v3.26.1
Fair value measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair value measurements
Note 9. Fair value measurements
The following tables summarize the valuation of assets and liabilities measured at fair value by fair value hierarchy. Investments classified as Equity Method for which the Fair Value Option (“FVO”) has not been elected have been excluded from the table below.
Fair Value Measurements
June 30, 2026Level 1Level 2Level 3NAVTotal
Financial assets
Asset Management
Equity securities$620 $— $6,237 $— $6,857 
Derivatives— — — — — 
Other invested assets— — 71 — 71 
Total financial assets — Asset Management620 — 6,308 — 6,928 
Insurance Solutions
Debt securities:
U.S. government and agency— 9,833 — — 9,833 
U.S. state, territories and municipalities— 5,200 — — 5,200 
Other government and agency— 2,507 — — 2,507 
Corporate— 261,120 10,001 — 271,121 
Asset and mortgage-backed securities— 279,270 40,373 — 319,643 
Corporate loans— 17,639 108,536 — 126,175 
Equity securities138 2,226 301 1,800 4,465 
Other invested assets— 9,995 4,749 275 15,019 
Total financial assets — Insurance Solutions138 587,790 163,960 2,075 753,963 
Corporate loans of consolidated VIEs— — 129,606 — 129,606 
Equity of consolidated VIEs— — 1,116 — 1,116 
Total financial assets including consolidated VIEs138 587,790 294,682 2,075 884,685 
Derivatives— — — — — 
Total financial assets$758 $587,790 $300,990 $2,075 $891,613 
Financial liabilities
Insurance Solutions
Ceded reinsurance - embedded derivative— 31,949 — — 31,949 
Interest rate swaps— 3,477 — — 3,477 
Total financial liabilities — Insurance Solutions— 35,426 — — 35,426 
Total financial liabilities$— $35,426 $— $— $35,426 
Fair Value Measurements
December 31, 2025Level 1Level 2Level 3NAVTotal
Financial assets
Asset Management
Equity securities$3,834 $91 $6,484 $— $10,409 
Derivatives— — 13 — 13 
Other invested assets— — 72 — 72 
Total financial assets — Asset Management3,834 91 6,569 — 10,494 
Insurance Solutions
Debt securities:
U.S. government and agency— 10,348 — — 10,348 
U.S. state, territories and municipalities— 5,354 — — 5,354 
Other government and agency— 2,475 — — 2,475 
Corporate— 261,039 10,149 — 271,188 
Asset and mortgage-backed securities— 323,246 19,427 — 342,673 
Corporate loans— 7,499 116,568 — 124,067 
Equity securities7,644 2,246 3,240 1,923 15,053 
Other invested assets— 51 5,637 299 5,987 
Total financial assets — Insurance Solutions7,644 612,258 155,021 2,222 777,145 
Corporate loans of consolidated VIEs— — 119,731 — 119,731 
Equity securities of consolidated VIEs— — 949 — 949 
Total financial assets including consolidated VIEs7,644 612,258 275,701 2,222 897,825 
Derivatives— 481 — — 481 
Total financial assets$11,478 $612,830 $282,270 $2,222 $908,800 
Financial liabilities
Insurance Solutions
Ceded reinsurance - embedded derivative— 29,650 — — 29,650 
Interest rate swaps— 1,388 — — 1,388 
Total financial liabilities — Insurance Solutions— 31,038 — — 31,038 
Total financial liabilities$— $31,038 $— $— $31,038 
The availability of observable inputs can vary depending on the financial asset and is affected by a wide variety of factors, including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires additional judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. The variability and availability of the observable inputs affected by the factors described above may cause transfers between Levels 1, 2, and 3, as discussed further below.

Transfers between level 1 and level 2
The Company records transfers of assets between Level 1 and Level 2 at their fair values at the end of each reporting period. Assets are transferred out of Level 1 when they are no longer transacted with sufficient frequency and volume in an active market. Conversely, assets are transferred from Level 2 to Level 1 when transaction volume and frequency are indicative of an active market. During the three and six months ended June 30, 2026 and June 30, 2025, there were no assets transferred between Level 1 and Level 2.

