Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value Measurements, Recurring and Nonrecurring

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, 2026	Level 1		Level 2		Level 3		NAV		Total
Financial assets
Asset Management
Equity securities	$	620	$	—	$	6,237	$	—	$	6,857
Derivatives	—		—		—		—		—
Other invested assets	—		—		71		—		71
Total financial assets — Asset Management	620		—		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 securities	138		2,226		301		1,800		4,465
Other invested assets	—		9,995		4,749		275		15,019
Total financial assets — Insurance Solutions	138		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 VIEs	138		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, 2025	Level 1		Level 2		Level 3		NAV		Total
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 Management	3,834		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 securities	7,644		2,246		3,240		1,923		15,053
Other invested assets	—		51		5,637		299		5,987
Total financial assets — Insurance Solutions	7,644		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 VIEs	7,644		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

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

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 held		Change in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
			Purchases		Sales and repayments		Net realized gain (loss)		Included in income		Included in OCI		Transfer in ¹		Transfer out ¹
Three months ended June 30, 2026	Beginning Balance																Ending Balance
Financial assets
Asset Management
Equity securities	$	6,640	$	—	$	—	$	—	$	(403)	$	—	$	—	$	—	$	6,237	$	(403)	$	—

Other invested assets	71		—		—		—		—		—		—		—		71		—		—
Total assets — Asset Management	6,711		—		—		—		(403)		—		—		—		6,308		(403)		—
Insurance Solutions
Debt securities:
Corporate	15,208		—		—		—		—		(207)		—		(5,000)		10,001		—		(207)
Asset and mortgage-backed securities	41,281		19		(2,826)		15		95		1,789		—		—		40,373		—		1,789
Corporate loans	121,958		653		(14,015)		—		(60)		—		—		—		108,536		(78)		—
Equity securities	3,319		—		(3,001)		—		(17)		—		—		—		301		(17)		—
Other invested assets	5,143		7		(5)		—		(138)		(258)		—		—		4,749		(139)		(258)
Total assets — Insurance Solutions	186,909		679		(19,847)		15		(120)		1,324		—		(5,000)		163,960		(234)		1,324
Corporate loans of consolidated VIEs	129,171		16,173		(14,828)		59		(969)		—		—		—		129,606		(1,208)		—
Equity securities of consolidated VIEs	1,139		38		—		—		(61)		—		—		—		1,116		(61)		—
Total financial assets including consolidated VIEs - Insurance Solutions	317,219		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 held		Change in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
			Purchases		Sales and repayments		Net realized gain (loss)		Included in income		Included in OCI		Transfer in ¹		Transfer out ¹
Six months ended June 30, 2026	Beginning Balance																Ending Balance
Financial assets
Asset Management
Equity securities	$	6,484	$	—	$	—	$	—	$	(247)	$	—	$	—	$	—	$	6,237	$	(247)	$	—
Derivatives	13		—		(14)		3		(2)		—		—		—		—		—		—
Other invested assets	72		—		—		—		(1)		—		—		—		71		(1)		—
Total assets — Asset Management	6,569		—		(14)		3		(250)		—		—		—		6,308		(248)		—
Insurance Solutions
Debt securities:
Corporate	10,149		—		—		—		—		(148)		5,000		(5,000)		10,001		—		(148)
Asset and mortgage-backed securities	19,427		19		(3,038)		15		91		3,587		20,272		—		40,373		—		3,587
Corporate loans	116,568		1,442		(16,540)		—		(434)		—		7,500		—		108,536		(478)		—
Equity securities	3,240		—		(3,001)		—		62		—		—		—		301		62		—
Other invested assets	5,637		45		(6)		—		(145)		(834)		52		—		4,749		(144)		(834)
Total assets — Insurance Solutions	155,021		1,506		(22,585)		15		(426)		2,605		32,824		(5,000)		163,960		(560)		2,605
