
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


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


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


As of December 31, 2025	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value1

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 value1
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


	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)

Unrealized gains and losses can arise from changes in interest rates or other factors, including changes in credit spreads. The Company had gross unrealized losses on below investment grade AFS securities of $4.0 million and $4.5 million as of December 31, 2025 and December 31, 2024, respectively. The single largest unrealized loss on AFS securities was $1.2 million and $1.2 million as of December 31, 2025 and December 31, 2024, respectively. The Company had 313 and 359 positions in an unrealized loss position as of December 31, 2025 and December 31, 2024, respectively.

As of December 31, 2025 and December 31, 2024, AFS securities in an unrealized loss position for 12 months or more consisted of 207 and 216 debt securities, respectively. These debt securities primarily relate to Corporate and U.S. state, municipal and political subdivisions securities, which have depressed values due primarily to an increase in interest rates since the purchase of these securities. Unrealized losses were not recognized in net income on these debt securities since the Company neither intends to sell the securities nor does it believe that it is more likely than not that it will be required to sell these securities before recovery of their cost or amortized cost basis. For securities with significant declines in value, individual security level analysis was performed utilizing underlying collateral default expectations, market data, and industry analyst reports.


	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


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


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	%


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	%


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


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


	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 Company designates individually evaluated loans on nonaccrual status as collateral-dependent loans, as well as other loans that management of the Company designates as having higher risk. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the allowance for credit losses.


	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


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

The Company maintains a separate reserve for credit losses on off-balance sheet credit exposures, including unfunded loan commitments, which is included under the line item entitled “Accrued expenses and other liabilities” on the Consolidated Statements of Financial Position. The reserve for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit losses in the income statement. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, utilizing the same models and approaches for the Company's other loan portfolio segments described above, as these unfunded commitments share similar risk characteristics as its loan portfolio segments. The unfunded off-balance sheet credit line commitments for corporate loans accounted for as held for investments (“HFI”) was $1.4 million for Asset Management and $4.3 million for Insurance Solutions as of December 31, 2025 (December 31, 2024: $1.4 million and $4.7 million, for Asset Management and Insurance Solutions, respectively).

The liability for credit losses on off-balance sheet credit exposures for these loans included in Accrued expenses and other liabilities was less than $0.1 million for Insurance Solutions as of both December 31, 2025 and December 31, 2024. Refer to Note 24. Commitments and contingencies for additional information of the Company’s investment commitments.