Transfers between level 1 or 2 and level 3
The Company records transfers of assets between Level 1 or 2 and Level 3 at the end of each reporting period. Assets are transferred into Level 3 when there is a lack of observable valuation inputs.

Conversely, assets are transferred out of Level 3 when valuation inputs become observable. Whether the assets are transferred into Level 1 or 2 will depend on whether the prices are unadjusted and quoted in an active market.
The following tables summarize changes in the Company’s investment portfolio measured and reporting at fair value for which Level 3 inputs were used in determining fair value:
Net Change in Unrealized Appreciation (Depreciation)
Change in unrealized gains (losses) included in income on Level 3 assets and liabilities still heldChange in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
PurchasesSales and repaymentsNet realized gain (loss)Included in incomeIncluded in OCI
Transfer in ¹
Transfer out ¹
Three months ended June 30, 2026Beginning BalanceEnding Balance
Financial assets
Asset Management
Equity securities$6,640 $— $— $— $(403)$— $— $— $6,237 $(403)$— 
Other invested assets71 — — — — — — — 71 — — 
Total assets — Asset Management6,711 — — — (403)— — — 6,308 (403)— 
Insurance Solutions
Debt securities:
Corporate15,208 — — — — (207)— (5,000)10,001 — (207)
Asset and mortgage-backed securities41,281 19 (2,826)15 95 1,789 — — 40,373 — 1,789 
Corporate loans121,958 653 (14,015)— (60)— — — 108,536 (78)— 
Equity securities3,319 — (3,001)— (17)— — — 301 (17)— 
Other invested assets5,143 7 (5)— (138)(258)— — 4,749 (139)(258)
Total assets — Insurance Solutions186,909 679 (19,847)15 (120)1,324 — (5,000)163,960 (234)1,324 
Corporate loans of consolidated VIEs129,171 16,173 (14,828)59 (969)— — — 129,606 (1,208)— 
Equity securities of consolidated VIEs1,139 38 — — (61)— — — 1,116 (61)— 
Total financial assets including consolidated VIEs - Insurance Solutions317,219 16,890 (34,675)74 (1,150)1,324 — (5,000)294,682 (1,503)1,324 
Total financial assets$323,930 $16,890 $(34,675)$74 $(1,553)$1,324 $— $(5,000)$300,990 $(1,906)$1,324 
Net Change in Unrealized Appreciation (Depreciation)
Change in unrealized gains (losses) included in income on Level 3 assets and liabilities still heldChange in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
PurchasesSales and repaymentsNet realized gain (loss)Included in incomeIncluded in OCI
Transfer in ¹
Transfer out ¹
Six months ended June 30, 2026Beginning BalanceEnding Balance
Financial assets
Asset Management
Equity securities$6,484 $— $— $— $(247)$— $— $— $6,237 $(247)$— 
Derivatives13 — (14)3 (2)— — — — — — 
Other invested assets 72 — — — (1)— — — 71 (1)— 
Total assets — Asset Management6,569 — (14)3 (250)— — — 6,308 (248)— 
Insurance Solutions
Debt securities:
Corporate10,149 — — — — (148)5,000 (5,000)10,001 — (148)
Asset and mortgage-backed securities19,427 19 (3,038)15 91 3,587 20,272 — 40,373 — 3,587 
Corporate loans116,568 1,442 (16,540)— (434)— 7,500 — 108,536 (478)— 
Equity securities3,240 — (3,001)— 62 — — — 301 62 — 
Other invested assets 5,637 45 (6)— (145)(834)52 — 4,749 (144)(834)
Total assets — Insurance Solutions155,021 1,506 (22,585)15 (426)2,605 32,824 (5,000)163,960 (560)2,605 
Corporate loans of consolidated VIEs119,731 51,049 (37,107)(647)(3,420)— — — 129,606 (3,877)— 
Equity securities of consolidated VIEs949 530 — — (363)— — — 1,116 (363)— 
Total financial assets including consolidated VIEs - Insurance Solutions275,701 53,085 (59,692)(632)(4,209)2,605 32,824 (5,000)294,682 (4,800)2,605 
Total financial assets$282,270 $53,085 $(59,706)$(629)$(4,459)$2,605 $32,824 $(5,000)$300,990 $(5,048)$2,605 
_______________
(1)Transfers into Level 3 are due to decrease in the quantity and reliability of broker quotes obtained. Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained. Transfers are assumed to have occurred at the end of the period.
