v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities    
Net income (loss) $ (60,847) $ (10,387)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Net realized (gains) losses on investments 3,386 (226)
Net realized (gains) losses on foreign currency 5 5
Net change in unrealized (gains) losses on investments (11,776) 8,449
Net change in unrealized (gains) losses on foreign currency (37) 62
Change in fair value of debt obligation (1,339) 296
Payment in-kind interest (5,393) (2,702)
Equity investment earnings (1,023) (680)
Amortization of debt issuance costs 504 359
Amortization of deferred acquisition costs 3,126 2,175
Amortization of intangible assets 3,572 1,747
Impairment of intangible assets 11,406 1,835
Net amortization of premiums and accretion of discounts on investments (287) (625)
Equity based compensation 1,969 468
Increase (decrease) in estimated credit losses 3,924 4,231
Gain on reverse acquisition of business (4,457) 0
Goodwill Impairment 25,504 0
(Increase) decrease in operating assets:    
Reinsurance recoverable 5,756 16,665
Change in deferred acquisition costs (3,393) (2,357)
Distributions from equity method investments 1,314 1,939
Purchases of investments by consolidated VIEs (92,146) (118,110)
Proceeds from sale of investments by consolidated VIEs 96,296 115,866
Increase (decrease) in operating liabilities:    
Due to related parties 1,373 (1,648)
Future policy benefits (20,993) (34,714)
Interest sensitive contract liabilities 16,075 14,972
Funds held under reinsurance contracts (2,775) 1,665
Accrued expenses and other liabilities 4,180 (25,117)
Net cash used in operating activities (22,179) (37,768)
Investing Activities    
Purchases of investments (303,818) (317,259)
Proceeds received from reverse acquisition of business 36,794 0
Proceeds from sales and repayments of investments 317,880 290,762
Net cash provided by (used in) investing activities 50,856 (26,497)
Financing Activities    
Shareholder dividends (1,620) (1,506)
Repurchase of common shares (1,434) 0
Proceeds from borrowings of asset management business 2,500 31,603
Repayments of borrowings of asset management business (2,132) (17,413)
Financing costs paid and deferred 0 (270)
Proceeds from borrowings of insurance business 3,000 0
Deposits on investment-type policies and contracts 42,996 72,818
Withdrawals on investment-type policies and contracts (29,966) (9,483)
Net cash provided by (used in) financing activities 13,344 75,749
Supplemental disclosures of cash flow information    
Interest received 79,380 90,863
Interest paid 6,774 4,832
Dividends received 1,418 1,881
Income taxes paid 307 828
Supplemental Disclosures of Non-Cash Investing and Financing Activities    
Cashless repayment on borrowings $ 0 $ 13,636
Restricted stock release (in shares) 2,461 511
Issuance of common shares for investment purchases (in shares) 52,682 0
Issuance of common shares for share based compensation 45 0
Variable Interest Entity, Primary Beneficiary    
(Increase) decrease in operating assets:    
Other assets $ 93 $ 146
Financing Activities    
Net increase (decrease) in cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs 42,021 11,484
Cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs, beginning of the period 101,704 90,220
Cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs, end of period 143,725 101,704
Consolidated Entity, Excluding Consolidated VIE    
(Increase) decrease in operating assets:    
Other assets 3,804 (12,082)
Asset Management    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Net realized (gains) losses on investments (418) (338)
Net change in unrealized (gains) losses on investments (1,603) 1,869
Equity investment earnings (1,023) (680)
Financing Activities    
Cash and cash equivalents 14,999 8,933
Insurance Solutions    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Amortization of deferred acquisition costs 3,126 2,175
Goodwill Impairment 25,504 0
Financing Activities    
Cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs, beginning of the period 92,771  
Cash, cash equivalents and restricted cash, and cash and cash equivalents of consolidated VIEs, end of period 128,726 92,771
Restricted cash 9,973 15,716
Insurance Solutions | Variable Interest Entity, Primary Beneficiary    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Net realized (gains) losses on investments 386 (107)
Net change in unrealized (gains) losses on investments 2,015 3,177
Financing Activities    
Cash and cash equivalents 30,030 25,056
Insurance Solutions | Consolidated Entity, Excluding Consolidated VIE    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Net realized (gains) losses on investments 3,423 219
Net change in unrealized (gains) losses on investments (13,564) 3,761
Financing Activities    
Cash and cash equivalents $ 88,723 $ 51,999