assets including consolidated VIEs |  | 310 |  |  | 617,954 |  |  | 256,766 |  |  | 2,042 |  |  | 877,072 |
Total financial assets |  | $ | 2,087 |  |  | $ | 617,954 |  |  | $ | 257,265 |  |  | $ | 2,042 |  |  | $ | 879,348 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |
Debt obligations |  | — |  |  | — |  |  | 1,471 |  |  | — |  |  | 1,471 |
Total financial liabilities — Asset Management |  | — |  |  | — |  |  | 1,471 |  |  | — |  |  | 1,471 |
Insurance Solutions |  |  |  |  |  |  |  |  |  |
Ceded reinsurance - embedded derivative |  | — |  |  | 34,770 |  |  | — |  |  | — |  |  | 34,770 |
Interest rate swaps |  | — |  |  | 5,192 |  |  | — |  |  | — |  |  | 5,192 |
Total financial liabilities — Insurance Solutions |  | — |  |  | 39,962 |  |  | — |  |  | — |  |  | 39,962 |
Total financial liabilities |  | $ | — |  |  | $ | 39,962 |  |  | $ | 1,471 |  |  | $ | — |  |  | $ | 41,433 |
The availability of observable inputs can vary depending on the financial asset and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires additional judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. The variability and availability of the observable inputs affected by the factors described above may cause transfers between Levels 1, 2, and 3, as discussed further below. Transfers between level 1 and level 2 The Company records transfers of assets between Level 1 and Level 2 at their fair values at the end of each reporting period. Assets are transferred out of Level 1 when they are no longer transacted with sufficient frequency and volume in an active market. Conversely, assets are transferred from Level 2 to Level 1 when transaction volume and frequency are indicative of an active market. During the year ended December 31, 2025 and December 31, 2024, there were no assets transferred between Level 1 and Level 2. Transfers between level 1 or 2 and level 3 The Company records transfers of assets between Level 1 or 2 and Level 3 at the end of each reporting period. Assets are transferred into Level 3 when there is a lack of observable valuation inputs. Conversely, assets are transferred out of Level 3 when valuation inputs become observable. Whether the assets are transferred into Level 1 or 2 will depend on whether the prices are unadjusted and quoted in an active market. The following tables summarize changes in the Company’s investment portfolio measured and reporting at fair value for which Level 3 inputs were used in determining fair value:
|  |  |  |  |  |  |  |  |  | Net Change in Unrealized Appreciation (Depreciation) |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in unrealized gains (losses) included in income on Level 3 assets and liabilities still held |  | Change in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
|  |  |  | Purchases |  | Sales and repayments |  | Net realized gain (loss) |  | Included in income | Included in OCI |  | Transfer in ¹ |  | Transfer out ¹ |  |  |  |
Year Ended December 31, 2025 |  | Beginning Balance |  |  |  |  |  |  |  | Ending Balance |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 499 |  |  | $ | 5,946 |  |  | $ | (1,341) |  |  | $ | — |  |  | $ | 1,380 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,484 |  |  | $ | 1,409 |  |  | $ | — |
Derivatives |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | 2 |  |  | — |
Other invested assets |  | — |  |  | 72 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 72 |  |  | — |  |  | — |
Total assets — Asset Management |  | 499 |  |  | 6,029 |  |  | (1,341) |  |  | — |  |  | 1,382 |  |  | — |  |  | — |  |  | — |  |  | 6,569 |  |  | 1,411 |  |  | — |
Insurance Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 149 |  |  | 10,000 |  |  | — |  |  | 10,149 |  |  | — |  |  | 149 |
Asset and mortgage-backed securities |  | 8,641 |  |  | 756 |  |  | (6,280) |  |  | — |  |  | (59) |  |  | 356 |  |  | 16,013 |  |  | — |  |  | 19,427 |  |  | — |  |  | 356 |
Corporate loans |  | 114,734 |  |  | 19,678 |  |  | (67,820) |  |  | (4) |  |  | 1,858 |  |  | — |  |  | 48,122 |  |  | — |  |  | 116,568 |  |  | 1,834 |  |  | — |
