v3.26.1
Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
The following presents financial data for the Company’s reportable segments and the reconciliation of Segment Income to Income (loss) before taxes reported in the Condensed Consolidated Statements of Operations:

Three months ended June 30,Six months ended June 30,
2026202520262025
Asset Management
Management fees$3,301 $4,422 $6,758 $8,829 
Incentive fees419 478 813 777 
Advisory and transaction fees, net— — 66 — 
Equity investment earnings153 42 515 324 
Interest income¹
271 271 539 539 
Other fee-related income468 — 642 — 
Fee-related compensation(1,125)(1,105)(2,337)(2,573)
Other operating expenses:
Administration and servicing fees(1,498)(1,205)(2,857)(1,938)
General, administrative and other(621)(666)(1,535)(1,438)
Fee related earnings1,368 2,237 2,604 4,520 
Insurance Solutions
Net investment income and realized gain (loss), net 11,304 10,993 23,555 24,005 
Cost of funds(4,906)(7,354)(11,394)(16,673)
Compensation and benefits— (223)— (467)
Interest expense(318)(407)(718)(735)
General, administrative and other(3,182)(3,100)(6,523)(6,184)
Spread related earnings2,898 (91)4,920 (54)
Segment income$4,266 $2,146 $7,524 $4,466 
Asset Management Adjustments:
Intersegment management fee eliminations(1,610)(1,613)(3,428)(2,780)
Administration and servicing fees ²
(682)(607)(1,750)(1,111)
Transaction costs48 (2,753)(34)(7,298)
Compensation and benefits ²
(135)(392)(346)(970)
Equity-based compensation(80)(219)(80)(416)
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 ²
(1,244)(592)(3,338)(1,543)
Net realized and change in unrealized gains (losses) from investment activities(967)867 (1,318)1,708 
Dividend income5 29 65 67 
Interest income - bank interest30 — 146 — 
Other income (loss), net4 6 4 305 
Loss on extinguishment of debt— — (472)— 
Insurance Solutions Adjustments:
Equity-based compensation— (120)— (257)
Net unrealized gains (losses) from investment activities(2,100)4,633 (3,858)4,760 
Other income(25)78 (24)154 
Intersegment management fee eliminations1,610 1,613 3,428 2,780 
General, administrative and other ³
(451)(170)(1,371)(772)
Income (loss) before taxes $(4,177)$(943)$(10,147)$(7,612)
_______________
(1)Represents interest income on a loan asset related to a fee generating vehicle.
(2)Represents corporate overhead allocated to each segment.
(3)Represents costs incurred by the insurance segment for purposes of U.S. GAAP reporting including one-time upfront cost associated with the new initiatives but not the day-to-day operations of the insurance company.
Schedule of Segment Reporting, Reconciliation of Revenue by Segment to Consolidated
The following presents financial data for the Company’s reportable segments and the reconciliation of Segment Revenue to total revenue reported in the Condensed Consolidated Statements of Operations:
Three months ended June 30,Six months ended June 30,
2026202520262025
Segment Revenues
Asset Management$4,612 $5,214 $9,333 $10,469 
Insurance Solutions11,304 10,993 23,555 24,005 
Total segment revenues15,916 16,207 32,888 34,474 
Asset Management Adjustments:
Intersegment management fee eliminations(1,610)(1,613)(3,428)(2,780)
Interest income(271)(271)(539)(539)
Other fee-related income(468)— (642)— 
Insurance Solutions Adjustments:
Net Premiums(4,474)(4,238)(8,718)(8,251)
Product charges168 722 286 1,582 
Net realized and change in unrealized gains (losses) from investment activities(2,099)4,633 (3,857)4,760 
Other income(25)78 (24)154 
Intersegment management fee eliminations1,610 1,613 3,428 2,780 
Total revenues$8,747 $17,130 $19,394 $32,180 
Schedule of Segment Reporting, Reconciliation of Other Item by Segment to Consolidated
The following presents financial data for the Company’s reportable segments and the reconciliation of the Company’s total reportable segment assets to total assets reported in the Condensed Consolidated Statements of Financial Position:
As ofJune 30, 2026December 31, 2025
Segments Assets
Asset Management$137,217 $145,226 
Insurance Solutions1,497,411 1,534,295 
Total segment assets1,634,628 1,679,521 
Asset Management Adjustments:
Intersegment investments(77,302)(71,705)
Intersegment receivables(8,427)(7,098)
Total assets$1,548,899 $1,600,718