| Investments |
Note 6. Investments The following table outlines the carrying value of the Company’s investments: | | | | | | | | | | | | | | | | As of | | June 30, 2026 | | December 31, 2025 | | Asset Management | | | | | | Corporate loans | | $ | 13,291 | | | $ | 13,287 | | | Equity securities | | 6,857 | | | 10,409 | | | Equity method | | 4,270 | | | 5,517 | | | Derivatives | | — | | | 13 | | | Other invested assets | | 71 | | | 72 | | | Total investments - Asset Management | | $ | 24,489 | | | $ | 29,298 | | | | | | | | Insurance Solutions | | | | | | Debt securities | | $ | 608,304 | | | $ | 632,038 | | | Corporate loans | | 126,175 | | | 124,067 | | | Mortgage loans | | 183,676 | | | 162,566 | | | Equity securities | | 4,465 | | | 15,053 | | | Other invested assets | | 30,463 | | | 23,084 | | | Total investments - Insurance Solutions | | $ | 953,083 | | | $ | 956,808 | | | Corporate loans of consolidated VIEs | | 129,606 | | | 119,731 | | | Equity securities of consolidated VIEs | | 1,116 | | | 949 | | | Total investments - Insurance Solutions, including consolidated VIEs | | 1,083,805 | | | 1,077,488 | | | Total investments | | $ | 1,108,294 | | | $ | 1,106,786 | |
Financial assets The following tables summarize the measurement categories of financial assets held by the Company as of June 30, 2026, and December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | Fair value | | Amortized cost | | Fair value option | | Total | | Financial assets | | | | | | | | | | Asset Management | | | | | | | | | | Corporate loans | | $ | — | | | $ | 13,291 | | | $ | — | | | $ | 13,291 | | | Equity securities | | 6,857 | | — | | — | | 6,857 | | | | | | | | | | | Other invested assets | | 71 | | | — | | | — | | | 71 | | Total financial assets — Asset Management¹ | | $ | 6,928 | | | $ | 13,291 | | | $ | — | | | $ | 20,219 | | | | | | | | | | | | Insurance Solutions | | | | | | | | | | Debt securities: | | | | | | | | | | U.S. government and agency | | $ | 9,833 | | | $ | — | | | $ | — | | | $ | 9,833 | | | U.S. state, territories and municipalities | | 3,313 | | | — | | | 1,887 | | | 5,200 | | | Other government and agency | | — | | | — | | | 2,507 | | | 2,507 | | | Corporate | | 169,892 | | | — | | | 101,229 | | | 271,121 | | | Asset and mortgage-backed securities | | 205,610 | | | — | | | 114,033 | | | 319,643 | | | Corporate loans | | — | | | — | | | 126,175 | | | 126,175 | | | Mortgage loans | | — | | | 183,676 | | | — | | | 183,676 | | | Equity securities | | 4,465 | | | — | | | — | | | 4,465 | | Other invested assets² | | 13,874 | | | 15,444 | | | 1,145 | | | 30,463 | | | Total financial assets — Insurance Solutions | | $ | 406,987 | | | $ | 199,120 | | | $ | 346,976 | | | $ | 953,083 | | | Corporate loans of consolidated VIEs | | — | | | — | | | 129,606 | | | 129,606 | | | Equity securities of consolidated VIEs | | 1,116 | | | — | | | — | | | 1,116 | | | Total financial assets — Insurance Solutions, including consolidated VIEs | | 408,103 | | | 199,120 | | | 476,582 | | | 1,083,805 | | | Total financial assets | | $ | 415,031 | | | $ | 212,411 | | | $ | 476,582 | | | $ | 1,104,024 | |
_______________ (1)The MLC US Holdings Credit Facility (as hereinafter defined) is collateralized by assets held by MLC US Holdings, including assets totaling $29.1 million as of June 30, 2026. (2)Other invested assets primarily include structured securities and loan receivables. | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Fair value | | Amortized cost | | Fair value option | | Total | | Financial assets | | | | | | | | | | Asset Management | | | | | | | | | | Corporate loans | | $ | — | | | $ | 13,287 | | | $ | — | | | $ | 13,287 | | | Equity securities | | 10,409 | | | — | | | — | | | 10,409 | | | Derivatives | | 13 | | | — | | | — | | | 13 | | | Other invested assets | | 72 | | | — | | | — | | | 72 | | | Total financial assets — Asset Management¹ | | $ | 10,494 | | | $ | 13,287 | | | $ | — | | | $ | 23,781 | | | Insurance Solutions | | | | | | | | | | Debt securities: | | | | | | | | | | U.S. government and agency | | $ | 10,348 | | | $ | — | | | $ | — | | | $ | 10,348 | | | U.S. state, territories and municipalities | | 3,440 | | | — | | | 1,914 | | | 5,354 | | | Other government and agency | | — | | | — | | | 2,475 | | | 2,475 | | | Corporate | | 166,693 | | | — | | | 104,495 | | | 271,188 | | | Asset and mortgage-backed securities | | 221,524 | | | — | | | 121,149 | | | 342,673 | | | Corporate loans | | — | | | — | | | 124,067 | | | 124,067 | | | Mortgage loans | | — | | | 162,566 | | | — | | | 162,566 | | | Equity securities | | 15,053 | | | — | | | — | | | 15,053 | | | Other invested assets² | | 4,878 | | | 17,097 | | | 1,109 | | | 23,084 | | | Total financial assets — Insurance Solutions | | $ | 421,936 | | | $ | 179,663 | | | $ | 355,209 | | | $ | 956,808 | | | Corporate loans of consolidated VIEs | | — | | | — | | | 119,731 | | | 119,731 | | | Equity securities of consolidated VIEs | | 949 | | | — | | | — | | | 949 | | | Total financial assets — Insurance Solutions, including consolidated VIEs | | 422,885 | | | 179,663 | | | 474,940 | | | 1,077,488 | | | Total financial assets | | $ | 433,379 | | | $ | 192,950 | | | $ | 474,940 | | | $ | 1,101,269 | |
_______________ (1)The MLC US Holdings Credit Facility (as hereinafter defined) is collateralized by assets held by MLC US Holdings, including assets totaling $34.8 million as of December 31, 2025. (2)Other invested assets primarily include structured securities and loan receivables. Available-for-sale – Insurance Solutions The following table represents the cost or amortized cost, gross unrealized gains, gross unrealized losses, and fair value of available-for-sale (“AFS”) investments by asset type: | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | Cost or amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair value1 | | | | | | | | | | | Insurance Solutions | | | | | | | | | | Debt securities: | | | | | | | | | | U.S. government and agency | | $ | 10,231 | | | $ | 12 | | | $ | (410) | | | $ | 9,833 | | | U.S. state, territories and municipalities | | 4,067 | | | — | | | (754) | | | 3,313 | | | Corporate | | 182,719 | | | 1,069 | | | (13,896) | | | 169,892 | | | Asset and mortgage-backed securities | | 206,144 | | | 5,546 | | | (6,080) | | | 205,610 | | | Other invested assets | | 5,441 | | | — | | | (2,658) | | | 2,783 | | | Total AFS — Insurance Solutions | | $ | 408,602 | | | $ | 6,627 | | | $ | (23,798) | | | $ | 391,431 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Cost or amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair value1 | | Financial assets | | | | | | | | | | Insurance Solutions | | | | | | | | | | Debt securities: | | | | | | | | | | U.S. government and agency | | $ | 10,623 | | | $ | 75 | | | $ | (350) | | | $ | 10,348 | | | U.S. state, territories and municipalities | | 4,154 | | — | | (714) | | 3,440 | | Corporate | | 177,997 | | 1,429 | | (12,733) | | 166,693 | | Asset and mortgage-backed securities | | 222,766 | | 3,130 | | (4,372) | | 221,524 | | Other invested assets | | 5,439 | | 1 | | (1,824) | | 3,616 | | Total AFS — Insurance Solutions | | $ | 420,979 | | | $ | 4,635 | | | $ | (19,993) | | | $ | 405,621 | |
_______________ (1)There is no allowance for credit losses for AFS investments as of June 30, 2026 and December 31, 2025. The maturity distribution for AFS securities is as follows: | | | | | | | | | | | | | | | | | As of June 30, 2026 | | | Cost or amortized cost | | Fair value | | Due in one year or less | | $ | 7,689 | | | $ | 7,744 | | | Due after one year through five years | | 114,339 | | | 113,019 | | | Due after five years through ten years | | 122,435 | | | 117,432 | | | Due after ten years | | 164,139 | | | 153,236 | | | Total AFS securities | | $ | 408,602 | | | $ | 391,431 | |
Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The following table provides information about AFS securities for which an allowance for credit losses has not been recorded, aggregated by asset category and length of time the securities have been continuously in an unrealized loss position: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | As of June 30, 2026 | | Fair value | Unrealized losses | | Fair value | Unrealized losses | | Fair value | Unrealized losses | | Insurance Solutions | | | | | | | | | | | Debt