Net Change in Unrealized Appreciation (Depreciation)
Change in unrealized gains (losses) included in income on Level 3 assets and liabilities still heldChange in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
PurchasesSales and repaymentsNet realized gain (loss)Included in incomeIncluded in OCI
Transfer in ¹
Transfer out ¹
Change in consolidation
Three months ended June 30, 2025Beginning BalanceEnding Balance
Financial assets
Asset Management
Equity securities$5,372 $— $(19)$— $496 $— $— $— $— $5,849 $460 $— 
Total assets — Asset Management5,372 — (19)— 496 — — — — 5,849 460 — 
Insurance Solutions
Debt securities:
Corporate5,039 — — — — 28 — — — 5,067 — 28 
Asset and mortgage-backed securities15,323 — (302)— — 92 — — — 15,113 — 92 
Corporate loans117,525 14,291 (3,729)— 653 1 6,000 — — 134,741 647 — 
Equity securities2,931 — — — 69 — — — — 3,000 69 — 
Other invested assets4,006 — (4,433)(745)4,633 (299)— — — 3,162 475 (299)
Total assets — Insurance Solutions144,824 14,291 (8,464)(745)5,355 (178)6,000 — — 161,083 1,191 (179)
Corporate loans of consolidated VIEs132,252 16,080 (19,516)177 (187)— — — — 128,806 (569)— 
Equity securities of consolidated VIEs141 — — — 106 — — — — 247 106 — 
Total financial assets including consolidated VIEs - Insurance Solutions277,217 30,371 (27,980)(568)5,274 (178)6,000 — — 290,136 728 (179)
Total financial assets$282,589 $30,371 $(27,999)$(568)$5,770 $(178)$6,000 $— $— $295,985 $1,188 $(179)
Financial liabilities
Asset Management
Debt obligations503 — — — (371)— — — — 132 371 — 
Total liabilities — Asset Management503 — — — (371)— — — — 132 371 — 
Total financial liabilities — Asset Management$503 $— $— $— $(371)$— $— $— $— $132 $371 $— 
Net Change in Unrealized Appreciation (Depreciation)
Change in unrealized gains (losses) included in income on Level 3 assets and liabilities still heldChange in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
PurchasesSales and repaymentsNet realized gain (loss)Included in incomeIncluded in OCI
Transfer in ¹
Transfer out ¹
Change in consolidation
Six months ended June 30, 2025Beginning BalanceEnding Balance
Financial assets
Asset Management
Equity securities$499 $5,000 $(19)$— $369 $— $— $— $— $5,849 $344 $— 
Total assets — Asset Management499 5,000 (19)— 369 — — — — 5,849 344 — 
Insurance Solutions
Debt securities:
Corporate— — — — — 67 5,000 — — — 5,067 — 67 
Asset and mortgage-backed securities8,641 — (530)— (1)150 6,853 — — 15,113 — 150 
Corporate loans114,734 17,142 (4,574)— 1,439 — 6,000 — — 134,741 1,429 — 
Equity securities2,918 — — — 82 — — — — 3,000 82 — 
Other invested assets 4,575 — (4,433)(745)4,260 (495)— — — 3,162 84 (495)
Total assets — Insurance Solutions130,868 17,142 (9,537)(745)5,780 (278)17,853 — — 161,083 1,595 (278)
Corporate loans of consolidated VIEs125,757 33,952 (30,933)237 (207)— — — — 128,806 (895)— 
Equity securities of consolidated VIEs141 — — — 106 — — — — 247 106 — 
Total financial assets including consolidated VIEs - Insurance Solutions256,766 51,094 (40,470)(508)5,679 (278)17,853 — — 290,136 806 (278)
Total financial assets$257,265 $56,094 $(40,489)$(508)$6,048 $(278)$17,853 $— $— $295,985 $1,150 $(278)
Financial liabilities
Asset Management
Debt obligations$1,471 $— $— $— $(1,339)$— $— $— $— $132 $1,339 $— 
Total financial liabilities — Asset Management$1,471 $— $— $— $(1,339)$— $— $— $— $132 $1,339 $— 
_______________
(1)Transfers into Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained. Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained. Transfers are assumed to have occurred at the end of the period.
