v3.26.1
Goodwill and intangible assets (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Goodwill
The table below presents the changes in the carrying amount of goodwill by reporting unit in Insurance Solutions as of June 30, 2026 and December 31, 2025.
Reporting Unit
MYGALTCTotal
Goodwill, gross as of December 31, 2025$30,193 $25,504 $55,697 
   Accumulated impairment losses¹
— (25,504)(25,504)
Goodwill, net as of June 30, 202630,193 — 30,193 
Goodwill, gross as of December 31, 2024$30,193 $25,504 $55,697 
   Impairment losses— (25,504)(25,504)
Goodwill, net as of December 31, 2025$30,193 $— $30,193 
_______________
(1)Accumulated impairment losses include the $25.5 million impairment loss recognized in relation to the LTC reporting unit during the year ended December 31, 2025 and there was no impairment loss recognized during the six months ended June 30, 2026
Schedule of Intangible Asset, Finite-Lived Intangible assets consist of the following as of June 30, 2026 and December 31, 2025:
June 30, 2026
Gross carrying amountAccumulated amortizationAccumulated impairmentNet carrying amount
Asset Management
Intangible assets — indefinite life
Profit sharing interest$8,191 $— $— $8,191 
Intangible assets — definite life
Investment management contracts11,148 (9,494)— 1,654 
Total intangible assets — Asset Management$19,339 $(9,494)$— $9,845 
Insurance Solutions
Intangible assets — indefinite life
State insurance licenses2,444 — — 2,444 
Total intangible assets — Insurance Solutions$2,444 $— $— $2,444 

December 31, 2025
Gross carrying amountAccumulated amortizationAccumulated impairmentNet carrying amount
Asset Management
Intangible assets — indefinite life
Investment management contracts$19,204 $— $(19,204)$— 
Profit sharing interest1
11,236 — (3,045)8,191 
Intangible assets — definite life
Investment management contracts11,544 (8,381)(393)2,770 
Total intangible assets — Asset Management$41,984 $(8,381)$(22,642)$10,961 
Insurance Solutions
Intangible assets — indefinite life
State insurance licenses2,444 — — 2,444 
Total intangible assets — Insurance Solutions$2,444 $— $— $2,444 
_______________
(1)On July 15, 2025, the merging of Logan Ridge Finance Corporation (“Logan Ridge”) into Portman Ridge Finance Corporation (“Portman Ridge” or “Portman”) closed, with the new combined entity renamed to BCIC. Upon the close of this merger, the Company’s investment management agreement with Logan Ridge was terminated, resulting in an impairment loss for the full carrying amount of the investment management agreement. Upon termination of the investment management agreement with Logan Ridge, the Company acquired a profit-sharing agreement with the owner of SCIM, which is the manager of BCIC, for no cash consideration. The acquisition of the profit-sharing agreement is presented as a gain that offsets the accumulated impairment loss on the Logan Ridge investment management agreement, in “Amortization and impairment of intangible assets” on the consolidated statements of operations for the year ended December 31, 2025. The profit-sharing agreement was determined to be an indefinite-lived intangible asset given the Company expects SCIM to be the investment manager of BCIC indefinitely, and for the owner of SCIM to hold its equity in SCIM indefinitely.
Schedule of Intangible Asset, Indefinite-Lived Intangible assets consist of the following as of June 30, 2026 and December 31, 2025:
June 30, 2026
Gross carrying amountAccumulated amortizationAccumulated impairmentNet carrying amount
Asset Management
Intangible assets — indefinite life
Profit sharing interest$8,191 $— $— $8,191 
Intangible assets — definite life
Investment management contracts11,148 (9,494)— 1,654 
Total intangible assets — Asset Management$19,339 $(9,494)$— $9,845 
Insurance Solutions
Intangible assets — indefinite life
State insurance licenses2,444 — — 2,444 
Total intangible assets — Insurance Solutions$2,444 $— $— $2,444 

December 31, 2025
Gross carrying amountAccumulated amortizationAccumulated impairmentNet carrying amount
Asset Management
Intangible assets — indefinite life
Investment management contracts$19,204 $— $(19,204)$— 
Profit sharing interest1
11,236 — (3,045)8,191 
Intangible assets — definite life
Investment management contracts11,544 (8,381)(393)2,770 
Total intangible assets — Asset Management$41,984 $(8,381)$(22,642)$10,961 
Insurance Solutions
Intangible assets — indefinite life
State insurance licenses2,444 — — 2,444 
Total intangible assets — Insurance Solutions$2,444 $— $— $2,444 
_______________
(1)On July 15, 2025, the merging of Logan Ridge Finance Corporation (“Logan Ridge”) into Portman Ridge Finance Corporation (“Portman Ridge” or “Portman”) closed, with the new combined entity renamed to BCIC. Upon the close of this merger, the Company’s investment management agreement with Logan Ridge was terminated, resulting in an impairment loss for the full carrying amount of the investment management agreement. Upon termination of the investment management agreement with Logan Ridge, the Company acquired a profit-sharing agreement with the owner of SCIM, which is the manager of BCIC, for no cash consideration. The acquisition of the profit-sharing agreement is presented as a gain that offsets the accumulated impairment loss on the Logan Ridge investment management agreement, in “Amortization and impairment of intangible assets” on the consolidated statements of operations for the year ended December 31, 2025. The profit-sharing agreement was determined to be an indefinite-lived intangible asset given the Company expects SCIM to be the investment manager of BCIC indefinitely, and for the owner of SCIM to hold its equity in SCIM indefinitely.
Schedule of Intangible Asset Estimated Amortization Expense
The following table represents estimated intangible amortization expense as of June 30, 2026:
As ofJune 30, 2026
Remainder of 2026$878 
2027731 
202845 
2029— 
2030—
2031 and thereafter— 
Total$1,654