v3.26.1
Other assets and Accrued expenses and other liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets And Liabilities Disclosure [Abstract]  
Schedule of Other Assets
Other assets consist of the following:
As ofDecember 31, 2025December 31, 2024
Asset Management
Management fee receivable - related parties$1,477 $2,113 
Incentive fee receivable - related parties405 544 
Deferred tax assets— 2,296 
Prepaid income taxes693 476 
Accrued interest and dividends receivable - related parties2,996 1,909 
Purchase receivables 2
2,311 — 
Ovation goodwill1,000 1,000 
Operating lease right of use asset405 560 
Deferred offering costs265 — 
Prepaid insurance553 222 
Other - related parties367 — 
Other693 59 
Total other assets — Asset Management11,165 9,179 
Insurance Solutions
Accrued investment income11,641 17,532 
Receivable for investments sold ¹
— 17,045 
Guaranty funds on deposit83 99 
Other 2,575 2,459 
Total other assets — Insurance Solutions14,299 37,135 
Interest receivable of consolidated VIEs955 1,048 
Total other assets — Insurance Solutions including consolidated VIEs15,254 38,183 
Total other assets $26,419 $47,362 
_______________
(1)Represents amounts due from third-parties for investment sales for which a cash settlement has not occurred.
(2)All purchase receivables were acquired in the fourth quarter of 2025. For the year ended December 31, 2025, there were no unrealized gains or losses nor interest income recognized in relation to these assets.
Other Liabilities
Other liabilities and accrued expenses consist of the following:
As ofDecember 31, 2025December 31, 2024
Asset Management
Operating lease liabilities$408 $572 
Accounts payable and accrued liabilities¹
9,107 5,097 
Total accrued expenses and other liabilities — Asset Management9,515 5,669 
Insurance Solutions
Payable for investments purchased²
6,500 — 
Other accrued expenses4,010 2,995 
Total accrued expenses and other liabilities — Insurance Solutions10,510 2,995 
Total accrued expenses and other liabilities$20,025 $8,664 
_______________
(1)As part of its acquisition of TURN in connection with the Business Combination on September 12, 2025, the Company acquired benefit plans which TURN historically administered which provide medical and dental insurance for retirees and their spouses who, at the time of their retirement, attained certain years of service at a certain age. As of December 31, 2025, the Company had $0.4 million accumulated post-retirement benefit obligation. These plans were terminated prior to the acquisition date and provide medical benefits to former employees who are grandfathered under the plan’s former terms. The net periodic post-retirement benefit cost includes service cost and interest cost on the accumulated post-retirement benefit obligation. Unrecognized actuarial gains and losses will be recognized as net periodic benefit cost within general, administrative and other expenses under the Asset Management segment. Unamortized prior service cost was fully amortized prior to the acquisition date. Refer to Note 3. Business combinations for more information on the Company’s acquisition of TURN.
(2)Represents amounts owed to third-parties for investment purchases for which a cash settlement has not occurred.