Corporate loans of consolidated VIEs	119,731		51,049		(37,107)		(647)		(3,420)		—		—		—		129,606		(3,877)		—
Equity securities of consolidated VIEs	949		530		—		—		(363)		—		—		—		1,116		(363)		—
Total financial assets including consolidated VIEs - Insurance Solutions	275,701		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 held		Change in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
			Purchases		Sales and repayments		Net realized gain (loss)		Included in income		Included in OCI		Transfer in ¹		Transfer out ¹		Change in consolidation
Three months ended June 30, 2025	Beginning Balance																		Ending Balance
Financial assets
Asset Management
Equity securities	$	5,372	$	—	$	(19)	$	—	$	496	$	—	$	—	$	—	$	—	$	5,849	$	460	$	—
Total assets — Asset Management	5,372		—		(19)		—		496		—		—		—		—		5,849		460		—
Insurance Solutions
Debt securities:
Corporate	5,039		—		—		—		—		28		—		—		—		5,067		—		28
Asset and mortgage-backed securities	15,323		—		(302)		—		—		92		—		—		—		15,113		—		92
Corporate loans	117,525		14,291		(3,729)		—		653		1		6,000		—		—		134,741		647		—
Equity securities	2,931		—		—		—		69		—		—		—		—		3,000		69		—
Other invested assets	4,006		—		(4,433)		(745)		4,633		(299)		—		—		—		3,162		475		(299)
Total assets — Insurance Solutions	144,824		14,291		(8,464)		(745)		5,355		(178)		6,000		—		—		161,083		1,191		(179)
Corporate loans of consolidated VIEs	132,252		16,080		(19,516)		177		(187)		—		—		—		—		128,806		(569)		—
Equity securities of consolidated VIEs	141		—		—		—		106		—		—		—		—		247		106		—
Total financial assets including consolidated VIEs - Insurance Solutions	277,217		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 obligations	503		—		—		—		(371)		—		—		—		—		132		371		—
Total liabilities — Asset Management	503		—		—		—		(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 held		Change in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
			Purchases		Sales and repayments		Net realized gain (loss)		Included in income		Included in OCI		Transfer in ¹		Transfer out ¹			Change in consolidation
Six months ended June 30, 2025	Beginning Balance																			Ending Balance
Financial assets
Asset Management
Equity securities	$	499	$	5,000	$	(19)	$	—	$	369	$	—	$	—	$	—		$	—	$	5,849	$	344	$	—
Total assets — Asset Management	499		5,000		(19)		—		369		—		—		—			—		5,849		344		—
Insurance Solutions
Debt securities:
Corporate	—		—		—		—		—		67		5,000		—		—	—		5,067		—		67
Asset and mortgage-backed securities	8,641		—		(530)		—		(1)		150		6,853		—			—		15,113		—		150
Corporate loans	114,734		17,142		(4,574)		—		1,439		—		6,000		—			—		134,741		1,429		—
Equity securities	2,918		—		—		—		82		—		—		—			—		3,000		82		—
Other invested assets	4,575		—		(4,433)		(745)		4,260		(495)		—		—			—		3,162		84		(495)
Total assets — Insurance Solutions	130,868		17,142		(9,537)		(745)		5,780		(278)		17,853		—			—		161,083		1,595		(278)
Corporate loans of consolidated VIEs	125,757		33,952		(30,933)		237		(207)		—		—		—			—		128,806		(895)		—
Equity securities of consolidated VIEs	141		—		—		—		106		—		—		—			—		247		106		—
Total financial assets including consolidated VIEs - Insurance Solutions	256,766		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.

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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 held		Change in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
			Purchases		Sales and repayments		Net realized gain (loss)		Included in income		Included in OCI		Transfer in ¹		Transfer out ¹
Three months ended June 30, 2026	Beginning Balance																Ending Balance
Financial assets
Asset Management
Equity securities	$	6,640	$	—	$	—	$	—	$	(403)	$	—	$	—	$	—	$	6,237	$	(403)	$	—