The valuation techniques and significant unobservable inputs used in Level 3 valuations were as follows:
Quantitative Information about Level 3 Fair Value Measurements
June 30, 2026Fair valueValuation
technique/
methodology		Unobservable
input		Range
(weighted
average)
Financial assets
Asset management
Equity securities$6,162 Equity valueMultiple
8.5x - 10.5x (9.5x)
Equity securities75 Market approachPrivately quoted priceNA
Other invested assets 71 Probability-Weighted Expected Return MethodIndependent probabilities
5.0% - 5.0% (5.0%)
Probability-Weighted Expected Return MethodDependent probabilities
2.4% - 3.7% (3.1%)
Probability-Weighted Expected Return MethodYears to exit
2.5 - 4.5 (3.5)
Total — Asset Management$6,308 
Insurance
Debt securities¹:
Asset and mortgage-backed securities$40,373 Discounted cash flowDiscount rate
5.4% - 9.3% (8.5%)
Corporate10,001 Discounted cash flowDiscount rate
6.5% - 8.1% (7.3%)
Corporate loans108,536 Discounted cash flowDiscount rate
(0.4)% - 15.7% (8.7%)
Equity securities30 Recent transactionTransaction priceNA
Equity securities271 Enterprise valueMultiple
0.1x - 0.1x (0.1x)
Other invested assets 4,749 Discounted cash flowDiscount rate
14.2% - 19.2% (13.5%)
Total — Insurance Solutions$163,960 
Equity securities of consolidated VIEs$1,116 Enterprise valueMultiple
3.4x - 10.1x (8.0x)
Corporate loans of consolidated VIEs25,221 Recent transactionTransaction priceNA
Corporate loans of consolidated VIEs104,385 Discounted cash flowDiscount rate
5.1% - 23.9% (10.3%)
Total assets of consolidated VIEs - Insurance Solutions$130,722 
Total financial assets including consolidated VIEs - Insurance Solutions$294,682 
Total financial assets$300,990 
_______________
(1)For debt securities where the recent transaction price does not estimate fair value, the Company determines the fair value utilizing a yield analysis.
Quantitative Information about Level 3 Fair Value Measurements
December 31, 2025Fair valueValuation
technique/
methodology		Unobservable
input		Range
(weighted
average)
Financial assets
Asset Management
Equity securities$6,409 Enterprise valueMultiple
12.5x - 13.5x (13.0x)
Equity securities75 Market approachPrivately quoted priceNA
Equity securities13 Option pricing modelVolatility
116.2% - 126.2% (121.2%)
Option pricing modelYears to exercise
0.1 - 0.3 (0.2)
Other invested assets 72 Probability-Weighted Expected Return MethodIndependent probabilities
5.0% - 5.0% (5.0%)
Probability-Weighted Expected Return MethodDependent probabilities
2.4% - 3.7% (3.1%)
Probability-Weighted Expected Return MethodYears to cash flows
2.5 - 4.5 (3.5)
Total — Asset Management$6,569 
Insurance Solutions
Debt securities¹:
Asset and mortgage-backed securities19,427 Discounted cash flowDiscount rate
6.3% - 8.5% (7.6%)
Corporate10,149 Discounted cash flowDiscount rate
7.4% - 8.9% (8.1%)
Corporate loans116,568 Discounted cash flowDiscount rate
—% - 15.7% (8.2%)
Equity securities30 Recent transactionTransaction priceNA
Equity securities210 Enterprise valueMultiple
0.6x - 0.6x (0.6x)
Equity securities3,000 Discounted cash flowDiscount rate
5.6% - 5.6% (5.6%)
Other invested assets 5,637 Discounted cash flowDiscount rate
9.6% - 19.7% (16.9%)
Total — Insurance Solutions155,021 
Equity securities of consolidated VIEs949 Enterprise valueMultiple
10.0x - 16.0x (13.0x)
Corporate loans of consolidated VIEs30,123 Recent transactionTransaction priceNA
Corporate loans of consolidated VIEs89,608 Discounted cash flowDiscount rate
5.3% - 14.8% ( 9.6%)
Total assets of consolidated VIEs - Insurance Solutions$120,680 
Total financial assets including consolidated VIEs - Insurance Solutions275,701 
Total financial assets$282,270 
_______________
(1)For debt securities where the recent transaction price does not estimate fair value, the Company determines the fair value utilizing a yield analysis.
