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Fair value measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
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
March 31, 2026Level 1Level 2Level 3NAVTotal
Financial assets
Asset Management
Equity securities$1,289 $— $6,640 $— $7,929 
Derivatives— — — — — 
Other invested assets— — 71 — 71 
Total financial assets — Asset Management1,289 — 6,711 — 8,000 
Insurance Solutions
Debt securities:
U.S. government and agency— 10,281 — — 10,281 
U.S. state, territories and municipalities— 5,230 — — 5,230 
Other government and agency— 2,444 — — 2,444 
Corporate— 245,181 15,208 — 260,389 
Asset and mortgage-backed securities— 296,855 41,280 — 338,135 
Corporate loans— 18,822 121,958 — 140,780 
Equity securities142 2,217 3,319 1,866 7,544 
Other invested assets— 10,000 5,145 305 15,450 
Total financial assets — Insurance Solutions142 591,030 186,910 2,171 780,253 
Corporate loans of consolidated VIEs— — 129,170 — 129,170 
Equity of consolidated VIEs— — 1,140 — 1,140 
Total financial assets including consolidated VIEs142 591,030 317,220 2,171 910,563 
Derivatives— — — — — 
Total financial assets$1,431 $591,030 $323,931 $2,171 $918,563 
Financial liabilities
Insurance Solutions
Ceded reinsurance - embedded derivative— 34,192 — — 34,192 
Interest rate swaps— 1,792 — — 1,792 
Total financial liabilities — Insurance Solutions— 35,984 — — 35,984 
Total financial liabilities$— $35,984 $— $— $35,984 
Fair Value Measurements
December 31, 2025Level 1Level 2Level 3NAVTotal
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 Management3,834 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 securities7,644 2,246 3,240 1,923 15,053 
Other invested assets— 51 5,637 299 5,987 
Total financial assets — Insurance Solutions7,644 612,258 155,021 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 VIEs7,644 612,258 275,701 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 heldChange in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
PurchasesSales and repaymentsNet realized gain (loss)Included in incomeIncluded in OCI
Transfer in ¹
Transfer out ¹
Three months ended March 31, 2026Beginning BalanceEnding Balance
Financial assets
Asset Management
Equity securities$6,484 $— $— $— $156 $— $— $— $6,640 $156 $— 
Derivatives13 — (14)3 (2)— — — — (2)— 
Other invested assets 72 — — — (1)— — — 71 (1)— 
Total assets — Asset Management6,569 — (14)3 153 — — — 6,711 153 — 
Insurance Solutions
Debt securities:
Corporate10,149 — — — — 59 5,000 — 15,208 — 59 
Asset and mortgage-backed securities19,427 — (212)— (5)1,798 20,272 — 41,280 — 1,798 
Corporate loans116,568 789 (2,525)— (374)— 7,500 — 121,958 (400)— 
Equity securities3,240 — — — 79 — — — 3,319 79 — 
Other invested assets 5,637 39 — — (7)(576)52 — 5,145 (6)(576)
Total assets — Insurance Solutions155,021 828 (2,737)— (307)1,281 32,824 — 186,910 (327)1,281 
Corporate loans of consolidated VIEs119,731 34,875 (22,279)(706)(2,451)— — — 129,170 (2,669)— 
Equity securities of consolidated VIEs949 493 — — (302)— — — 1,140 (302)— 
Total financial assets including consolidated VIEs - Insurance Solutions275,701 36,196 (25,016)(706)(3,060)1,281 32,824 — 317,220 (3,298)1,281 
Total financial assets$282,270 $36,196 $(25,030)$(703)$(2,907)$1,281 $32,824 $— $323,931 $(3,145)$1,281 
_______________
(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 heldChange in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
PurchasesSales and repaymentsNet realized gain (loss)Included in incomeIncluded in OCI
Transfer in ¹
Transfer out ¹
Change in consolidation
Three months ended March 31, 2025Beginning BalanceEnding Balance
Financial assets
Asset Management
Equity securities$499 $5,000 $— $— $(127)$— $— $— $— $5,372 $(127)$— 
Total assets — Asset Management499 5,000 — — (127)— — — — 5,372 (127)— 
Insurance Solutions
Debt securities:
Corporate— — — — — 39 5,000 — — — 5,039 — 39 
Asset and mortgage-backed securities8,641 — (228)— (1)58 6,853 — — 15,323 — 58 
Corporate loans114,734 2,851 (846)— 786 — — — — 117,525 782 — 
Equity securities2,918 — — — 13 — — — — 2,931 13 — 
