v3.26.1
Variable Interest Entities
 12 Months Ended
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 31,20252024
Investment income$16,237 $18,767 
Investment expense(670)(615)
Net investment income15,567 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 $15,082 
Unconsolidated VIEs
The Company holds variable interests in certain VIEs for which it is not the primary beneficiary. The Company’s variable interests include equity interests, loans, and beneficial interests in CLOs and other entities, which are recorded within “Investments” in the Consolidated Statements of Financial Position. The following table presents the Company’s maximum exposure to losses relating to these VIEs for which the Company has a variable interest, but is not the primary beneficiary. The Company has exposure beyond the carrying value of its variable interests due to unfunded commitments on loans.
December 31, 2025December 31, 2024
Carrying amountMaximum exposure to lossCarrying amountMaximum Exposure to Loss
Asset Management
Variable interests$— $— $29 $29 
Variable interests in related parties28,209 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 parties15,355 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