v3.26.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, All Other Investments [Abstract]  
Schedule of Investments
The table below summarizes the net gains (losses) from investment activities:

For the years ended December 31,20252024
Net realized gains (losses)Net unrealized gains (losses)Credit releases (losses)TotalNet realized gains (losses)Net unrealized gains (losses)Credit releases (losses)Total
Asset Management
Equity securities$418 $262 $— $680 $338 $(1,573)$— $(1,235)
Derivatives— 2 — 2 — — — — 
Debt obligation— 1,339 — 1,339 — (296)— (296)
Net gains (losses) from investment activities — Asset Management$418 $1,603 $— $2,021 $338 $(1,869)$— $(1,531)
Insurance Solutions
Debt securities:
    U.S. state, territories and municipalities$(4)$51 $— $47 $(5)$(10)$— $(15)
    Other government and agency— 115 — 115 — (18)— (18)
    Corporate(1,773)5,023 — 3,250 (165)(3,710)— (3,875)
    Asset and mortgage- backed securities(641)117 — (524)(158)4,041 — 3,883 
Corporate loans(4)1,853 — 1,849 110 (594)— (484)
Mortgage loans — — (4,057)(4,057)— — (4,693)(4,693)
Equity securities (246)2,330 — 2,084 (3)785 — 782 
Other invested assets (755)4,075 133 3,453 2 (4,255)462 (3,791)
Net gains (losses) from investment activities — Insurance Solutions$(3,423)$13,564 $(3,924)$6,217 $(219)$(3,761)$(4,231)$(8,211)
Investments of consolidated VIEs(386)(2,015)— (2,401)107 (3,177)— (3,070)
Net gains (losses) from investment activities — Insurance Solutions including consolidated VIEs$(3,809)$11,549 $(3,924)$3,816 $(112)$(6,938)$(4,231)$(11,281)
The following table outlines the carrying value of the Company’s investments:
As ofDecember 31, 2025December 31, 2024
Asset Management
Corporate loans$13,287 $13,287 
Equity securities10,409 2,276 
Equity method5,517 5,807 
Derivatives13 — 
Other invested assets72 — 
Total investments - Asset Management$29,298 $21,370 
Insurance Solutions
Debt securities$632,038 $615,460 
Corporate loans124,067 114,735 
Mortgage loans162,566 147,640 
Equity securities15,053 16,404 
Other invested assets23,084 21,317 
Total investments - Insurance Solutions956,808 915,556 
Corporate loans of consolidated VIEs119,731 125,757 
Equity securities of consolidated VIEs949 141 
Total investments - Insurance Solutions, including consolidated VIEs1,077,488 1,041,454 
Total investments$1,106,786 $1,062,824 
Schedule of Financial Assets
The following tables summarize the measurement categories of financial assets held by the Company as of December 31, 2025, and December 31, 2024:

As of December 31, 2025Fair valueAmortized costFair value optionTotal
Financial assets
Asset Management
Corporate loans$— $13,287 $— $13,287 
Equity securities10,409——10,409
Derivatives13 — — 13 
Other invested assets72 — — 72 
Total financial assets — Asset Management¹
$10,494 $13,287 $— $23,781 
Insurance Solutions
Debt securities:
U.S. government and agency10,348 — — 10,348 
U.S. state, territories and municipalities3,440 — 1,914 5,354 
Other government and agency— — 2,475 2,475 
Corporate166,693 — 104,495 271,188 
Asset and mortgage-backed securities221,524 — 121,149 342,673 
Corporate loans— — 124,067 124,067 
Mortgage loans— 162,566 — 162,566 
Equity securities15,053 — — 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 VIEs949 — — 949 
Total financial assets — Insurance Solutions, including consolidated VIEs422,885 179,663 474,940 1,077,488 
Total financial assets$433,379 $192,950 $474,940 $1,101,269 

_______________
(1)The MLC US Holdings Credit Facility (as hereinafter defined) is collateralized by assets held by MLC US Holdings, including assets totaling $34.8 million as of December 31, 2025.
(2)Other invested assets primarily include structured securities and loan receivables.
As of December 31, 2024Fair valueAmortized costFair value optionTotal
Financial assets
Asset Management
Corporate loans$— $13,287 $— $13,287 
Equity securities2,276 — — 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 municipalities3,370 — 1,882 5,252 
Other government and agency— — 2,369 2,369 
Corporate119,895 — 106,354 226,249 
Asset and mortgage-backed securities253,935 — 119,581 373,516 
Corporate loans— — 114,734 114,734 
Mortgage loans— 147,640 — 147,640 
Equity securities16,404 — — 16,404 
Other invested assets²3,632 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 VIEs141 — — 141 
Total financial assets — Insurance Solutions, including consolidated VIEs405,452 164,382 471,620 1,041,454 
Total financial assets$407,728 $177,669 $471,620 $1,057,017 
_______________
(1)The MLC US Holdings Credit Facility (as hereinafter defined) is collateralized by assets held by MLC US Holdings, including assets totaling $31.2 million as of December 31, 2024.
