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%.


	Reporting Unit
At December 31, 2025	MYGA		LTC		Total
Goodwill, gross	$	30,193	$	25,504	$	55,697
Accumulated impairment losses¹	—		(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


	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 interest¹	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