Other invested assets	71		—		—		—		—		—		—		—		71		—		—
Total assets — Asset Management	6,711		—		—		—		(403)		—		—		—		6,308		(403)		—
Insurance Solutions
Debt securities:
Corporate	15,208		—		—		—		—		(207)		—		(5,000)		10,001		—		(207)
Asset and mortgage-backed securities	41,281		19		(2,826)		15		95		1,789		—		—		40,373		—		1,789
Corporate loans	121,958		653		(14,015)		—		(60)		—		—		—		108,536		(78)		—
Equity securities	3,319		—		(3,001)		—		(17)		—		—		—		301		(17)		—
Other invested assets	5,143		7		(5)		—		(138)		(258)		—		—		4,749		(139)		(258)
Total assets — Insurance Solutions	186,909		679		(19,847)		15		(120)		1,324		—		(5,000)		163,960		(234)		1,324
Corporate loans of consolidated VIEs	129,171		16,173		(14,828)		59		(969)		—		—		—		129,606		(1,208)		—
Equity securities of consolidated VIEs	1,139		38		—		—		(61)		—		—		—		1,116		(61)		—
Total financial assets including consolidated VIEs - Insurance Solutions	317,219		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 held		Change in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
			Purchases		Sales and repayments		Net realized gain (loss)		Included in income		Included in OCI		Transfer in ¹		Transfer out ¹
Six months ended June 30, 2026	Beginning Balance																Ending Balance
Financial assets
Asset Management
Equity securities	$	6,484	$	—	$	—	$	—	$	(247)	$	—	$	—	$	—	$	6,237	$	(247)	$	—
Derivatives	13		—		(14)		3		(2)		—		—		—		—		—		—
Other invested assets	72		—		—		—		(1)		—		—		—		71		(1)		—
Total assets — Asset Management	6,569		—		(14)		3		(250)		—		—		—		6,308		(248)		—
Insurance Solutions
Debt securities:
Corporate	10,149		—		—		—		—		(148)		5,000		(5,000)		10,001		—		(148)
Asset and mortgage-backed securities	19,427		19		(3,038)		15		91		3,587		20,272		—		40,373		—		3,587
Corporate loans	116,568		1,442		(16,540)		—		(434)		—		7,500		—		108,536		(478)		—
Equity securities	3,240		—		(3,001)		—		62		—		—		—		301		62		—
Other invested assets	5,637		45		(6)		—		(145)		(834)		52		—		4,749		(144)		(834)
Total assets — Insurance Solutions	155,021		1,506		(22,585)		15		(426)		2,605		32,824		(5,000)		163,960		(560)		2,605
Corporate loans of consolidated VIEs	119,731		51,049		(37,107)		(647)		(3,420)		—		—		—		129,606		(3,877)		—
Equity securities of consolidated VIEs	949		530		—		—		(363)		—		—		—		1,116		(363)		—
Total financial assets including consolidated VIEs - Insurance Solutions	275,701		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

_______________


									Net Change in Unrealized Appreciation (Depreciation)
																					Change in unrealized gains (losses) included in income on Level 3 assets and liabilities still held		Change in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
			Purchases		Sales and repayments		Net realized gain (loss)		Included in income		Included in OCI		Transfer in ¹		Transfer out ¹		Change in consolidation
Three months ended June 30, 2025	Beginning Balance																		Ending Balance
Financial assets
Asset Management
Equity securities	$	5,372	$	—	$	(19)	$	—	$	496	$	—	$	—	$	—	$	—	$	5,849	$	460	$	—
Total assets — Asset Management	5,372		—		(19)		—		496		—		—		—		—		5,849		460		—
Insurance Solutions
Debt securities:
Corporate	5,039		—		—		—		—		28		—		—		—		5,067		—		28
Asset and mortgage-backed securities	15,323		—		(302)		—		—		92		—		—		—		15,113		—		92
Corporate loans	117,525		14,291		(3,729)		—		653		1		6,000		—		—		134,741		647		—
Equity securities	2,931		—		—		—		69		—		—		—		—		3,000		69		—
Other invested assets	4,006		—		(4,433)		(745)		4,633		(299)		—		—		—		3,162		475		(299)
Total assets — Insurance Solutions	144,824		14,291		(8,464)		(745)		5,355		(178)		6,000		—		—		161,083		1,191		(179)
Corporate loans of consolidated VIEs	132,252		16,080		(19,516)		177		(187)		—		—		—		—		128,806		(569)		—
Equity securities of consolidated VIEs	141		—		—		—		106		—		—		—		—		247		106		—
Total financial assets including consolidated VIEs - Insurance Solutions	277,217		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 obligations	503		—		—		—		(371)		—		—		—		—		132		371		—
Total liabilities — Asset Management	503		—		—		—		(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 held		Change in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
			Purchases		Sales and repayments		Net realized gain (loss)		Included in income		Included in OCI		Transfer in ¹		Transfer out ¹			Change in consolidation
Six months ended June 30, 2025	Beginning Balance																			Ending Balance
Financial assets
Asset Management
Equity securities	$	499	$	5,000	$	(19)	$	—	$	369	$	—	$	—	$	—		$	—	$	5,849	$	344	$	—
Total assets — Asset Management	499		5,000		(19)		—		369		—		—		—			—		5,849		344		—
Insurance Solutions
Debt securities:
Corporate	—		—		—		—		—		67		5,000		—		—	—		5,067		—		67
Asset and mortgage-backed securities	8,641		—		(530)		—		(1)		150		6,853		—			—		15,113		—		150
Corporate loans	114,734		17,142		(4,574)		—		1,439		—		6,000		—			—		134,741		1,429		—
Equity securities	2,918		—		—		—		82		—		—		—			—		3,000		82		—
Other invested assets	4,575		—		(4,433)		(745)		4,260		(495)		—		—			—		3,162		84		(495)
Total assets — Insurance Solutions	130,868		17,142		(9,537)		(745)		5,780		(278)		17,853		—			—		161,083		1,595		(278)
Corporate loans of consolidated VIEs	125,757		33,952		(30,933)		237		(207)		—		—		—			—		128,806		(895)		—
Equity securities of consolidated VIEs	141		—		—		—		106		—		—		—			—		247		106		—
Total financial assets including consolidated VIEs - Insurance Solutions	256,766		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	$	—