(2)Other invested assets primarily include structured securities and loan receivables.
Schedule of Debt Securities, Available-for-Sale
The following table represents the cost or amortized cost, gross unrealized gains, gross unrealized losses, and fair value of available-for-sale (“AFS”) investments by asset type:
As of December 31, 2025Cost or amortized costGross unrealized gainsGross unrealized losses
Fair value1
Insurance Solutions
Debt securities:
U.S. government and agency$10,623 $75 $(350)$10,348 
U.S. state, territories and municipalities4,154 0 (714)3,440 
Corporate177,997 1,429 (12,733)166,693 
Asset and mortgage-backed securities222,766 3,130 (4,372)221,524 
Other invested assets5,439 1 (1,824)3,616 
Total AFS — Insurance Solutions$420,979 $4,635 $(19,993)$405,621 
As of December 31, 2024Cost or amortized costGross unrealized gainsGross 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 municipalities4,268—(898)3,370
Corporate133,5271,196(14,827)119,896
Asset and mortgage-backed securities258,4822,089(6,637)253,934
Other invested assets5,321—(1,689)3,632
Total AFS — Insurance Solutions$410,225 $3,298 $(24,616)$388,907 
_______________
(1)There is no allowance for credit losses for AFS investments as of December 31, 2025 and December 31, 2024.
The maturity distribution for AFS securities is as follows:
As of December 31, 2025
Cost or amortized cost Fair value
Due in one year or less$1,195 $1,185 
Due after one year through five years110,139 110,377 
Due after five years through ten years132,999 130,775 
Due after ten years176,646 163,284 
Total AFS securities$420,979 $405,621 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table provides information about AFS securities for which an allowance for credit losses has not been recorded aggregated by category and length of time that securities have been continuously in an unrealized loss position:
Less than 12 months12 months or moreTotal
As of December 31, 2025Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized 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)
Corporate36,752 (370)48,113 (12,362)84,865 (12,732)
Asset and mortgage-backed securities23,755 (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 months12 months or moreTotal
As of December 31, 2024Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized 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)
Corporate31,867(629)48,706(14,199)80,573(14,828)
Asset and mortgage-backed securities50,961(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)
Schedule of Mortgage and Corporate Loans
Mortgage and corporate loans consist of the following:
December 31, 2025December 31, 2024
Asset Management
Corporate loans$13,586 $13,586 
Total corporate loans13,586 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 loans107,53293,186
Other invested assets - corporate loans18,04317,820
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 $164,382 
Schedule of Maturity of Finance Receivables
The maturity distribution for commercial real estate, multi-family mortgage loans and corporate loans were as follows as of December 31, 2025:
Asset ManagementCorporate loans
2026$— 
2027—
2028—
2029—
2030—
2031 and thereafter13,586 
Total$13,586 
Insurance SolutionsCommercial real estate mortgage loansMulti-family mortgage loansOther invested assets - corporate loansTotal loans
2026$47,662 $68,345 $— $116,007 
202712,57423,567—36,141
20284,83415,620—20,454
2029————
2030————
2031 and thereafter——18,04318,043
  Total $65,070 $107,532 $18,043 $190,645 
Schedule of Financing Receivable Credit Quality Indicators
The carrying value by credit risk and loan type were as follows:
Asset Management
Loans – carrying value by credit riskDecember 31, 2025December 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%
Asset Management
Loans – carrying value by loan typeDecember 31, 2025December 31, 2024
Corporate loans$13,586 100%$13,586 100%
Total by loan type$13,586 100%$13,586 100%
Insurance Solutions
Loans – carrying value by credit riskDecember 31, 2025December 31, 2024
Level 1$18,043 9.5%$22,731 13.3%
Level 2107,259 56.3%83,448 48.6%
Level 38,120 4.3%6,997 4.1%
Level 4— —%— —%
Level 557,223 30.0%58,259 34.0%
Total by credit risk$190,645 100%$171,435 100%
Insurance Solutions
Loans – carrying value by loan typeDecember 31, 2025December 31, 2024
Commercial real estate mortgage loans$65,070 34.1%$60,429 35.2%
Multi-family mortgage loans107,53256.3%93,18654.4%
Other invested assets - corporate loans18,0439.5%17,82010.4%
Total by loan type$190,645 100%$171,435 100%
The following table represents the portfolio of mortgage and corporate loans by origination year as of December 31, 2025 and December 31, 2024:
Performance status as of December 31, 202520252024202320222021PriorTotal
Asset Management
Corporate loans
