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v3.26.1

Segments (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | 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.
Reconciliation of Revenue from Segments to Consolidated | 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 |
Segment, Reconciliation of Other Items from Segments to Consolidated | 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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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