Net gains (losses) from investment activities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The table below summarizes the net gains (losses) from investment activities:

For the three months ended March 31,	2026								2025
	Net realized gains (losses)		Net unrealized gains (losses)		Credit releases (losses)		Total		Net realized gains (losses)		Net unrealized gains (losses)		Credit releases (losses)		Total
Asset Management
Corporate loan	$	—	$	—	$	5	$	5	$	—	$	—	$	—	$	—
Equity securities	367		(719)		—		(352)		60		(187)		—		(127)
Derivatives	—		(2)		—		(2)		—		—		—		—
Other invested assets	—		(2)		—		(2)		—		—		—		—
Debt obligations	—		—		—		—		—		968		—		968
Net gains (losses) from investment activities — Asset Management	$	367	$	(723)	$	5	$	(351)	$	60	$	781	$	—	$	841
Insurance Solutions
Debt securities:
U.S. state, territories and municipalities	$	(5)	$	(15)	$	—	$	(20)	$	(4)	$	57	$	—	$	53
Other government and agency	—		(28)		—		(28)		—		(1)		—		(1)
Corporate	32		(2,404)		—		(2,372)		(10)		1,186		—		1,176
Asset and mortgage- backed securities	(210)		(2,179)		—		(2,389)		(158)		115		—		(43)
Corporate loans	—		(400)		—		(400)		2		789		—		791
Mortgage loans	(4,621)		—		4,404		(217)		—		—		12		12
Equity securities	3,597		(3,305)		—		292		(246)		90		—		(156)
Other invested assets	—		(11)		131		120		—		(390)		30		(360)
Net gains (losses) from investment activities — Insurance Solutions	$	(1,207)	$	(8,342)	$	4,535	$	(5,014)	$	(416)	$	1,846	$	42	$	1,472
Investments of consolidated VIEs	(706)		(2,971)		—		(3,677)		60		(326)		—		(266)
Net gains (losses) from investment activities — Insurance Solutions including consolidated VIEs	$	(1,913)	$	(11,313)	$	4,535	$	(8,691)	$	(356)	$	1,520	$	42	$	1,206

The following table outlines the carrying value of the Company’s investments:

As of	March 31, 2026		December 31, 2025
Asset Management
Corporate loans	$	13,291	$	13,287
Equity securities	7,929		10,409
Equity method	5,228		5,517
Derivatives	—		13
Other invested assets	71		72
Total investments - Asset Management	$	26,519	$	29,298
Insurance Solutions
Debt securities	$	616,479	$	632,038
Corporate loans	140,780		124,067
Mortgage loans	177,032		162,566
Equity securities	7,544		15,053
Other invested assets	30,771		23,084
Total investments - Insurance Solutions	$	972,606	$	956,808
Corporate loans of consolidated VIEs	129,170		119,731
Equity securities of consolidated VIEs	1,140		949
Total investments - Insurance Solutions, including consolidated VIEs	1,102,916		1,077,488
Total investments	$	1,129,435	$	1,106,786