v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
Schedule of Investments
The table below summarizes the net realized and change in unrealized gains (losses) from investment activities:
For the three months ended June 30,20262025
Net realized gains (losses)Net unrealized gains (losses)Credit releases (losses)TotalNet realized gains (losses)Net unrealized gains (losses)Credit releases (losses)Total
Asset Management
Equity securities$— $(1,072)$— $(1,072)$22 $474 $— $496 
Other invested assets1
— 105 — 105 — — — — 
Debt obligation— — — — — 371 — 371 
Net realized and change in unrealized gains (losses) from investment activities — Asset Management$— $(967)$— $(967)$22 $845 $— $867 
Insurance Solutions
Debt securities:
U.S. state, territories and municipalities$— $(2)$— $(2)$— $5 $— $5 
Other government and agency— 65 — 65 — (1)— (1)
Corporate(395)1,991 — 1,596 (1,057)1,049 — (8)
Asset and mortgage- backed securities1 1,042 — 1,043 (94)(299)— (393)
Corporate loans5 (598)— (593)(2)637 — 635 
Mortgage loans— — (1,432)(1,432)— — (296)(296)
Equity securities— (79)— (79)— 8 — 8 
Other invested assets— (142)28 (114)(755)4,607 36 3,888 
Net realized and change in unrealized gains (losses) from investment activities — Insurance Solutions$(389)$2,277 $(1,404)$484 $(1,908)$6,006 $(260)$3,838 
Investments of consolidated VIEs59 (1,269)— (1,210)177 (464)— (287)
Net realized and change in unrealized gains (losses) from investment activities — Insurance Solutions including consolidated VIEs$(330)$1,008 $(1,404)$(726)$(1,731)$5,542 $(260)$3,551 
_______________
(1) Includes $0.1 million of unrealized gains on purchase receivables that are presented in other assets on the condensed consolidated statements of financial position. Refer to Note 17. Other assets and Accrued expenses and other liabilities for further detail.
For the six months ended June 30,20262025
Net realized gains (losses)Net unrealized gains (losses)Credit releases (losses)TotalNet realized gains (losses)Net unrealized gains (losses)Credit releases (losses)Total
Asset Management
Corporate loan$— $— $5 $5 $— $— $— $— 
Equity securities367 (1,791)— (1,424)81 288 — 369 
Derivatives— (2)— (2)— — — — 
Other invested assets1
— 103 — 103 — — — — 
Debt obligations— — — — — 1,339 — 1,339 
Net realized and change in unrealized gains (losses) from investment activities — Asset Management$367 $(1,690)$5 $(1,318)$81 $1,627 $— $1,708 
Insurance Solutions
Debt securities:
    U.S. state, territories and municipalities$(5)$(17)$— $(22)$(4)$62 $— $58 
    Other government and agency— 37 — 37 — (2)— (2)
    Corporate(363)(413)— (776)(1,068)2,236 — 1,168 
    Asset and mortgage- backed securities(209)(1,137)— (1,346)(252)(184)— (436)
Corporate loans5 (998)— (993)— 1,426 — 1,426 
Mortgage loans (4,621)— 2,972 (1,649)— — (284)(284)
Equity securities 3,597 (3,384)— 213 (246)98 — (148)
Other invested assets — (153)159 6 (755)4,217 66 3,528 
Net realized and change in unrealized gains (losses) from investment activities — Insurance Solutions$(1,596)$(6,065)$3,131 $(4,530)$(2,325)$7,853 $(218)$5,310 
Investments of consolidated VIEs(647)(4,240)— (4,887)237 (789)— (552)
Net realized and change in unrealized gains (losses) from investment activities — Insurance Solutions including consolidated VIEs$(2,243)$(10,305)$3,131 $(9,417)$(2,088)$7,064 $(218)$4,758 
_______________
(1) Includes $0.1 million of unrealized gains on purchase receivables that are presented in other assets on the condensed consolidated statements of financial position. Refer to Note 17. Other assets and Accrued expenses and other liabilities for further detail.