The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of the Company’s investment within each portfolio company’s capital structure.

Significant unobservable inputs include an illiquidity spread as well as a credit spread, both of which increase the discount rate. These rates are initially set at a level such that the loan valuation equals the initial purchase cost of the loan and are subsequently adjusted at each valuation date to reflect management’s current assessment of market conditions as well as of loan-specific credit and illiquidity risk. Discount rates are subject to adjustment based on both management’s current assessment of market conditions and the economic performance of individual investments. The significant unobservable inputs used in the fair value measurement of the Company’s Level 3 debt securities primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments.
Financial instruments not carried at fair value
The following tables present carrying amounts and fair values of the Company’s financial assets and liabilities which are not carried at fair value as of June 30, 2026 and December 31, 2025:

Fair Value Hierarchy
June 30, 2026Carrying valueFair valueLevel 1Level 2Level 3
Financial Assets
Asset Management
   Corporate loans$13,291 $11,057 $— $— $11,057 
Total financial assets — Asset Management13,291 11,057 — — 11,057 
Insurance Solutions
Mortgage loans183,676 190,740 — — 190,740 
Other invested assets15,444 15,669 — — 15,669 
Total financial assets — Insurance Solutions199,120 206,409 — — 206,409 
Total financial assets$212,411 $217,466 $— $— $217,466 
Financial Liabilities
Asset Management
Debt obligations$98,059 $98,075 $36,400 $— $61,675 
Total financial liabilities — Asset Management98,059 98,075 36,400 — 61,675 
Insurance Solutions
Debt obligations12,000 12,030 — — 12,030 
Interest sensitive contract liabilities357,062 357,062 — 357,062 — 
Total financial liabilities —Insurance Solutions369,062 369,092 — 357,062 12,030 
Total financial liabilities$467,121 $467,167 $36,400 $357,062 $73,705 
December 31, 2025Carrying valueFair valueLevel 1Level 2Level 3
Financial Assets
Asset Management
   Corporate loans$13,287 $11,151 $— $— $11,151 
Total financial assets — Asset Management13,287 11,151 — — 11,151 
Insurance Solutions
Mortgage loans162,566 172,602 — — 172,602 
Other invested assets17,097 17,488 — — 17,488 
Total financial assets — Insurance Solutions179,663 190,090 — — 190,090 
Total financial assets$192,950 $201,241 $— $— $201,241 
Financial Liabilities
Asset Management
Debt obligations$76,250 $72,880 $— $— $72,880 
Total financial liabilities — Asset Management76,250 72,880 — — 72,880 
Insurance Solutions
Debt obligations17,250 17,447 — — 17,447 
Interest sensitive contract liabilities363,981 363,981 — 363,981 — 
Total financial liabilities —Insurance Solutions381,231 381,428 — 363,981 17,447 
Total financial liabilities$457,481 $454,308 $— $363,981 $90,327 
Fair value option
The following table presents the net realized and unrealized gains (losses) on financial instruments for which the FVO was elected:

For the three months ended June 30,20262025
Net realized gains (losses)Net unrealized gains (losses)TotalNet realized gains (losses)Net unrealized gains (losses)Total
Asset Management
Debt obligation$— $— $— $— $371 $371 
Net realized and change in unrealized gains (losses) from investment activities — Asset Management— — — — 371 371 