_______________

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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, 2026

Fair value

Valuation
technique/
methodology

Unobservable
input

Range
(weighted
average)

Financial assets

Asset management

Equity securities

6,162

Equity value

Multiple

8.5x - 10.5x (9.5x)

Equity securities

Market approach

Privately quoted price

Other invested assets

Probability-Weighted Expected Return Method

Independent probabilities

5.0% - 5.0% (5.0%)

Probability-Weighted Expected Return Method

Dependent probabilities

2.4% - 3.7% (3.1%)

Probability-Weighted Expected Return Method

Years 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 flow

Discount rate

5.4% - 9.3% (8.5%)

Corporate

10,001

Discounted cash flow

Discount rate

6.5% - 8.1% (7.3%)

Corporate loans

108,536

Discounted cash flow

Discount rate

(0.4)% - 15.7% (8.7%)

Equity securities

Recent transaction

Transaction price

Equity securities

271

Enterprise value

Multiple

0.1x - 0.1x (0.1x)

Other invested assets

4,749

Discounted cash flow

Discount rate

14.2% - 19.2% (13.5%)

Total — Insurance Solutions

163,960

Equity securities of consolidated VIEs

1,116

Enterprise value

Multiple

3.4x - 10.1x (8.0x)

Corporate loans of consolidated VIEs

25,221

Recent transaction

Transaction price

Corporate loans of consolidated VIEs

104,385

Discounted cash flow

Discount 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, 2025

Fair value

Valuation
technique/
methodology

Unobservable
input

Range
(weighted
average)

Financial assets

Asset Management

Equity securities

6,409

Enterprise value

Multiple

12.5x - 13.5x (13.0x)

Equity securities

Market approach

Privately quoted price

Equity securities

Option pricing model

Volatility

116.2% - 126.2% (121.2%)

Option pricing model

Years to exercise

0.1 - 0.3 (0.2)

Other invested assets

Probability-Weighted Expected Return Method

Independent probabilities

5.0% - 5.0% (5.0%)

Probability-Weighted Expected Return Method

Dependent probabilities

2.4% - 3.7% (3.1%)

Probability-Weighted Expected Return Method

Years to cash flows

2.5 - 4.5 (3.5)

Total — Asset Management

6,569

Insurance Solutions

Debt securities¹:

Asset and mortgage-backed securities

19,427

Discounted cash flow

Discount rate

6.3% - 8.5% (7.6%)

Corporate

10,149

Discounted cash flow

Discount rate

7.4% - 8.9% (8.1%)

Corporate loans

116,568

Discounted cash flow

Discount rate

—% - 15.7% (8.2%)