The following table outlines the carrying value of the Company’s investments:
As ofJune 30, 2026December 31, 2025
Asset Management
Corporate loans$13,291 $13,287 
Equity securities6,857 10,409 
Equity method4,270 5,517 
Derivatives— 13 
Other invested assets71 72 
Total investments - Asset Management$24,489 $29,298 
Insurance Solutions
Debt securities$608,304 $632,038 
Corporate loans126,175 124,067 
Mortgage loans183,676 162,566 
Equity securities4,465 15,053 
Other invested assets30,463 23,084 
Total investments - Insurance Solutions$953,083 $956,808 
Corporate loans of consolidated VIEs129,606 119,731 
Equity securities of consolidated VIEs1,116 949 
Total investments - Insurance Solutions, including consolidated VIEs1,083,805 1,077,488 
Total investments$1,108,294 $1,106,786 
Schedule of 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, 2026Fair valueAmortized costFair value optionTotal
Financial assets
Asset Management
Corporate loans$— $13,291 $— $13,291 
Equity securities6,857——6,857
Other invested assets71 — — 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 municipalities3,313 — 1,887 5,200 
Other government and agency— — 2,507 2,507 
Corporate169,892 — 101,229 271,121 
Asset and mortgage-backed securities205,610 — 114,033 319,643 
Corporate loans— — 126,175 126,175 
Mortgage loans— 183,676 — 183,676 
Equity securities4,465 — — 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 VIEs1,116 — — 1,116 
Total financial assets — Insurance Solutions, including consolidated VIEs408,103 199,120 476,582 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 $29.1 million as of June 30, 2026.
(2)Other invested assets primarily include structured securities and loan receivables.
As of December 31, 2025Fair valueAmortized costFair value optionTotal
Financial assets
Asset Management
Corporate loans$— $13,287 $— $13,287 
Equity securities10,409 — — 10,409 
Derivatives13 — — 13 
Other invested assets72 — — 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 municipalities3,440 — 1,914 5,354 
Other government and agency— — 2,475 2,475 
Corporate166,693 — 104,495 271,188 
Asset and mortgage-backed securities221,524 — 121,149 342,673 
Corporate loans— — 124,067 124,067 
Mortgage loans— 162,566 — 162,566 
Equity securities15,053 — — 15,053 
Other invested assets²4,878 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 VIEs949 — — 949 
Total financial assets — Insurance Solutions, including consolidated VIEs422,885 179,663 474,940 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.
Schedule of Debt Securities, Available-for-Sale
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, 2026Cost or amortized costGross unrealized gainsGross unrealized losses
Fair value1
Insurance Solutions
Debt securities:
U.S. government and agency$10,231 $12 $(410)$9,833 
U.S. state, territories and municipalities4,067 — (754)3,313 
Corporate182,719 1,069 (13,896)169,892 
Asset and mortgage-backed securities206,144 5,546 (6,080)205,610 
Other invested assets5,441 — (2,658)2,783 
Total AFS — Insurance Solutions$408,602 $6,627 $(23,798)$391,431 
As of December 31, 2025Cost or amortized costGross unrealized gainsGross 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 municipalities4,154—(714)3,440
Corporate177,9971,429(12,733)166,693
Asset and mortgage-backed securities222,7663,130(4,372)221,524
Other invested assets5,4391(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 years114,339 113,019 
Due after five years through ten years122,435 117,432 
Due after ten years164,139 153,236 
Total AFS securities$408,602 $391,431 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
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 months12 months or moreTotal
As of June 30, 2026Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized 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)
Corporate67,423 (1,556)45,762 (12,340)113,185 (13,896)