Insurance Solutions
Debt securities:
U.S. state, territories and municipalities— (2)(2)— 5 5 
Other government and agency— 65 65 — (1)(1)
Corporate(4)1,991 1,987 (1,059)1,049 (10)
Asset and mortgage- backed securities(6)1,042 1,036 (149)(299)(448)
Corporate loans5 (598)(593)(2)637 635 
Other invested assets— (2)(2)(755)4,607 3,852 
Net realized and change in unrealized gains (losses) from investment activities — Insurance Solutions(5)2,496 2,491 (1,965)5,998 4,033 
Investments of consolidated VIEs59 (1,269)(1,210)177 (464)(287)
Net realized and change in unrealized gains (losses) from investment activities — Insurance Solutions including consolidated VIEs$54 $1,227 $1,281 $(1,788)$5,534 $3,746 
For the six months ended June 30,20262025
Net realized gains (losses)Net unrealized gains (losses)TotalNet realized gains (losses)Net unrealized gains (losses)Total
Asset Management
Debt obligation$— $— $— $— $1,339 $1,339 
Net realized and change in unrealized gains (losses) from investment activities — Asset Management— — — — 1,339 1,339 
Insurance Solutions
Debt securities:
    U.S. state, territories and municipalities— (17)(17)— 62 62 
    Other government and agency— 37 37 — (2)(2)
    Corporate(4)(413)(417)(1,109)2,235 1,126 
    Asset and mortgage- backed securities(15)(1,137)(1,152)(295)(184)(479)
Corporate loans 5 (998)(993)— 1,426 1,426 
Other invested assets — 32 32 (755)4,217 3,462 
Net realized and change in unrealized gains (losses) from investment activities — Insurance Solutions(14)(2,496)(2,510)(2,159)7,754 5,595 
Investments of consolidated VIEs(647)(4,240)(4,887)237 (789)(552)
Net realized and change in unrealized gains (losses) from investment activities — Insurance Solutions including consolidated VIEs$(661)$(6,736)$(7,397)$(1,922)$6,965 $5,043 

The following table presents information for loans which the Company elected the FVO.
June 30, 2026Unpaid Principal BalanceMark to Fair ValueFair Value
Insurance Solutions
Corporate loans $128,346 $(2,171)$126,175 
Other invested assets 1,289 (144)1,145 
Insurance Solutions129,635 (2,315)127,320 
Corporate loans of consolidated VIEs141,176 (11,570)129,606 
Insurance Solutions including consolidated VIEs$270,811 $(13,885)$256,926 
December 31, 2025Unpaid Principal BalanceMark to Fair ValueFair Value
Insurance Solutions
Corporate loans $125,422 $(1,355)$124,067 
Other invested assets 1,289 (179)1,110 
Insurance Solutions126,711 (1,534)125,177 
Corporate loans of consolidated VIEs127,620 (7,889)119,731 
Insurance Solutions including consolidated VIEs$254,331 $(9,423)$244,908 
As of June 30, 2026 and December 31, 2025, there were no loans accounted for at fair value under the FVO which were 90 days or more past-due or in non-accrual status.
The following table presents the estimated amount of gains (losses) included in earnings attributable to changes in instrument-specific credit risk on corporate loans for which the Company elected the FVO.

For the Six months ended June 30,20262025
Insurance Solutions
Corporate loans $18 $1,136 
Other invested assets 34 3,471 
Insurance Solutions52 4,607 
Corporate loans of consolidated VIEs (336)(909)
Insurance Solutions including consolidated VIEs$(284)$3,698 
The portion of gains and losses attributable to changes in instrument-specific credit risk is estimated by identifying loans with changes in credit ratings meeting certain criteria.