Equity securities |  | 2,918 |  |  | — |  |  | — |  |  | — |  |  | (43) |  |  | — |  |  | 365 |  |  | — |  |  | 3,240 |  |  | (43) |  |  | — |
Other invested assets |  | 4,575 |  |  | 19 |  |  | (4,433) |  |  | (745) |  |  | 5,235 |  |  | (135) |  |  | 1,121 |  |  | — |  |  | 5,637 |  |  | 1,016 |  |  | (135) |
Total assets — Insurance Solutions |  | 130,868 |  |  | 20,453 |  |  | (78,533) |  |  | (749) |  |  | 6,991 |  |  | 370 |  |  | 75,621 |  |  | — |  |  | 155,021 |  |  | 2,807 |  |  | 370 |
Equity securities of consolidated VIEs |  | 141 |  |  | 825 |  |  | (104) |  |  | — |  |  | 87 |  |  | — |  |  | — |  |  | — |  |  | 949 |  |  | 88 |  |  | — |
Corporate loans of consolidated VIEs |  | 125,757 |  |  | 91,321 |  |  | (96,193) |  |  | (386) |  |  | (768) |  |  | — |  |  | — |  |  | — |  |  | 119,731 |  |  | (2,103) |  |  | — |
Total financial assets including consolidated VIEs - Insurance Solutions |  | 256,766 |  |  | 112,599 |  |  | (174,830) |  |  | (1,135) |  |  | 6,310 |  |  | 370 |  |  | 75,621 |  |  | — |  |  | 275,701 |  |  | 792 |  |  | 370 |
Total financial assets |  | $ | 257,265 |  |  | $ | 118,628 |  |  | $ | (176,171) |  |  | $ | (1,135) |  |  | $ | 7,692 |  |  | $ | 370 |  |  | $ | 75,621 |  |  | $ | — |  |  | $ | 282,270 |  |  | $ | 2,203 |  |  | $ | 370 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt obligations |  | $ | 1,471 |  |  | $ | — |  |  | $ | (132) |  |  | $ | — |  |  | $ | (1,339) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,339 |  |  | $ | — |
Total financial liabilities — Asset Management |  | $ | 1,471 |  |  | $ | — |  |  | $ | (132) |  |  | $ | — |  |  | $ | (1,339) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,339 |  |  | $ | — |
_______________ (1)Transfers into Level 3 are due to decrease in the quantity and reliability of broker quotes obtained. Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained. Transfers are assumed to have occurred at the end of the period.
|  |  |  |  |  |  |  |  |  | Net Change in Unrealized Appreciation (Depreciation) |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in unrealized gains (losses) included in income on Level 3 assets and liabilities still held |  | Change in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
|  |  |  | Purchases |  | Sales and repayments |  | Net realized gain (loss) |  | Included in income | Included in OCI |  | Transfer in ¹ |  | Transfer out ¹ |  | Change in consolidation |  |  |  |
Year Ended December 31, 2024 |  | Beginning Balance |  |  |  |  |  |  |  |  | Ending Balance |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,670 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,171) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 499 |  |  | $ | (1,171) |  |  | $ | — |
Total assets — Asset Management |  | 1,670 |  |  | — |  |  | — |  |  | — |  |  | (1,171) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 499 |  |  | (1,171) |  |  | — |
Insurance Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Asset and mortgage-backed securities |  | 2,240 |  |  | — |  |  | (1,008) |  |  | — |  |  | (3) |  |  | (23) |  |  | 7,435 |  |  | — |  |  | — |  |  | 8,641 |  |  | — |  |  | (23) |
Corporate loans |  | 104,588 |  |  | 41,474 |  |  | (68,113) |  |  | 85 |  |  | (655) |  |  | — |  |  | 37,355 |  |  | — |  |  | — |  |  | 114,734 |  |  | (348) |  |  | — |
Equity securities |  | 3,107 |  |  | — |  |  | (250) |  |  | — |  |  | 61 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,918 |  |  | 61 |  |  | — |
Other invested assets |  | 10,605 |  |  | — |  |  | (579) |  |  | 2 |  |  | (3,911) |  |  | (1,542) |  |  | — |  |  | — |  |  | — |  |  | 4,575 |  |  | (4,255) |  |  | (1,542) |
Total assets — Insurance Solutions |  | 120,540 |  |  | 41,474 |  |  | (69,950) |  |  | 87 |  |  | (4,508) |  |  | (1,565) |  |  | 44,790 |  |  | — |  |  | — |  |  | 130,868 |  |  | (4,542) |  |  | (1,565) |
Equity securities of consolidated VIEs |  | — |  |  | 131 |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 141 |  |  | 10 |  |  | — |
