v3.26.1
Segments (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following presents financial data for the Company’s reportable segments and the reconciliation of Segment Income to Income (loss) before taxes reported in the Consolidated Statements of Operations:
Years Ended December 31,
20252024
Asset Management
Management fees$15,575 $16,758 
Incentive fees1,613 3,198 
Advisory and transaction fees, net798 — 
Equity investment earnings1,023 680 
Interest income¹
1,087 1,091 
Other fee-related income367 — 
Fee-related compensation(4,962)(5,665)
Other operating expenses:
Administration and servicing fees(4,313)(4,290)
General, administrative and other(2,704)(2,693)
Fee related earnings8,484 9,079 
Insurance Solutions
Net investment income and realized gain (loss), net 47,147 53,477 
Cost of funds(32,303)(22,269)
Compensation and benefits(543)(1,367)
Interest expense(1,541)(1,313)
General, administrative and other(12,764)(14,788)
Spread related earnings(4)13,740 
Segment income$8,480 $22,819 
Asset Management Adjustments:
Intersegment management fee eliminations(6,043)(5,627)
Administration and servicing fees ²
(2,236)(1,605)
Transaction costs(9,501)(2,174)
Compensation and benefits ²
(1,885)(2,173)
Equity-based compensation(1,476)(363)
Amortization and impairment of intangible assets(14,978)(3,582)
Interest and other credit facility expenses(7,810)(7,001)
General, administrative and other ²
(10,434)(3,787)
Net gains (losses) from investment activities2,021 (1,531)
Dividend income98 356 
Interest income - bank interest191 — 
Other income (loss), net335 69 
Gain on acquisition4,457 — 
Insurance Solutions Adjustments:— — 
Equity-based compensation(1,322)(211)
Net unrealized gains (losses) from investment activities2,424 (9,651)
Other income309 541 
Intersegment management fee eliminations6,043 5,627 
General, administrative and other ³
(1,630)(1,488)
Impairment loss - Goodwill(25,504)— 
Income (loss) before taxes $(58,461)$(9,781)
_______________
(1)Represents interest income on a loan asset related to a fee generating vehicle.
(2)Represents corporate overhead allocated to each segment.
(3)Represents costs incurred by the insurance segment for purposes of U.S. GAAP reporting but not the day-to-day operations of the insurance company.
Reconciliation of Revenue from Segments to Consolidated
The following presents financial data for the Company’s reportable segments and the reconciliation of Segment Revenue to total revenue reported in the Consolidated Statements of Operations:
Years Ended December 31,
20252024
Segment Revenues
Asset Management$20,463 $21,727 
Insurance Solutions47,147 53,477 
Total segment revenues67,610 75,204 
Asset Management Adjustments:
Intersegment management fee eliminations(6,043)(5,627)
Interest income(1,087)(1,091)
Other fee-related income(367)— 
Insurance Solutions Adjustments:— — 
Net Premiums(17,200)(15,479)
Product charges1,877 266 
Net gains (losses) from investment activities2,424 (9,651)
Other income309 541 
Intersegment management fee eliminations6,043 5,627 
Total revenues$53,566 $49,790 
Segment, Reconciliation of Other Items from Segments to Consolidated
The following presents financial data for the Company’s reportable segments and the reconciliation of the Company’s total reportable segment assets to total assets reported in the Consolidated Statements of Financial Position:
As ofDecember 31, 2025December 31, 2024
Segments Assets
Asset Management$145,226 $124,377 
Insurance Solutions1,534,295 1,496,527 
Total segment assets1,679,521 1,620,904 
Asset Management Adjustments:
Intersegment investments(71,705)(53,601)
Intersegment receivables(7,098)(5,354)
Total assets$1,600,718 $1,561,949