Level 1$— $— $— $— $— $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 27,354 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 loans7,354 5,220 17,554 12,754 18,741 3,447 65,070 
Multi-family loans
Level 1— — — — — — — 
Level 221,586 33,614 7,631 — — — 62,831 
Level 33,638 — — — — — 3,638 
Level 4— — — — — — — 
Level 5— — — 9,487 19,107 12,469 41,063 
Total multi-family loans25,224 33,614 7,631 9,487 19,107 12,469 107,532 
Other invested assets - corporate loans
Level 1223 48 596 74 17,102 — 18,043 
Level 2— — — — — — — 
Level 3— — — — — — — 
Level 4— — — — — — — 
Level 5— — — — — — — 
Total other invested assets - corporate loans223 48 596 74 17,102 — 18,043 
Total mortgage and corporate loans$32,801 $38,882 $25,781 $22,315 $54,950 $15,916 $190,645 
Performance status as of December 31, 202420242023202220212020PriorTotal
Asset Management
Corporate loans
Level 1$— $— $— $— $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 24,000 15,416 11,800 3,661 — — 34,877 
Level 3— — — 4,482 — — 4,482 
Level 4— — — — — — — 
Level 56,720 4,079 1,914 — — 3,447 16,160 
Total commercial real estate loans10,720 24,405 13,714 8,143 — 3,447 60,429 
Multi-family loans
Level 1— — — — — — — 
Level 233,389 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 loans33,389 5,469 11,229 31,497 11,602 — 93,186 
Other invested assets - corporate loans
Level 148 596 74 17,102 — — 17,820 
Level 2— — — — — — — 
Level 3— — — — — — — 
Level 4— — — — — — — 
Level 5— — — — — — — 
Total other invested assets - corporate loans48 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 
Schedule of Financing Receivable, Allowance for Credit Loss
The following tables summarizes the activity related to the allowance for credit losses for the year ended December 31, 2025 and 2024:
Asset ManagementCorporate loansTotal loans
Balance, December 31, 2024$299 $299 
Charge-offs— — 
Recoveries— — 
Provision for credit losses— — 
Balance, December 31, 2025$299 $299 
Insurance SolutionsCommercial real estate mortgage loansMulti-family mortgage loansCorporate loansTotal 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 
Asset ManagementCorporate loansTotal loans
Balance, December 31, 2023$299 $299 
Charge-offs— — 
Recoveries— — 
Provision for credit losses— — 
Balance, December 31, 2024$299 $299 
Insurance SolutionsCommercial real estate mortgage loansMulti-family mortgage loansCorporate loansTotal loans
Balance, December 31, 2023$632 $620 $1,541 $2,793 
Charge-offs— — — — 
Recoveries— — — — 
Provision for credit losses1,983 2,740 (463)4,260 
Balance, December 31, 2024$2,615 $3,360 $1,078 $7,053 
Schedule of Financing Receivable, Past Due
The following tables present an analysis of past-due loans:
December 31, 2025
Asset ManagementLoans 30-59 days past dueLoans 60-89 days past dueLoans 90 days or more past dueNonaccrual loansCurrent loansTotal loans
Corporate loans$— $— $— $— $13,586 $13,586 
Total corporate loans$— $— $— $— $13,586 $13,586 
December 31, 2025
Insurance SolutionsLoans 30-59 days past dueLoans 60-89 days past dueLoans 90 days or more past dueNonaccrual loansCurrent loansTotal loans
Commercial real estate mortgage loans$— $— $— $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 $190,645 
December 31, 2024
Asset ManagementLoans 30-59 days past dueLoans 60-89 days past dueLoans 90 days or more past dueNonaccrual loansCurrent loansTotal loans
Corporate loans$— $— $— $— $13,586 $13,586 
Total corporate loans$— $— $— $— $13,586 $13,586 
December 31, 2024
Insurance SolutionsLoans 30-59 days past dueLoans 60-89 days past dueLoans 90 days or more past dueNonaccrual loansCurrent loansTotal loans
Commercial real estate mortgage loans$— $— $— $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 following represents total nonaccrual loans:
December 31, 2025
Insurance SolutionsNonaccrual loans with no allowanceNonaccrual loans with an allowanceTotal 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 $61,705 
December 31, 2024
Insurance SolutionsNonaccrual loans with no allowanceNonaccrual loans with an allowanceTotal nonaccrual loans
Commercial real estate mortgage loans$— $10,799 $10,799 
Multi-family mortgage loans— 10,969 10,969 
Other invested assets - corporate loans— — — 
Total loans$— $21,768 $21,768 
Schedule Of Accrued Interest Write-off
The following represents accrued interest receivables written off:
As ofDecember 31, 2025December 31, 2024
Insurance Solutions
Commercial real estate mortgage loans$494 $1,034 
Multi-family mortgage loans1,787—
Other invested assets - corporate loans——
Total accrued interest receivables written off$2,281 $1,034 
Schedule of Collateral Dependent Loans
The following represents the carrying value of collateral-dependent loans of the Company as of December 31, 2025 and December 31, 2024:
December 31, 2025December 31, 2024
Commercial real estate mortgage loans$14,246 $10,799 
Multi-family mortgage loans36,894 — 
Total Loans$51,140 $10,799