Corporate loans of consolidated VIEs |  | 124,637 |  |  | 117,972 |  |  | (115,866) |  |  | 107 |  |  | (1,093) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 125,757 |  |  | (3,180) |  |  | — |
Total financial assets including consolidated VIEs - Insurance Solutions |  | 245,177 |  |  | 159,577 |  |  | (185,816) |  |  | 194 |  |  | (5,591) |  |  | (1,565) |  |  | 44,790 |  |  | — |  |  | — |  |  | 256,766 |  |  | (7,712) |  |  | (1,565) |
Total financial assets |  | $ | 246,847 |  |  | $ | 159,577 |  |  | $ | (185,816) |  |  | $ | 194 |  |  | $ | (6,762) |  |  | $ | (1,565) |  |  | $ | 44,790 |  |  | $ | — |  |  | $ | — |  |  | $ | 257,265 |  |  | $ | (8,883) |  |  | $ | (1,565) |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt obligations |  | $ | 1,175 |  |  | $ | — |  |  | $ | — |  |  | $ | 296 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,471 |  |  | $ | (296) |  |  | $ | — |
Total financial liabilities — Asset Management |  | $ | 1,175 |  |  | $ | — |  |  | $ | — |  |  | $ | 296 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,471 |  |  | $ | (296) |  |  | $ | — |
_______________ (1)Transfers into Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained. Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained. Transfers are assumed to have occurred at the end of the period. The valuation techniques and significant unobservable inputs used in Level 3 valuations were as follows:
|  |  |  | Quantitative Information about Level 3 Fair Value Measurements
December 31, 2025 |  | Fair value |  | Valuation technique/ methodology |  | Unobservable input |  | Range (weighted average)
Financial assets |  |  |  |  |  |  |  |
Asset management |  |  |  |  |  |  |  |
Equity securities |  | $ | 6,409 |  |  | Enterprise value |  | Multiple |  | 12.5 x-13.5 x (13 x)
Equity securities |  | 75 |  |  | Market approach |  | Privately quoted price |  | NA
Equity securities |  | 13 |  |  | Option pricing model |  | Volatility |  | 116.20% - 126.20% (121.20%)
|  |  |  | Option pricing model |  | Years to exercise |  | 0.1 - 0.3 (0.2)
Other invested assets |  | 72 |  |  | Probability-Weighted Expected Return Method |  | Independent probabilities |  | 5.00% - 5.00% (5.00%)
|  |  |  | Probability-Weighted Expected Return Method |  | Dependent probabilities |  | 2.40% - 3.70% (3.10%)
|  |  |  | Probability-Weighted Expected Return Method |  | Years to cash flows |  | 2.5 - 4.5 (3.5)
Total — Asset Management |  | $ | 6,569 |  |  |  |  |  |  |
Insurance |  |  |  |  |  |  |  |
Debt securities¹: |  |  |  |  |  |  |  |
Asset and mortgage-backed securities |  | $ | 19,427 |  |  | Discounted cash flow |  | Discount rate |  | 6.29% - 8.53% (7.55%)
Corporate |  | 10,149 |  |  | Discounted cash flow |  | Discount rate |  | 7.36% - 8.92% (8.14%)
Corporate loans |  | 116,568 |  |  | Discounted cash flow |  | Discount rate |  | —% - 15.69% (8.16%)
Equity securities |  | 30 |  |  | Recent transaction |  | Transaction price |  | NA
Equity securities |  | 210 |  |  | Enterprise value |  | Multiple |  | 0.63 x - 0.63x (0.63x)
Equity securities |  | 3,000 |  |  | Discounted cash flow |  | Discount rate |  | 5.61% - 5.61% (5.61%)
Other invested assets |  | 5,637 |  |  | Discounted cash flow |  | Discount rate |  | 9.57% - 19.72% (16.87%)
Total — Insurance Solutions |  | $ | 155,021 |  |  |  |  |  |  |
Equity securities of consolidated VIEs |  | $ | 949 |  |  | Enterprise value |  | Multiple |  | 10 x -16 x (13 x)
Corporate loans of consolidated VIEs |  | 30,123 |  |  | Recent transaction |  | Transaction price |  | NA
Corporate loans of consolidated VIEs |  | 89,608 |  |  | Discounted cash flow |  | Discount rate |  | 5.26% - 14.83% (9.63%)
Total assets of consolidated VIEs - Insurance Solutions |  | $ | 120,680 |  |  |  |  |  |  |
Total financial assets including consolidated VIEs - Insurance Solutions |  | $ | 275,701 |  |  |  |  |  |  |
Total financial assets |  | $ | 282,270 |  |  |  |  |  |  |
_______________ (1)For debt securities where the recent transaction price does not estimate fair value, the Company determines the fair value utilizing a yield analysis.
