v3.26.1
Variable interest entities
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable interest entities
Note 8. Variable interest entities
Consolidated variable interest entities (“VIEs”) include collateralized loan obligations (“CLOs”) managed by the Company. The assets of consolidated VIEs are not available to creditors of the Company, and the investors in these consolidated VIEs have no recourse against the assets of the Company.
Revenues of consolidated VIEs - Insurance Solutions
The following summarizes the Condensed Consolidated Statements of Operations activity of the consolidated VIEs:
For the three months ended June 30,20262025
Investment income$3,618 $4,075 
Investment expense(411)(239)
Net investment income3,207 3,836 
Unrealized gain/(loss) on investments(1,269)(464)
Realized gain/(loss) on investments59 177 
Net realized and change in unrealized gains (losses) from investment activities(1,210)(287)
Net revenues of consolidated variable interest entities$1,997 $3,549 

For the six months ended June 30,20262025
Investment income$7,365 $8,109 
Investment expense(614)(375)
Net investment income6,751 7,734 
Unrealized gain/(loss) on investments(4,240)(789)
Realized gain/(loss) on investments(647)237 
Net realized and change in unrealized gains (losses) from investment activities(4,887)(552)
Net revenues of consolidated variable interest entities$1,864 $7,182 
Unconsolidated VIEs
The Company holds variable interests in certain VIEs for which it is not the primary beneficiary. The Company’s variable interests include equity interests, loans, and beneficial interests in CLOs and other entities, which are recorded within “Investments” in the Condensed Consolidated Statements of Financial Position. The following table presents the Company’s maximum exposure to losses relating to these VIEs for which the Company has a variable interest, but is not the primary beneficiary. The Company has exposure beyond the carrying value of its variable interests due to unfunded commitments on loans.
June 30, 2026December 31, 2025
Carrying amountMaximum exposure to lossCarrying amountMaximum Exposure to Loss
Asset Management
Variable interests in related parties$27,258 $28,672 $28,209 $29,622 
Total Asset Management$27,258 $28,672 $28,209 $29,622 
Insurance Solutions
Variable interests$15,419 $15,419 $17,097 $17,097 
Variable interests in related parties13,697 13,697 15,355 15,355 
Total Insurance Solutions$29,116 $29,116 $32,452 $32,452 
Total$56,374 $57,788 $60,661 $62,074