securities: | | | | | | | | | | | U.S. government and agency | | $ | 2,752 | | $ | (81) | | | $ | 4,729 | | $ | (329) | | | $ | 7,481 | | $ | (410) | | | U.S. state, territories and municipalities | | — | | — | | | 3,313 | | (754) | | | 3,313 | | (754) | | | Corporate | | 67,423 | | (1,556) | | | 45,762 | | (12,340) | | | 113,185 | | (13,896) | | | Asset and mortgage-backed securities | | 64,578 | | (1,323) | | | 36,650 | | (4,757) | | | 101,228 | | (6,080) | | | Other invested assets | | 50 | | (2) | | | 2,732 | | (2,656) | | | 2,782 | | (2,658) | | | Total AFS securities in a continuous loss position | | $ | 134,803 | | $ | (2,962) | | | $ | 93,186 | | $ | (20,836) | | | $ | 227,989 | | $ | (23,798) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | As of December 31, 2025 | | Fair value | Unrealized losses | | Fair value | Unrealized losses | | Fair value | Unrealized losses | | Insurance Solutions | | | | | | | | | | | Debt securities: | | | | | | | | | | | U.S. government and agency | | $ | 778 | | $ | (40) | | | $ | 5,172 | | $ | (310) | | | $ | 5,950 | | $ | (350) | | | U.S. state, territories and municipalities | | — | — | | 3,440 | (714) | | 3,440 | (714) | | Corporate | | 36,752 | (370) | | 48,113 | (12,362) | | 84,865 | (12,732) | | Asset and mortgage-backed securities | | 23,755 | (240) | | 53,666 | (4,133) | | 77,421 | (4,373) | | Other invested assets | | — | — | | 3,565 | (1,824) | | 3,565 | (1,824) | | Total AFS securities in a continuous loss position | | $ | 61,285 | | $ | (650) | | | $ | 113,956 | | $ | (19,343) | | | $ | 175,241 | | $ | (19,993) | |
Unrealized gains and losses can arise from changes in interest rates or other factors, including changes in credit spreads. The Company had gross unrealized losses on investment grade AFS securities of $4.8 million and $4.0 million as of June 30, 2026 and December 31, 2025, respectively. The single largest unrealized loss on AFS securities was $1.7 million and $1.2 million as of June 30, 2026 and December 31, 2025, respectively. The Company had 248 and 313 positions in an unrealized loss position as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026 and December 31, 2025, AFS securities in an unrealized loss position for 12 months or more consisted of 173 and 207 debt securities, respectively. These debt securities primarily relate to Corporate and U.S. state, municipal and political subdivisions securities, which have depressed values due primarily to an increase in interest rates since the purchase of these securities. Unrealized losses were not recognized in net income on these debt securities since the Company neither intends to sell the securities nor does it believe that it is more likely than not that it will be required to sell these securities before recovery of their cost or amortized cost basis. For securities with significant declines in value, individual security level analysis was performed utilizing underlying collateral default expectations, market data, and industry analyst reports. Mortgage and corporate loans carried at amortized cost Mortgage and corporate loans consist of the following: | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Asset Management | | | | | | Corporate loans | | $ | 13,586 | | | $ | 13,586 | | | Total corporate loans | | 13,586 | | | 13,586 | | | Allowance for credit losses | | (295) | | | (299) | | | Total corporate loans, net of allowance for credit losses | | $ | 13,291 | | | $ | 13,287 | | | | | | | | Insurance Solutions | | | | | | Commercial real estate mortgage loans | | $ | 75,863 | | | $ | 65,070 | | | Multi-family mortgage loans | | 113,325 | | 107,532 | | Other invested assets - corporate loans | | 17,782 | | 18,043 | | Total mortgage and corporate loans | | $ | 206,970 | | | $ | 190,645 | | | Allowance for credit losses | | (7,850) | | (10,982) | | Total mortgage and other invested assets - corporate loans, net of allowance for credit losses | | $ | 199,120 | | | $ | 179,663 | |