Other invested assets 4,575 — — — (370)(198)— — — 4,007 (390)(198)
Total assets — Insurance Solutions130,868 2,851 (1,074)— 428 (101)11,853 — — 144,825 405 (101)
Corporate loans of consolidated VIEs125,757 17,872 (11,417)60 (20)— — — — 132,252 (326)— 
Equity securities of consolidated VIEs141 — — — — — — — — 141 — — 
Total financial assets including consolidated VIEs - Insurance Solutions256,766 20,723 (12,491)60 408 (101)11,853 — — 277,218 79 (101)
Total financial assets$257,265 $25,723 $(12,491)$60 $281 $(101)$11,853 $— $— $282,590 $(48)$(101)
Financial liabilities
Asset Management
Debt obligations$1,471 $— $— $— $(968)$— $— $— $— $503 $968 $— 
Total financial liabilities — Asset Management$1,471 $— $— $— $(968)$— $— $— $— $503 $968 $— 
_______________
(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 heldChange in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
PurchasesSales and repaymentsNet realized gain (loss)Included in incomeIncluded in OCI
Transfer in ¹
Transfer out ¹
Three months ended March 31, 2026Beginning BalanceEnding Balance
Financial assets
Asset Management
Equity securities$6,484 $— $— $— $156 $— $— $— $6,640 $156 $— 
Derivatives13 — (14)3 (2)— — — — (2)— 
Other invested assets 72 — — — (1)— — — 71 (1)— 
Total assets — Asset Management6,569 — (14)3 153 — — — 6,711 153 — 
Insurance Solutions
Debt securities:
Corporate10,149 — — — — 59 5,000 — 15,208 — 59 
Asset and mortgage-backed securities19,427 — (212)— (5)1,798 20,272 — 41,280 — 1,798 
Corporate loans116,568 789 (2,525)— (374)— 7,500 — 121,958 (400)— 
Equity securities3,240 — — — 79 — — — 3,319 79 — 
Other invested assets 5,637 39 — — (7)(576)52 — 5,145 (6)(576)
Total assets — Insurance Solutions155,021 828 (2,737)— (307)1,281 32,824 — 186,910 (327)1,281 
Corporate loans of consolidated VIEs119,731 34,875 (22,279)(706)(2,451)— — — 129,170 (2,669)— 
Equity securities of consolidated VIEs949 493 — — (302)— — — 1,140 (302)— 
Total financial assets including consolidated VIEs - Insurance Solutions275,701 36,196 (25,016)(706)(3,060)1,281 32,824 — 317,220 (3,298)1,281 
Total financial assets$282,270 $36,196 $(25,030)$(703)$(2,907)$1,281 $32,824 $— $323,931 $(3,145)$1,281 
_______________
(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 heldChange in unrealized gains (losses) included in OCI on Level 3 assets and liabilities still held
PurchasesSales and repaymentsNet realized gain (loss)Included in incomeIncluded in OCI
Transfer in ¹
Transfer out ¹
Change in consolidation
Three months ended March 31, 2025Beginning BalanceEnding Balance
Financial assets
Asset Management
Equity securities$499 $5,000 $— $— $(127)$— $— $— $— $5,372 $(127)$— 
Total assets — Asset Management499 5,000 — — (127)— — — — 5,372 (127)— 
Insurance Solutions
Debt securities:
Corporate— — — — — 39 5,000 — — — 5,039 — 39 
Asset and mortgage-backed securities8,641 — (228)— (1)58 6,853 — — 15,323 — 58 
Corporate loans114,734 2,851 (846)— 786 — — — — 117,525 782 — 
Equity securities2,918 — — — 13 — — — — 2,931 13 — 
Other invested assets 4,575 — — — (370)(198)— — — 4,007 (390)(198)
Total assets — Insurance Solutions130,868 2,851 (1,074)— 428 (101)11,853 — — 144,825 405 (101)
Corporate loans of consolidated VIEs125,757 17,872 (11,417)60 (20)— — — — 132,252 (326)— 
Equity securities of consolidated VIEs141 — — — — — — — — 141 — — 
Total financial assets including consolidated VIEs - Insurance Solutions256,766 20,723 (12,491)60 408 (101)11,853 — — 277,218 79 (101)
Total financial assets$257,265 $25,723 $(12,491)$60 $281 $(101)$11,853 $— $— $282,590 $(48)$(101)
Financial liabilities
Asset Management
Debt obligations$1,471 $— $— $— $(968)$— $— $— $— $503 $968 $— 
Total financial liabilities — Asset Management$1,471 $— $— $— $(968)$— $— $— $— $503 $968 $— 
_______________
(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 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
March 31, 2026Fair valueValuation
technique/
methodology		Unobservable
input		Range
(weighted
average)
Financial assets
Asset management
Equity securities$6,565 Enterprise valueMultiple
