v3.26.1
Goodwill and intangible assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The table below presents the changes in the carrying amount of goodwill by reporting units in Insurance Solutions for the year ended December 31, 2025 and December 31, 2024.
Reporting Unit
At December 31, 2025MYGALTCTotal
   Goodwill, gross$30,193 $25,504 $55,697 
   Accumulated impairment losses¹
— (25,504)(25,504)
   Goodwill, net30,193 — 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 
(1)Accumulated impairment losses include the $25.5 million impairment loss recognized in relation to the LTC reporting unit during the fourth quarter of 2025 and there was no impairment loss recognized during the year ended 2024.
Schedule of Finite-Lived Intangible Assets Intangible assets consist of the following as of December 31, 2025 and December 31, 2024:
December 31, 2025
Gross carrying amountAccumulated amortizationAccumulated impairmentNet 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 contracts11,544 (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 licenses2,444 — — 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 amountAccumulated amortizationAccumulated impairmentNet carrying amount
Asset Management
Intangible assets — indefinite life
Investment management contracts$19,204 $— $— $19,204 
Intangible assets — definite life
Investment management contracts13,379 (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 licenses2,444 — — 2,444 
Total intangible assets — Insurance Solutions$2,444 $— $— $2,444 
Schedule of Indefinite-Lived Intangible Assets Intangible assets consist of the following as of December 31, 2025 and December 31, 2024:
December 31, 2025
Gross carrying amountAccumulated amortizationAccumulated impairmentNet 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 contracts11,544 (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 licenses2,444 — — 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 amountAccumulated amortizationAccumulated impairmentNet carrying amount
Asset Management
Intangible assets — indefinite life
Investment management contracts$19,204 $— $— $19,204 
Intangible assets — definite life
Investment management contracts13,379 (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 licenses2,444 — — 2,444 
Total intangible assets — Insurance Solutions$2,444 $— $— $2,444 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table represents estimated intangible amortization expense as of December 31, 2025:
As ofDecember 31, 2025
2026$1,721 
2027976 
202873 
2029— 
2030 and thereafter— 
Total$2,770