The maturity distribution for commercial real estate, multi-family mortgage loans and corporate loans were as follows as of June 30, 2026: | | | | | | | | | | Asset Management | | Corporate loans | | Remainder of 2026 | | $ | — | | | 2027 | | — | | 2028 | | — | | 2029 | | — | | 2030 | | — | | 2031 and thereafter | | 13,586 | | | Total | | $ | 13,586 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Insurance Solutions | | Commercial real estate mortgage loans | | Multi-family mortgage loans | | Other invested assets - corporate loans | | Total loans | | Remainder of 2026 | | $ | 26,655 | | | $ | 35,994 | | | $ | — | | | $ | 62,649 | | | 2027 | | 44,417 | | 38,787 | | — | | 83,204 | | 2028 | | 4,791 | | 38,544 | | — | | 43,335 | | 2029 | | — | | — | | — | | — | | 2030 | | — | | — | | — | | — | | 2031 and thereafter | | — | | — | | 17,782 | | 17,782 | | Total | | $ | 75,863 | | | $ | 113,325 | | | $ | 17,782 | | | $ | 206,970 | |
Actual maturities could differ from contractual maturities, because borrowers may have the right to prepay (with or without prepayment penalties) and loans may be refinanced. The carrying value by credit risk and loan type were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset Management | | | | Loans – carrying value by credit risk | | June 30, 2026 | | December 31, 2025 | | Level 1 | | $ | 13,586 | | | 100 | % | | $ | 13,586 | | | 100 | % | | Level 2 | | — | | | — | % | | — | | | — | % | | Level 3 | | — | | | — | % | | — | | | — | % | | Level 4 | | — | | | — | % | | — | | | — | % | | Level 5 | | — | | | — | % | | — | | | — | % | | Total by credit risk | | $ | 13,586 | | | 100 | % | | $ | 13,586 | | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset Management | | | | Loans – carrying value by loan type | | June 30, 2026 | | December 31, 2025 | | Corporate loans | | $ | 13,586 | | | 100 | % | | $ | 13,586 | | | 100 | % | | Total by loan type | | $ | 13,586 | | | 100 | % | | $ | 13,586 | | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Insurance Solutions | | | | Loans – carrying value by credit risk | | June 30, 2026 | | December 31, 2025 | | Level 1 | | $ | 16,230 | | | 7.8 | % | | $ | 18,043 | | | 9.5 | % | | Level 2 | | 155,991 | | | 75.4 | % | | 107,259 | | | 56.3 | % | | Level 3 | | 4,104 | | | 2.0 | % | | 8,120 | | | 4.3 | % | | Level 4 | | — | | | — | % | | — | | | — | % | | Level 5 | | 30,645 | | | 14.8 | % | | 57,223 | | | 30.0 | % | | Total by credit risk | | $ | 206,970 | | | 100 | % | | $ | 190,645 | | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Insurance Solutions | | | | Loans – carrying value by loan type | | June 30, 2026 | | December 31, 2025 | | Commercial real estate mortgage loans | | $ | 75,863 | | | 36.7 | % | | $ | 65,070 | | | 34.1 | % | | Multi-family mortgage loans | | 113,325 | | 54.7 | % | | 107,532 | | 56.4 | % | | Other invested assets - corporate loans | | 17,782 | | 8.6 | % | | 18,043 | | 9.5 | % | | Total by loan type | | $ | 206,970 | | | 100 | % | | $ | 190,645 | | | 100 | % |
The following tables summarizes the activity related to the allowance for credit losses for the three and six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | Asset Management | | Corporate loans | | Total loans | | Balance, March 31, 2026 | | $ | 295 | | | $ | 295 | | | Charge-offs | | — | | | — | | | Recoveries | | — | | | — | | | Provision for credit losses | | — | | | — | | | Balance, June 30, 2026 | | $ | 295 | | | $ | 295 | |
| | | | | | | | | | | | | | | | Asset Management | | Corporate loans | | Total loans | | Balance, December 31, 2025 | | $ | 299 | | | $ | 299 | | | Charge-offs | | — | | | — | | | Recoveries | | — | | | — | | | Provision for credit losses | | (4) | | | (4) | | | Balance, June 30, 2026 | | $ | 295 | | | $ | 295 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Insurance Solutions | | Commercial real estate mortgage loans | | Multi-family mortgage loans | | Corporate loans | | Total loans | | Balance, March 31, 2026 | | $ | 953 | | | $ | 4,676 | | | $ | 815 | | | $ | 6,444 | | | Charge-offs | | — | | | — | | | — | | | — | | | Recoveries | | — | | | — | | | — | | | — | | | Provision for credit losses | | 93 | | | 1,335 | | | (22) | | | 1,406 | | | Balance, June 30, 2026 | | $ | 1,046 | | | $ | 6,011 | | | $ | 793 | | | $ | 7,850 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Insurance Solutions | | Commercial real estate mortgage loans | | Multi-family mortgage loans | | Corporate loans | | Total loans | | Balance, December 31, 2025 | | $ | 2,355 | | | $ | 7,681 | | | $ | 946 | | | $ | 10,982 | | | Charge-offs | | — | | | — | | | — | | | — | | | Recoveries | | — | | | — | | | — | | | — | | | Provision for credit losses | | (1,309) | | | (1,670) | | | (153) | | | (3,132) | | | Balance, June 30, 2026 | | $ | 1,046 | | | $ | 6,011 | | | $ | 793 | | | $ | 7,850 | |