Equity securities

Recent transaction

Transaction price

Equity securities

210

Enterprise value

Multiple

0.6x - 0.6x (0.6x)

Equity securities

3,000

Discounted cash flow

Discount rate

5.6% - 5.6% (5.6%)

Other invested assets

5,637

Discounted cash flow

Discount rate

9.6% - 19.7% (16.9%)

Total — Insurance Solutions

155,021

Equity securities of consolidated VIEs

949

Enterprise value

Multiple

10.0x - 16.0x (13.0x)

Corporate loans of consolidated VIEs

30,123

Recent transaction

Transaction price

Corporate loans of consolidated VIEs

89,608

Discounted cash flow

Discount rate

5.3% - 14.8% ( 9.6%)

Total assets of consolidated VIEs - Insurance Solutions

120,680

Total financial assets including consolidated VIEs - Insurance Solutions

275,701

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.

Schedule of Fair Value, by Balance Sheet Grouping

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, 2026	Carrying value		Fair value		Level 1		Level 2		Level 3
Financial Assets
Asset Management
Corporate loans	$	13,291	$	11,057	$	—	$	—	$	11,057
Total financial assets — Asset Management	13,291		11,057		—		—		11,057
Insurance Solutions
Mortgage loans	183,676		190,740		—		—		190,740
Other invested assets	15,444		15,669		—		—		15,669
Total financial assets — Insurance Solutions	199,120		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 Management	98,059		98,075		36,400		—		61,675
Insurance Solutions
Debt obligations	12,000		12,030		—		—		12,030
Interest sensitive contract liabilities	357,062		357,062		—		357,062		—
Total financial liabilities —Insurance Solutions	369,062		369,092		—		357,062		12,030
Total financial liabilities	$	467,121	$	467,167	$	36,400	$	357,062	$	73,705


December 31, 2025	Carrying value		Fair value		Level 1		Level 2		Level 3
Financial Assets
Asset Management
Corporate loans	$	13,287	$	11,151	$	—	$	—	$	11,151
Total financial assets — Asset Management	13,287		11,151		—		—		11,151
Insurance Solutions
Mortgage loans	162,566		172,602		—		—		172,602
Other invested assets	17,097		17,488		—		—		17,488
Total financial assets — Insurance Solutions	179,663		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 Management	76,250		72,880		—		—		72,880
Insurance Solutions
Debt obligations	17,250		17,447		—		—		17,447
Interest sensitive contract liabilities	363,981		363,981		—		363,981		—
Total financial liabilities —Insurance Solutions	381,231		381,428		—		363,981		17,447
Total financial liabilities	$	457,481	$	454,308	$	—	$	363,981	$	90,327

Schedule of Net Gains on Financial Instruments For Which Fair Value Option Was Elected

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,	2026						2025
	Net realized gains (losses)		Net unrealized gains (losses)		Total		Net 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 loans	5		(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 VIEs	59		(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,	2026						2025
	Net realized gains (losses)		Net unrealized gains (losses)		Total		Net 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, 2026	Unpaid Principal Balance		Mark to Fair Value		Fair Value

Insurance Solutions
Corporate loans	$	128,346	$	(2,171)	$	126,175
Other invested assets	1,289		(144)		1,145
Insurance Solutions	129,635		(2,315)		127,320
Corporate loans of consolidated VIEs	141,176		(11,570)		129,606
Insurance Solutions including consolidated VIEs	$	270,811	$	(13,885)	$	256,926

December 31, 2025	Unpaid Principal Balance		Mark to Fair Value		Fair Value

Insurance Solutions
Corporate loans	$	125,422	$	(1,355)	$	124,067
Other invested assets	1,289		(179)		1,110
Insurance Solutions	126,711		(1,534)		125,177
Corporate loans of consolidated VIEs	127,620		(7,889)		119,731
Insurance Solutions including consolidated VIEs	$	254,331	$	(9,423)	$	244,908

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,	2026		2025
Insurance Solutions
Corporate loans	$	18	$	1,136
Other invested assets	34		3,471
Insurance Solutions	52		4,607
Corporate loans of consolidated VIEs	(336)		(909)
Insurance Solutions including consolidated VIEs	$	(284)	$	3,698

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details