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Goodwill and intangible assets | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and intangible assets | Note 11. Goodwill and intangible assets Goodwill The carrying amount of goodwill by reportable segment was $1.0 million for Asset Management as of both December 31, 2025 and December 31, 2024, which is included within “Other assets” in the Consolidated Statements of Financial Position. The carrying amount of goodwill was $30.2 million and $55.7 million for Insurance Solutions as of December 31, 2025 and December 31, 2024 respectively. The Company performed its annual goodwill impairment assessment as of October 1, 2025 for its reporting units, LTC and MYGA under Insurance Solutions. As of such date, it was noted that the carrying value of the LTC reporting unit exceeded its estimated fair value, which resulted in recording a $25.5 million charge to fully impair the goodwill associated with the LTC reporting unit. The excess carrying value of the LTC reporting unit was primarily driven by an increase in its net assets resulting from lower recorded long‑term care (LTC) reserves following a change in the accounting basis from IFRS to U.S. GAAP. Under U.S. GAAP, the revised reserving methodology reduced the level of recognized LTC reserves, thereby increasing the carrying value of the reporting unit. Consequently, the carrying value exceeded the estimated fair value as of the measurement date, resulting in the impairment. In contrast, the fair value of MYGA reporting unit exceeded its respective carrying value by 30.6%. The table below presents the changes in the carrying amount of goodwill by reporting units in Insurance Solutions for the year ended December 31, 2025 and December 31, 2024.
|  | Reporting Unit
At December 31, 2025 |  | MYGA |  | LTC |  | Total
Goodwill, gross |  | $ | 30,193 |  |  | $ | 25,504 |  |  | $ | 55,697 |
Accumulated impairment losses ¹ |  | — |  |  | (25,504) |  |  | (25,504) |
Goodwill, net |  | 30,193 |  |  | — |  |  | 30,193 |
Goodwill, net as of December 31, 2024 |  | $ | 30,193 |  |  | $ | 25,504 |  |  | $ | 55,697 |
Impairment losses |  | — |  |  | (25,504) |  |  | (25,504) |
Goodwill, net as of December 31, 2025 |  | $ | 30,193 |  |  | $ | — |  |  | $ | 30,193 |
(1)Accumulated impairment losses include the $25.5 million impairment loss recognized in relation to the LTC reporting unit during the fourth quarter of 2025 and there was no impairment loss recognized during the year ended 2024. Intangible assets Intangible assets consist of the following as of December 31, 2025 and December 31, 2024:
|  | December 31, 2025
|  | Gross carrying amount |  | Accumulated amortization |  | Accumulated impairment |  | Net carrying amount
Asset Management |  |  |  |  |  |  |  |
Intangible assets — indefinite life |  |  |  |  |  |  |  |
Investment management contracts |  | $ | 19,204 |  |  | $ | — |  |  | $ | (19,204) |  |  | $ | — |
Profit sharing interest ¹ |  | 11,236 |  |  | — |  |  | (3,045) |  |  | 8,191 |
Intangible assets — definite life |  |  |  |  |  |  |  |
Investment management contracts |  | 11,544 |  |  | (8,381) |  |  | (393) |  |  | 2,770 |
Total intangible assets — Asset Management |  | $ | 41,984 |  |  | $ | (8,381) |  |  | $ | (22,642) |  |  | $ | 10,961 |
Insurance Solutions |  |  |  |  |  |  |  |
Intangible assets — indefinite life |  |  |  |  |  |  |  |
State insurance licenses |  | 2,444 |  |  | — |  |  | — |  |  | 2,444 |
Total intangible assets — Insurance Solutions |  | $ | 2,444 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,444 |
_______________ (1)On July 15, 2025, the merging of Logan Ridge Finance Corporation (“Logan Ridge”) into Portman Ridge Finance Corporation (“Portman Ridge” or “Portman”) closed, with the new combined entity renamed to BCP Investment Corporation (“BCIC”). Upon the close of this merger, the Company’s investment management agreement with Logan Ridge was terminated, resulting in an impairment loss for the full carrying amount of the investment management agreement. Upon termination of the investment management agreement with Logan Ridge, the Company acquired a profit-sharing agreement with the owner of Sierra Crest Investment Management (“SCIM”) which is the manager of BCIC, for no cash consideration. The acquisition of the profit-sharing agreement is presented as a gain that offsets the accumulated impairment loss on the Logan Ridge investment management agreement, in “Amortization and impairment of intangible assets” on the Consolidated Statements of Operations. The profit-sharing agreement was determined to be an indefinite-lived intangible asset given the Company expects SCIM to be the investment manager of BCIC indefinitely, and for the owner of SCIM to hold its equity in SCIM indefinitely. During the fourth quarter of 2025, the valuation of the profit-sharing agreement was refined for changes in assumptions, resulting in a decrease in value that was recognized as an impairment loss on the agreement.
|  | December 31, 2024
|  | Gross carrying amount |  | Accumulated amortization |  | Accumulated impairment |  | Net carrying amount
Asset Management |  |  |  |  |  |  |  |
Intangible assets — indefinite life |  |  |  |  |  |  |  |
Investment management contracts |  | $ | 19,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,204 |
Intangible assets — definite life |  |  |  |  |  |  |  |
Investment management contracts |  | 13,379 |  |  | (4,808) |  |  | (1,835) |  |  | 6,736 |
Total intangible assets — Asset Management |  | $ | 32,583 |  |  | $ | (4,808) |  |  | $ | (1,835) |  |  | $ | 25,940 |
Insurance Solutions |  |  |  |  |  |  |  |
Intangible assets — indefinite life |  |  |  |  |  |  |  |
State insurance licenses |  | 2,444 |  |  | — |  |  | — |  |  | 2,444 |
Total intangible assets — Insurance Solutions |  | $ | 2,444 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,444 |
The following table represents estimated intangible amortization expense as of December 31, 2025:
As of |  | December 31, 2025
2026 |  | $ | 1,721 |
2027 |  | 976 |
2028 |  | 73 |
2029 |  | — |
2030 and thereafter |  | — |
Total |  | $ | 2,770 |

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