| | | | | | | | | | | | | | | | Asset Management | | Corporate loans | | Total loans | | Balance, March 31, 2025 | | $ | 299 | | | $ | 299 | | | Charge-offs | | — | | | — | | | Recoveries | | — | | | — | | | Provision for credit losses | | — | | | — | | | Balance, June 30, 2025 | | $ | 299 | | | $ | 299 | |
| | | | | | | | | | | | | | | | Asset Management | | Corporate loans | | Total loans | | Balance, December 31, 2024 | | $ | 299 | | | $ | 299 | | | Charge-offs | | — | | | — | | | Recoveries | | — | | | — | | | Provision for credit losses | | — | | | — | | | Balance, June 30, 2025 | | $ | 299 | | | $ | 299 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Insurance Solutions | | Commercial real estate mortgage loans | | Multi-family mortgage loans | | Corporate loans | | Total loans | | Balance, March 31, 2025 | | $ | 2,616 | | | $ | 3,349 | | | $ | 1,048 | | | $ | 7,013 | | | Charge-offs | | — | | | — | | | — | | | — | | | Recoveries | | — | | | — | | | — | | | — | | | Provision for credit losses | | 1 | | | 252 | | | (36) | | | 217 | | | Balance, June 30, 2025 | | $ | 2,617 | | | $ | 3,601 | | | $ | 1,012 | | | $ | 7,230 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Insurance Solutions | | Commercial real estate mortgage loans | | Multi-family mortgage loans | | Corporate loans | | Total loans | | Balance, December 31, 2024 | | $ | 2,615 | | | $ | 3,360 | | | $ | 1,078 | | | $ | 7,053 | | | Charge-offs | | — | | | — | | | — | | | — | | | Recoveries | | — | | | — | | | — | | | — | | | Provision for credit losses | | 2 | | | 241 | | | (66) | | | 177 | | | Balance, June 30, 2025 | | $ | 2,617 | | | $ | 3,601 | | | $ | 1,012 | | | $ | 7,230 | |
The following tables present an analysis of past-due loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Asset Management | | Loans 30-59 days past due | | Loans 60-89 days past due | | Loans 90 days or more past due | | Nonaccrual loans | | Current loans | | Total loans | | Corporate loans | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,586 | | | $ | 13,586 | | | Total corporate loans | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,586 | | | $ | 13,586 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Insurance Solutions | | Loans 30-59 days past due | | Loans 60-89 days past due | | Loans 90 days or more past due | | Nonaccrual loans | | Current loans | | Total loans | | Commercial real estate mortgage loans | | $ | — | | | $ | — | | | $ | — | | | $ | 10,475 | | | $ | 65,388 | | | $ | 75,863 | | | Multi-family mortgage loans | | — | | | — | | | — | | | 20,170 | | | 93,155 | | | 113,325 | | | Other invested assets - corporate loans | | — | | | — | | | — | | | — | | | 17,782 | | | 17,782 | | | Total mortgage and other invested assets - corporate loans | | $ | — | | | $ | — | | | $ | — | | | $ | 30,645 | | | $ | 176,325 | | | $ | 206,970 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Asset Management | | Loans 30-59 days past due | | Loans 60-89 days past due | | Loans 90 days or more past due | | Nonaccrual loans | | Current loans | | Total loans | | Corporate loans | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,586 | | | $ | 13,586 | | | Total corporate loans | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,586 | | | $ | 13,586 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Insurance Solutions | | Loans 30-59 days past due | | Loans 60-89 days past due | | Loans 90 days or more past due | | Nonaccrual loans | | Current loans | | Total loans | | Commercial real estate mortgage loans | | $ | — | | | $ | — | | | $ | — | | | $ | 20,642 | | | $ | 44,428 | | | $ | 65,070 | | | Multi-family mortgage loans | | — | | | — | | | — | | | 41,063 | | | 66,469 | | | 107,532 | | | Other invested assets - corporate loans | | — | | | — | | | — | | | — | | | 18,043 | | | 18,043 | | | Total mortgage and other invested assets - corporate loans | | $ | — | | | $ | — | | | $ | — | | | $ | 61,705 | | | $ | 128,940 | | | $ | 190,645 | |