|  |  |  | Quantitative Information about Level 3 Fair Value Measurements
December 31, 2024 |  | Fair value |  | Valuation technique/ methodology |  | Unobservable input |  | Range (weighted average)
Financial assets |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |
Equity securities |  | $ | 30 |  |  | Discounted cash flow |  | Discount rate |  | 22.0% - 27.0% (24.5%)
Equity securities |  | 469 |  |  | Enterprise value |  | Multiple |  | 5.13x - 6.13x (5.63x)
Total — Asset Management |  | $ | 499 |  |  |  |  |  |  |
Insurance Solutions |  |  |  |  |  |  |  |
Debt securities¹: |  |  |  |  |  |  |  |
Asset and mortgage-backed securities |  | 53 |  |  | Recent transaction |  | Transaction price |  | NA
Asset and mortgage-backed securities |  | 8,588 |  |  | Discounted cash flow |  | Discount rate |  | 5.7% - 9.3% (8.0%)
Corporate loans |  | 113,062 |  |  | Discounted cash flow |  | Discount rate |  | 3.6% - 17.5% (10.6%)
Corporate loans |  | 1,672 |  |  | Enterprise value |  | Multiple |  | 0.3x - 8.25x (8.04x)
Equity securities |  | 2,918 |  |  | Discounted cash flow |  | Discount rate |  | 10.1% - 10.1% (10.1%)
Other invested assets |  | 4,575 |  |  | Discounted cash flow |  | Discount rate |  | 14.9% - 19.3% (18.4%)
Total — Insurance Solutions |  | 130,868 |  |  |  |  |  |  |
Equity securities of consolidated VIEs |  | 141 |  |  | Discounted cash flow |  | Discount rate |  | 14.37% - 14.37% (14.37%)
Corporate loans of consolidated VIEs |  | 50,585 |  |  | Recent transaction |  | Transaction price |  | NA
Corporate loans of consolidated VIEs |  | 75,172 |  |  | Discounted cash flow |  | Discount rate |  | 4.3% - 17.1% ( 6.7%)
Total assets of consolidated VIEs - Insurance Solutions |  | $ | 125,898 |  |  |  |  |  |  |
Total financial assets including consolidated VIEs - Insurance Solutions |  | 256,766 |  |  |  |  |  |  |
Total investments |  | $ | 257,265 |  |  |  |  |  |  |
Financial liabilities |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |
Debt obligation |  | $ | 1,471 |  |  | Enterprise valuation |  | Revenue multiple |  | Not Meaningful (NA)
|  |  |  | Enterprise valuation |  | EBITDA |  | Not Meaningful (NA)
|  |  |  | Income Approach |  | Required rate of return |  | Not Meaningful (NA)
Total financial liabilities - Asset Management |  | $ | 1,471 |  |  |  |  |  |  |
Total financial liabilities |  | $ | 1,471 |  |  |  |  |  |  |
_______________ (1)For debt securities where the recent transaction price does not estimate fair value, the Company determines the fair value utilizing a yield analysis. The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of the Company’s investment within each portfolio company’s capital structure. Significant unobservable inputs include an illiquidity spread as well as a credit spread, both of which increase the discount rate. These rates are initially set at a level such that the loan valuation equals the initial purchase cost of the loan and are subsequently adjusted at each valuation date to reflect management’s current assessment of market conditions as well as of loan-specific credit and illiquidity risk. Discount rates are subject to adjustment based on both management’s current assessment of market conditions and the economic performance of individual investments. The significant unobservable inputs used in the fair value measurement of the Company’s Level 3 debt securities primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. Financial instruments not carried at fair value The following tables present carrying amounts and fair values of the Company’s financial assets and liabilities which are not carried at fair value as of December 31, 2025 and December 31, 2024:
|  |  |  |  |  | Fair Value Hierarchy