Asset and mortgage-backed securities64,578 (1,323)36,650 (4,757)101,228 (6,080)
Other invested assets50 (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 months12 months or moreTotal
As of December 31, 2025Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized 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)
Corporate36,752(370)48,113(12,362)84,865(12,732)
Asset and mortgage-backed securities23,755(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)
Schedule of Mortgage and Corporate Loans
Mortgage and corporate loans consist of the following:
June 30, 2026December 31, 2025
Asset Management
Corporate loans$13,586 $13,586 
Total corporate loans13,586 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 loans113,325107,532
Other invested assets - corporate loans17,78218,043
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 $179,663 
Schedule of Maturity of Finance Receivables
The maturity distribution for commercial real estate, multi-family mortgage loans and corporate loans were as follows as of June 30, 2026:
Asset ManagementCorporate loans
Remainder of 2026$— 
2027—
2028—
2029—
2030—
2031 and thereafter13,586 
Total$13,586 
Insurance SolutionsCommercial real estate mortgage loansMulti-family mortgage loansOther invested assets - corporate loansTotal loans
Remainder of 2026$26,655 $35,994 $— $62,649 
202744,41738,787—83,204
20284,79138,544—43,335
2029————
2030————
2031 and thereafter——17,78217,782
  Total $75,863 $113,325 $17,782 $206,970 
Schedule of Financing Receivable Credit Quality Indicators
The carrying value by credit risk and loan type were as follows:
Asset Management
Loans – carrying value by credit riskJune 30, 2026December 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 typeJune 30, 2026December 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 riskJune 30, 2026December 31, 2025
Level 1$16,230 7.8%$18,043 9.5%
Level 2155,991 75.4%107,259 56.3%
Level 34,104 2.0%8,120 4.3%
Level 4— —%— —%
Level 530,645 14.8%57,223 30.0%
Total by credit risk$206,970 100%$190,645 100%
Insurance Solutions
Loans – carrying value by loan typeJune 30, 2026December 31, 2025
Commercial real estate mortgage loans$75,863 36.7%$65,070 34.1%
Multi-family mortgage loans113,32554.7%107,53256.4%
Other invested assets - corporate loans17,7828.6%18,0439.5%
Total by loan type$206,970 100%$190,645 100%
The following table represents the portfolio of mortgage and corporate loans by origination year as of June 30, 2026 and December 31, 2025:
Performance status as of June 30, 202620262025202420232022PriorTotal
Asset Management
Corporate loans
Level 1$— $— $— $— $— $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 25,461 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 loans5,461 7,354 9,760 17,510 23,758 12,020 75,863 
Multi-family loans
Level 1— — — — — — — 
Level 228,882 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 loans28,882 32,529 27,644 4,100 — 20,170 113,325 
Other invested assets - corporate loans
Level 195 199 43 533 66 15,295 16,231 
Level 21,551 — — — — — 1,551 
Level 3— — — — — — — 
Level 4— — — — — — — 
Level 5— — — — — — — 
Total other invested assets - corporate loans1,646 199 43 533 66 15,295 17,782 
Total mortgage and corporate loans$35,989 $40,082 $37,447 $22,143 $23,824 $47,485 $206,970 
Performance status as of December 31, 202520252024202320222021PriorTotal
Asset Management
Corporate loans
Level 1$— $— $— $— $— $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 27,354 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 loans7,354 5,220 17,554 12,754 18,741 3,447 65,070 
Multi-family loans
Level 1— — — — — — — 
Level 221,586 33,614 7,631 — — — 62,831 
Level 33,638 — — — — — 3,638 
Level 4— — — — — — — 
Level 5— — — 9,487 19,107 12,469 41,063 
Total multi-family loans25,224 33,614 7,631 9,487 19,107 12,469 107,532 
Other invested assets - corporate loans
Level 1223 48 596 74 17,102 — 18,043 
Level 2— — — — — — — 