The Company designates individually evaluated loans on nonaccrual status as collateral-dependent loans, as well as other loans that management of the Company designates as having higher risk. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the allowance for credit losses. The following represents total nonaccrual loans: | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Insurance Solutions | | Nonaccrual loans with no allowance | | Nonaccrual loans with an allowance | | Total nonaccrual loans | | Commercial real estate mortgage loans | | $ | — | | | $ | 10,475 | | | $ | 10,475 | | | Multi-family mortgage loans | | — | | | 20,170 | | | 20,170 | | | | | | | | | | Total loans | | $ | — | | | $ | 30,645 | | | $ | 30,645 | | | | | | | | | | | December 31, 2025 | | Insurance Solutions | | Nonaccrual loans with no allowance | | Nonaccrual loans with an allowance | | Total nonaccrual loans | | Commercial real estate mortgage loans | | $ | 3,447 | | | $ | 17,195 | | | $ | 20,642 | | | Multi-family mortgage loans | | — | | | 41,063 | | | 41,063 | | | | | | | | | | Total loans | | $ | 3,447 | | | $ | 58,258 | | | $ | 61,705 | |
There were no accrued interest receivables written off for the three and six months ended June 30, 2026 and 2025. The following table represents the portfolio of mortgage and corporate loans by origination year as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Performance status as of June 30, 2026 | | 2026 | | 2025 | | 2024 | | 2023 | | 2022 | | Prior | | Total | | Asset Management | | | | | | | | | | | | | | | | Corporate loans | | | | | | | | | | | | | | | | Level 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,586 | | | $ | 13,586 | | | Level 2 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 3 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 4 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 5 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total corporate loans | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,586 | | | $ | 13,586 | | | | | | | | | | | | | | | | | | Insurance Solutions | | | | | | | | | | | | | | | | Commercial real estate loans | | | | | | | | | | | | | | | | Level 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Level 2 | | 5,461 | | | 7,354 | | | 9,760 | | | 17,510 | | | 21,844 | | | 3,460 | | | 65,389 | | | Level 3 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 4 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 5 | | — | | | — | | | — | | | — | | | 1,914 | | | 8,560 | | | 10,474 | | | Total commercial real estate loans | | 5,461 | | | 7,354 | | | 9,760 | | | 17,510 | | | 23,758 | | | 12,020 | | | 75,863 | | | Multi-family loans | | | | | | | | | | | | | | | | Level 1 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 2 | | 28,882 | | | 28,424 | | | 27,644 | | | 4,100 | | | — | | | — | | | 89,050 | | | Level 3 | | — | | | 4,105 | | | — | | | — | | | — | | | — | | | 4,105 | | | Level 4 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 5 | | — | | | — | | | — | | | — | | | — | | | 20,170 | | | 20,170 | | | Total multi-family loans | | 28,882 | | | 32,529 | | | 27,644 | | | 4,100 | | | — | | | 20,170 | | | 113,325 | | | Other invested assets - corporate loans | | | | | | | | | | | | | | | | Level 1 | | 95 | | | 199 | | | 43 | | | 533 | | | 66 | | | 15,295 | | | 16,231 | | | Level 2 | | 1,551 | | | — | | | — | | | — | | | — | | | — | | | 1,551 | | | Level 3 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 4 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 5 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total other invested assets - corporate loans | | 1,646 | | | 199 | | | 43 | | | 533 | | | 66 | | | 15,295 | | | 17,782 | | | Total mortgage and corporate loans | | $ | 35,989 | | | $ | 40,082 | | | $ | 37,447 | | | $ | 22,143 | | | $ | 23,824 | | | $ | 47,485 | | | $ | 206,970 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Performance status