v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Asset Management        
Equity investment earning     $ 515 $ 324
Insurance Solutions        
Net premiums $ (4,474) $ (4,238) (8,718) (8,251)
Total revenues 8,747 17,130 19,394 32,180
Insurance Solutions        
Amortization of deferred acquisition costs     1,411 1,460
Total expenses 12,735 19,246 29,147 42,411
Investment and other income (loss) - Asset Management        
Loss on extinguishment of debt 0 0 (472) 0
Income (loss) before taxes (4,177) (943) (10,147) (7,612)
Net income (loss) $ (4,177) $ (934) $ (10,147) $ (7,639)
Earnings per share        
Net income (loss) attributable to common shareholders - Basic (in dollars per share) $ (0.37) $ (0.14) $ (0.88) $ (1.14)
Net income (loss) attributable to common shareholders - Diluted (in dollars per share) $ (0.37) $ (0.14) $ (0.88) $ (1.14)
Weighted average shares outstanding – Basic (in shares) 11,188,768 6,789,843 11,490,663 6,683,097
Weighted average shares outstanding – Diluted (in shares) 11,188,768 6,789,843 11,490,663 6,683,097
Consolidated Entity, Excluding Consolidated VIE        
Insurance Solutions        
Net investment income $ 15,269 $ 16,678 $ 31,945 $ 31,629
Net realized and change in unrealized gains (losses) from investment activities 484 3,838 (4,530) 5,310
Variable Interest Entity, Primary Beneficiary        
Insurance Solutions        
Net investment income and realized gain (loss), net 1,997 3,549 1,864 7,182
Management fees        
Asset Management        
Fee revenue 1,691 2,809 3,330 6,049
Incentive fees        
Asset Management        
Fee revenue 419 478 813 777
Advisory and transaction fees, net        
Asset Management        
Fee revenue 0 0 66 0
Asset Management        
Asset Management        
Equity investment earning 153 42 515 324
Insurance Solutions        
Net realized and change in unrealized gains (losses) from investment activities (967) 867 (1,318) 1,708
Total revenues 2,263 3,329 4,724 7,150
Asset Management        
Administration and servicing fees 3,305 1,812 6,944 3,049
Transaction costs (48) 2,753 34 7,298
Compensation and benefits 215 1,836 426 4,216
Amortization and impairment of intangible assets 674 1,889 1,118 2,799
Interest and other credit facility expenses 2,172 1,960 4,177 3,906
General, administrative and other 1,865 1,258 4,873 2,981
Insurance Solutions        
Compensation and benefits 215 1,836 426 4,216
General, administrative and other 1,865 1,258 4,873 2,981
Total expenses 8,183 11,508 17,572 24,249
Investment and other income (loss) - Asset Management        
Net realized and change in unrealized gains (losses) from investment activities (967) 867 (1,318) 1,708
Dividend income 5 29 65 67
Interest income 301 271 685 539
Other income (loss), net 472 6 646 305
Total investment and other income (loss) (189) 1,173 (394) 2,619
Income (loss) before taxes (4,177) (943) (10,147) (7,612)
Income tax (expense) benefit — Asset Management 0 9 0 (27)
Asset Management | Management fees        
Asset Management        
Fee revenue 1,691 2,809 3,330 6,049
Asset Management | Incentive fees        
Asset Management        
Fee revenue 419 478 813 777
Asset Management | Advisory and transaction fees, net        
Asset Management        
Fee revenue 0 0 66 0
Insurance Solutions        
Insurance Solutions        
Net premiums (4,474) (4,238) (8,718) (8,251)
Product charges 168 722 286 1,582
Net investment income 18,476 20,514 38,696 39,363
Net investment income (loss) on funds withheld (6,935) (6,826) (6,321) (12,576)
Other income (25) 78 144 154
Total revenues 6,484 13,801 14,670 25,030
Asset Management        
Compensation and benefits 0 223 0 467
General, administrative and other 3,633 3,270 7,894 6,956
Insurance Solutions        
Net policy benefit and claims (remeasurement gain on policy liabilities of $6,064 and $10,523 and $2,945 and $3,025 for the three and six months ended June 30, 2026 and 2025, respectively) (4,281) (1,064) (6,916) 729
Interest sensitive contract benefits 4,179 3,997 8,468 7,815
Amortization of deferred acquisition costs 703 905 1,411 1,460
Compensation and benefits 0 223 0 467
Interest expense 318 407 718 735
General, administrative and other 3,633 3,270 7,894 6,956
Total expenses 4,552 7,738 11,575 18,162
Investment and other income (loss) - Asset Management        
Other income (loss), net (25) 78 144 154
Insurance Solutions | Consolidated Entity, Excluding Consolidated VIE        
Insurance Solutions        
Net investment income 15,269 16,678 31,945 31,629
Net realized and change in unrealized gains (losses) from investment activities 484 3,838 (4,530) 5,310
Insurance Solutions | Variable Interest Entity, Primary Beneficiary        
Insurance Solutions        
Net investment income 3,207 3,836 6,751 7,734
Net realized and change in unrealized gains (losses) from investment activities (1,210) (287) (4,887) (552)
Net investment income and realized gain (loss), net $ 1,997 $ 3,549 $ 1,864 $ 7,182