Level 3— — — — — — — 
Level 4— — — — — — — 
Level 5— — — — — — — 
Total other invested assets - corporate loans223 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 
Schedule of Financing Receivable, Allowance for Credit Loss
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 ManagementCorporate loansTotal loans
Balance, March 31, 2026$295 $295 
Charge-offs— — 
Recoveries— — 
Provision for credit losses— — 
Balance, June 30, 2026$295 $295 

Asset ManagementCorporate loansTotal loans
Balance, December 31, 2025$299 $299 
Charge-offs— — 
Recoveries— — 
Provision for credit losses(4)(4)
Balance, June 30, 2026$295 $295 
Insurance SolutionsCommercial real estate mortgage loansMulti-family mortgage loansCorporate loansTotal loans
Balance, March 31, 2026$953 $4,676 $815 $6,444 
Charge-offs— — — — 
Recoveries— — — — 
Provision for credit losses93 1,335 (22)1,406 
Balance, June 30, 2026$1,046 $6,011 $793 $7,850 
Insurance SolutionsCommercial real estate mortgage loansMulti-family mortgage loansCorporate loansTotal 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 ManagementCorporate loansTotal loans
Balance, March 31, 2025$299 $299 
Charge-offs— — 
Recoveries— — 
Provision for credit losses— — 
Balance, June 30, 2025$299 $299 
Asset ManagementCorporate loansTotal loans
Balance, December 31, 2024$299 $299 
Charge-offs— — 
Recoveries— — 
Provision for credit losses— — 
Balance, June 30, 2025$299 $299 
Insurance SolutionsCommercial real estate mortgage loansMulti-family mortgage loansCorporate loansTotal loans
Balance, March 31, 2025$2,616 $3,349 $1,048 $7,013 
Charge-offs— — — — 
Recoveries— — — — 
Provision for credit losses1 252 (36)217 
Balance, June 30, 2025$2,617 $3,601 $1,012 $7,230 
Insurance SolutionsCommercial real estate mortgage loansMulti-family mortgage loansCorporate loansTotal loans
Balance, December 31, 2024$2,615 $3,360 $1,078 $7,053 
Charge-offs— — — — 
Recoveries— — — — 
Provision for credit losses2 241 (66)177 
Balance, June 30, 2025$2,617 $3,601 $1,012 $7,230 
Schedule of Financing Receivable, Past Due
The following tables present an analysis of past-due loans:
June 30, 2026
Asset ManagementLoans 30-59 days past dueLoans 60-89 days past dueLoans 90 days or more past dueNonaccrual loansCurrent loansTotal loans
Corporate loans$— $— $— $— $13,586 $13,586 
Total corporate loans$— $— $— $— $13,586 $13,586 
June 30, 2026
Insurance SolutionsLoans 30-59 days past dueLoans 60-89 days past dueLoans 90 days or more past dueNonaccrual loansCurrent loansTotal loans
Commercial real estate mortgage loans$— $— $— $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 $206,970 
December 31, 2025
Asset ManagementLoans 30-59 days past dueLoans 60-89 days past dueLoans 90 days or more past dueNonaccrual loansCurrent loansTotal loans
Corporate loans$— $— $— $— $13,586 $13,586 
Total corporate loans$— $— $— $— $13,586 $13,586 
December 31, 2025
Insurance SolutionsLoans 30-59 days past dueLoans 60-89 days past dueLoans 90 days or more past dueNonaccrual loansCurrent loansTotal loans
Commercial real estate mortgage loans$— $— $— $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 $190,645 
The following represents total nonaccrual loans:
June 30, 2026
Insurance SolutionsNonaccrual loans with no allowanceNonaccrual loans with an allowanceTotal nonaccrual loans
Commercial real estate mortgage loans$— $10,475 $10,475 
Multi-family mortgage loans— 20,170 20,170 
Total loans$— $30,645 $30,645 
December 31, 2025
Insurance SolutionsNonaccrual loans with no allowanceNonaccrual loans with an allowanceTotal 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 
Schedule of Collateral Dependent Loans
The following represents the carrying value of collateral-dependent loans of the Company as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
Commercial real estate mortgage loans$4,079 $14,246 
Multi-family mortgage loans19,060 36,894 
Total Loans$23,139 $51,140