December 31, 2025 |  | Carrying value |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |
Corporate loans |  | $ | 13,287 |  |  | $ | 11,151 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,151 |
Total financial assets — Asset Management |  | 13,287 |  |  | 11,151 |  |  | — |  |  | — |  |  | 11,151 |
Insurance Solutions |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | 162,566 |  |  | 172,602 |  |  | — |  |  | — |  |  | 172,602 |
Other invested assets |  | 17,097 |  |  | 17,488 |  |  | — |  |  | — |  |  | 17,488 |
Total financial assets — Insurance Solutions |  | 179,663 |  |  | 190,090 |  |  | — |  |  | — |  |  | 190,090 |
Total financial assets |  | $ | 192,950 |  |  | $ | 201,241 |  |  | $ | — |  |  | $ | — |  |  | $ | 201,241 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |
Debt obligations |  | $ | 76,250 |  |  | $ | 72,880 |  |  | $ | — |  |  | $ | — |  |  | $ | 72,880 |
Total financial liabilities — Asset Management |  | 76,250 |  |  | 72,880 |  |  | — |  |  | — |  |  | 72,880 |
Insurance Solutions |  |  |  |  |  |  |  |  |  |
Debt obligations |  | 17,250 |  |  | 17,447 |  |  | — |  |  | — |  |  | 17,447 |
Interest sensitive contract liabilities |  | 363,981 |  |  | 363,981 |  |  | — |  |  | 363,981 |  |  | — |
Total financial liabilities —Insurance Solutions |  | 381,231 |  |  | 381,428 |  |  | — |  |  | 363,981 |  |  | 17,447 |
Total financial liabilities |  | $ | 457,481 |  |  | $ | 454,308 |  |  | $ | — |  |  | $ | 363,981 |  |  | $ | 90,327 |
|  |  |  |  |  | Fair Value Hierarchy
December 31, 2024 |  | Carrying value |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |
Corporate loans |  | $ | 13,287 |  |  | $ | 13,184 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,184 |
Total financial assets — Asset Management |  | 13,287 |  |  | 13,184 |  |  | — |  |  | — |  |  | 13,184 |
Insurance Solutions |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | 147,640 |  |  | 153,619 |  |  | — |  |  | — |  |  | 153,619 |
Other invested assets |  | 16,742 |  |  | 16,512 |  |  | — |  |  | — |  |  | 16,512 |
Total financial assets — Insurance Solutions |  | 164,382 |  |  | 170,131 |  |  | — |  |  | — |  |  | 170,131 |
Total financial assets |  | $ | 177,669 |  |  | $ | 183,315 |  |  | $ | — |  |  | $ | — |  |  | $ | 183,315 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Asset Management |  |  |  |  |  |  |  |  |  |
Debt obligations |  | $ | 73,492 |  |  | $ | 69,776 |  |  | $ | — |  |  | $ | — |  |  | $ | 69,776 |
Total financial liabilities — Asset Management |  | 73,492 |  |  | 69,776 |  |  | — |  |  | — |  |  | 69,776 |
Insurance Solutions |  |  |  |  |  |  |  |  |  |
Debt obligations |  | 14,250 |  |  | 14,450 |  |  | — |  |  | — |  |  | 14,450 |
Interest sensitive contract liabilities |  | 334,876 |  |  | 334,876 |  |  | — |  |  | 334,876 |  |  | — |
Total financial liabilities —Insurance Solutions |  | 349,126 |  |  | 349,326 |  |  | — |  |  | 334,876 |  |  | 14,450 |
Total financial liabilities |  | $ | 422,618 |  |  | $ | 419,102 |  |  | $ | — |  |  | $ | 334,876 |  |  | $ | 84,226 |
Fair value option The following table presents the net realized and unrealized gains (losses) on financial instruments for which the FVO was elected:
For the Year Ended December 31, |  | 2025 |  | 2024
|  | Net realized gains (losses) |  | Net unrealized gains (losses) |  | Total |  | Net realized gains (losses) |  | Net unrealized gains (losses) |  | Total
Asset Management |  |  |  |  |  |  |  |  |  |  |  |
