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Variable Interest Entities | 12 Months Ended
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Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | Note 8. Variable interest entities Consolidated variable interest entities (“VIEs”) include collateralized loan obligations (“CLOs”) managed by the Company. The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company. Revenues of consolidated VIEs - Insurance Solutions The following summarizes the Consolidated Statements of Operations activity of the consolidated VIEs:
For the Year Ended December 31, |  | 2025 |  | 2024
Investment income |  | $ | 16,237 |  |  | $ | 18,767 |
Investment expense |  | (670) |  |  | (615) |
Net investment income |  | 15,567 |  |  | 18,152 |
Unrealized gain/(loss) on investments |  | (2,015) |  |  | (3,177) |
Realized gain/(loss) on investments |  | (386) |  |  | 107 |
Net gains (losses) from investment activities |  | (2,401) |  |  | (3,070) |
Net revenues of consolidated variable interest entities |  | $ | 13,166 |  |  | $ | 15,082 |
Unconsolidated VIEs The Company holds variable interests in certain VIEs for which it is not the primary beneficiary. The Company’s variable interests include equity interests, loans, and beneficial interests in CLOs and other entities, which are recorded within “Investments” in the Consolidated Statements of Financial Position. The following table presents the Company’s maximum exposure to losses relating to these VIEs for which the Company has a variable interest, but is not the primary beneficiary. The Company has exposure beyond the carrying value of its variable interests due to unfunded commitments on loans.
|  | December 31, 2025 |  | December 31, 2024
|  | Carrying amount |  | Maximum exposure to loss |  | Carrying amount |  | Maximum Exposure to Loss
Asset Management |  |  |  |  |  |  |  |
Variable interests |  | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | 29 |
Variable interests in related parties |  | 28,209 |  |  | 29,622 |  |  | 21,004 |  |  | 22,417 |
Total Asset Management |  | $ | 28,209 |  |  | $ | 29,622 |  |  | $ | 21,033 |  |  | $ | 22,446 |
Insurance Solutions |  |  |  |  |  |  |  |
Variable interests |  | $ | 17,097 |  |  | $ | 17,097 |  |  | $ | 17,689 |  |  | $ | 17,689 |
Variable interests in related parties |  | 15,355 |  |  | 15,355 |  |  | 19,333 |  |  | 19,333 |
Total Insurance Solutions |  | $ | 32,452 |  |  | $ | 32,452 |  |  | $ | 37,022 |  |  | $ | 37,022 |
Total |  | $ | 60,661 |  |  | $ | 62,074 |  |  | $ | 58,055 |  |  | $ | 59,468 |

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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