v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Asset Management    
Equity investment earning $ 1,023 $ 680
Insurance Solutions    
Net premiums (17,200) (15,479)
Total revenues 53,566 49,790
Insurance Solutions    
Amortization of deferred acquisition costs 3,126 2,175
Goodwill impairment 25,504 0
Total expenses 120,583 59,556
Investment and other income (loss) - Asset Management    
Income (loss) before taxes (58,461) (9,781)
Net income (loss) $ (60,847) $ (10,387)
Earnings per share    
Net income (loss) attributable to common shareholders - basic (in dollars per share) $ (7.08) $ (1.70)
Net income (loss) attributable to common shareholders - Diluted (in dollars per share) $ (7.08) $ (1.70)
Weighted average shares outstanding – Basic (in shares) 8,597,454 6,113,203
Weighted average shares outstanding – Diluted (in shares) 8,597,454 6,113,203
Asset Management    
Asset Management    
Equity investment earning $ 1,023 $ 680
Insurance Solutions    
Net gains (losses) from investment activities 2,021 (1,531)
Net investment income (loss) on funds withheld 702 69
Total revenues 12,966 15,009
Asset Management    
Administration and servicing fees 7,802 5,895
Transaction costs 9,501 2,174
Compensation and benefits 8,392 8,412
Amortization and impairment of intangible assets 14,978 3,582
Interest and other credit facility expenses 7,810 7,001
General, administrative and other 13,138 6,480
Insurance Solutions    
Compensation and benefits 8,392 8,412
General, administrative and other 13,138 6,480
Total expenses 61,621 33,544
Investment and other income (loss) - Asset Management    
Net gains (losses) from investment activities 2,021 (1,531)
Dividend income 98 356
Interest income 1,278 1,091
Other income (loss), net 702 69
Gain on acquisition 4,457 0
Total investment and other income (loss) 8,556 (15)
Income (loss) before taxes (58,461) (9,781)
Income tax (expense) benefit — Asset Management (2,386) (606)
Asset Management | Management fees    
Asset Management    
Fee revenue 9,532 11,131
Asset Management | Incentive fees    
Asset Management    
Fee revenue 1,613 3,198
Asset Management | Advisory and transaction fees, net    
Asset Management    
Fee revenue 798 0
Insurance Solutions    
Insurance Solutions    
Net premiums (17,200) (15,479)
Product charges 1,877 266
Net investment income 78,990 92,790
Net revenues of consolidated variable interest entities (27,192) (32,056)
Net investment income (loss) on funds withheld 309 541
Total revenues 40,600 34,781
Asset Management    
Compensation and benefits 543 1,367
General, administrative and other 14,394 16,276
Insurance Solutions    
Net policy benefit and claims (remeasurement gain on policy liabilities of $9,872 and $16,237 for the year ended December 31, 2025 and 2024, respectively) (2,222) (10,091)
Interest sensitive contract benefits 16,076 14,972
Amortization of deferred acquisition costs 3,126 2,175
Compensation and benefits 543 1,367
Interest expense 1,541 1,313
General, administrative and other 14,394 16,276
Goodwill impairment 25,504 0
Total expenses 58,962 26,012
Investment and other income (loss) - Asset Management    
Other income (loss), net 309 541
Insurance Solutions | Consolidated Entity, Excluding Consolidated VIE    
Insurance Solutions    
Net investment income 63,423 74,638
Net gains (losses) from investment activities 6,217 (8,211)
Insurance Solutions | Variable Interest Entity, Primary Beneficiary    
Insurance Solutions    
Net investment income 15,567 18,152
Net gains (losses) from investment activities (2,401) (3,070)
Total revenues $ 13,166 $ 15,082