Debt obligation |  | $ | — |  |  | $ | 1,339 |  |  | $ | 1,339 |  |  | $ | — |  |  | $ | (296) |  |  | $ | (296) |
Net gains (losses) from investment activities — Asset Management |  | $ | — |  |  | $ | 1,339 |  |  | $ | 1,339 |  |  | $ | — |  |  | $ | (296) |  |  | $ | (296) |
Insurance Solutions |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. state, territories and municipalities |  | — |  |  | 51 |  |  | 51 |  |  | — |  |  | (10) |  |  | (10) |
Other government and agency |  | — |  |  | 115 |  |  | 115 |  |  | — |  |  | (18) |  |  | (18) |
Corporate |  | (1,815) |  |  | 5,023 |  |  | 3,208 |  |  | — |  |  | (3,710) |  |  | (3,710) |
Asset and mortgage- backed securities |  | (295) |  |  | 117 |  |  | (178) |  |  | 21 |  |  | 4,041 |  |  | 4,062 |
Corporate loans |  | (4) |  |  | 1,853 |  |  | 1,849 |  |  | 110 |  |  | (594) |  |  | (484) |
Mortgage loans |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Equity securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other invested assets |  | (755) |  |  | 4,038 |  |  | 3,283 |  |  | 2 |  |  | (4,255) |  |  | (4,253) |
Net gains (losses) from investment activities — Insurance Solutions |  | (2,869) |  |  | 11,197 |  |  | 8,328 |  |  | 133 |  |  | (4,546) |  |  | (4,413) |
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 |  | $ | (3,255) |  |  | $ | 9,182 |  |  | $ | 5,927 |  |  | $ | 240 |  |  | $ | (7,723) |  |  | $ | (7,483) |
The following table presents information for loans which the Company elected the FVO.
December 31, 2025 |  | Unpaid Principal Balance |  | Mark to Fair Value |  | Fair Value
Insurance Solutions |  |  |  |  |  |
Corporate loans |  | $ | 125,422 |  |  | $ | (1,355) |  |  | $ | 124,067 |
Other invested assets |  | 1,289 |  |  | (179) |  |  | 1,110 |
Insurance Solutions |  | 126,711 |  |  | (1,534) |  |  | 125,177 |
Corporate loans of consolidated VIEs |  | 127,620 |  |  | (7,889) |  |  | 119,731 |
Insurance Solutions including consolidated VIEs |  | $ | 254,331 |  |  | $ | (9,423) |  |  | $ | 244,908 |
December 31, 2024 |  | Unpaid Principal Balance |  | Mark to Fair Value |  | Fair Value
Insurance Solutions |  |  |  |  |  |
Corporate loans |  | $ | 117,823 |  |  | $ | (3,089) |  |  | $ | 114,734 |
Other invested assets |  | 5,756 |  |  | (4,813) |  |  | 943 |
Insurance Solutions |  | 123,579 |  |  | (7,902) |  |  | 115,677 |
Corporate loans of consolidated VIEs |  | 132,194 |  |  | (6,296) |  |  | 125,898 |
Insurance Solutions including consolidated VIEs |  | $ | 255,773 |  |  | $ | (14,198) |  |  | $ | 241,575 |
As of December 31, 2025 and December 31, 2024, there were no loans accounted for at fair value under the FVO which were 90 days or more past-due or in non-accrual status. The following table presents the estimated amount of gains (losses) included in earnings attributable to changes in instrument-specific credit risk on corporate loans for which the Company elected the FVO.
For the Years Ended December 31, |  | 2025 |  | 2024
Insurance Solutions |  |  |  |
Corporate loans |  | $ | 1,200 |  |  | $ | 75 |
Other invested assets |  | 3,551 |  |  | (4,253) |
Insurance Solutions |  | $ | 4,751 |  |  | $ | (4,178) |
Corporate loans of consolidated VIEs |  | (915) |  |  | (863) |
Insurance Solutions including consolidated VIEs |  | $ | 3,836 |  |  | $ | (5,041) |
The portion of gains and losses attributable to changes in instrument-specific credit risk is estimated by identifying loans with changes in credit ratings meeting certain criteria.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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