as of December 31, 2025 | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Total | | Asset Management | | | | | | | | | | | | | | | | Corporate loans | | | | | | | | | | | | | | | | Level 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,586 | | | $ | 13,586 | | | Level 2 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 3 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 4 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 5 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total corporate loans | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,586 | | | $ | 13,586 | | | | | | | | | | | | | | | | | | Insurance Solutions | | | | | | | | | | | | | | | | Commercial real estate loans | | | | | | | | | | | | | | | | Level 1 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Level 2 | | 7,354 | | | 5,220 | | | 17,554 | | | 10,840 | | | 3,460 | | | — | | | 44,428 | | | Level 3 | | — | | | — | | | — | | | — | | | 4,482 | | | — | | | 4,482 | | | Level 4 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 5 | | — | | | — | | | — | | | 1,914 | | | 10,799 | | | 3,447 | | | 16,160 | | | Total commercial real estate loans | | 7,354 | | | 5,220 | | | 17,554 | | | 12,754 | | | 18,741 | | | 3,447 | | | 65,070 | | | Multi-family loans | | | | | | | | | | | | | | | | Level 1 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 2 | | 21,586 | | | 33,614 | | | 7,631 | | | — | | | — | | | — | | | 62,831 | | | Level 3 | | 3,638 | | | — | | | — | | | — | | | — | | | — | | | 3,638 | | | Level 4 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 5 | | — | | | — | | | — | | | 9,487 | | | 19,107 | | | 12,469 | | | 41,063 | | | Total multi-family loans | | 25,224 | | | 33,614 | | | 7,631 | | | 9,487 | | | 19,107 | | | 12,469 | | | 107,532 | | | Other invested assets - corporate loans | | | | | | | | | | | | | | | | Level 1 | | 223 | | | 48 | | | 596 | | | 74 | | | 17,102 | | | — | | | 18,043 | | | Level 2 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 3 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 4 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Level 5 | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total other invested assets - corporate loans | | 223 | | | 48 | | | 596 | | | 74 | | | 17,102 | | | — | | | 18,043 | | | Total mortgage and corporate loans | | $ | 32,801 | | | $ | 38,882 | | | $ | 25,781 | | | $ | 22,315 | | | $ | 54,950 | | | $ | 15,916 | | | $ | 190,645 | |
The following represents the carrying value of collateral-dependent loans of the Company as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Commercial real estate mortgage loans | | $ | 4,079 | | | $ | 14,246 | | | Multi-family mortgage loans | | 19,060 | | | 36,894 | | | Total Loans | | $ | 23,139 | | | $ | 51,140 | |
The Company maintains a separate reserve for credit losses on off-balance sheet credit exposures, including unfunded loan commitments, which is included under the line item entitled “Accrued expenses and other liabilities” on the Condensed Consolidated Statements of Financial Position. The reserve for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit losses in the income statement. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, utilizing the same models and approaches for the Company's other loan portfolio segments described above, as these unfunded commitments share similar risk characteristics as its loan portfolio segments. The unfunded off-balance sheet credit line commitments for corporate loans accounted for as held for investments (“HFI”) was $1.4 million for Asset Management and $5.7 million for Insurance Solutions as of June 30, 2026 (December 31, 2025: $1.4 million and $4.3 million, for Asset Management and Insurance Solutions, respectively). The liability for credit losses on off-balance sheet credit exposures for these loans included in Accrued expenses and other liabilities was less than $0.1 million for both Asset Management and Insurance Solutions as of both June 30, 2026 and December 31, 2025. Refer to Note 24. Commitments and contingencies for additional information of the Company’s investment commitments.
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