12.5x - 13.5x (13x)
Equity securities75 Market approachPrivately quoted priceNA
Other invested assets 71 Probability-Weighted Expected Return MethodIndependent probabilities
5.0% - 5.0% (5.0%)
Probability-Weighted Expected Return MethodDependent probabilities
2.4% - 3.7% (3.1%)
Probability-Weighted Expected Return MethodYears to exit2.5 - 4.5 (3.5)
Total — Asset Management$6,711 
Insurance
Debt securities¹:
Asset and mortgage-backed securities$41,280 Discounted cash flowDiscount rate
6.3% - 10.2% (9.0%)
Corporate15,208 Discounted cash flowDiscount rate
6.4% - 8.0% (7.3%)
Corporate loans121,958 Discounted cash flowDiscount rate
0.0% - 15.7% (8.2%)
Equity securities30 Recent transactionTransaction priceNA
Equity securities289 Enterprise valueMultiple
0.086x - 0.086x (0.086x)
Equity securities3,000 Discounted cash flowDiscount rate
5.8% - 5.8% (5.8%)
Other invested assets 5,145 Discounted cash flowDiscount rate
7.5% - 18.9% (17.0%)
Total — Insurance Solutions$186,910 
Equity securities of consolidated VIEs$1,140 Enterprise valueMultiple
1.8x - 10.1x (6.0x)
Corporate loans of consolidated VIEs33,670 Recent transactionTransaction priceNA
Corporate loans of consolidated VIEs95,500 Discounted cash flowDiscount rate
6.8% - 23.6% (10.5%)
Total assets of consolidated VIEs - Insurance Solutions$130,310 
Total financial assets including consolidated VIEs - Insurance Solutions$317,220 
Total financial assets$323,931 
_______________
(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, 2025Fair valueValuation
technique/
methodology		Unobservable
input		Range
(weighted
average)
Financial assets
Asset Management
Equity securities$6,409 Enterprise valueMultiple
12.5x - 13.5x (13.0x)
Equity securities75 Market approachPrivately quoted priceNA
Equity securities13 Option pricing modelVolatility
116.2% - 126.2% (121.2%)
— Option pricing modelYears to exercise
0.1 - 0.3 (0.2)
Other invested assets 72 Probability-Weighted Expected Return MethodIndependent probabilities
5.0% - 5.0% (5.0%)
— Probability-Weighted Expected Return MethodDependent probabilities
2.4% - 3.7% (3.1%)
— Probability-Weighted Expected Return MethodYears to cash flows
2.5 - 4.5 (3.5)
Total — Asset Management$6,569 
Insurance Solutions
Debt securities¹:
Asset and mortgage-backed securities19,427 Discounted cash flowDiscount rate
6.3% - 8.5% (7.6%)
Corporate10,149 Discounted cash flowDiscount rate
7.4% - 8.9% (8.1%)
Corporate loans116,568 Discounted cash flowDiscount rate
0.0% - 15.7% (8.2%)
Equity securities30 Recent transactionTransaction priceNA
Equity securities210 Enterprise valueMultiple
0.6x - 0.6x (0.6x)
Equity securities3,000 Discounted cash flowDiscount rate
5.6% - 5.6% (5.6%)
Other invested assets 5,637 Discounted cash flowDiscount rate
9.6% - 19.7% (16.9%)
Total — Insurance Solutions155,021 
Equity securities of consolidated VIEs949 Enterprise valueMultiple
10.0x - 16.0x (13.0x)
Corporate loans of consolidated VIEs30,123 Recent transactionTransaction priceNA
Corporate loans of consolidated VIEs89,608 Discounted cash flowDiscount rate
5.3% - 14.8% ( 9.6%)
Total assets of consolidated VIEs - Insurance Solutions$120,680 
Total financial assets including consolidated VIEs - Insurance Solutions275,701 
Total investments$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 March 31, 2026 and December 31, 2025:

Fair Value Hierarchy
March 31, 2026Carrying valueFair valueLevel 1Level 2Level 3
Financial Assets
Asset Management
   Corporate loans$13,291 $11,127 $— $— $11,127 
Total financial assets — Asset Management13,291 11,127 — — 11,127 
Insurance Solutions
Mortgage loans177,032 182,712 — — 182,712 
Other invested assets15,321 15,378 — — 15,378 
Total financial assets — Insurance Solutions192,353 198,090 — — 198,090 
Total financial assets$205,644 $209,217 $— $— $209,217 
Financial Liabilities
Asset Management
Debt obligations$92,194 $86,788 $37,184 $— $49,604 
Total financial liabilities — Asset Management92,194 86,788 37,184 — 49,604 
Insurance Solutions
Debt obligations17,250 17,402 — — 17,402 
Interest sensitive contract liabilities360,462 360,462 — 360,462 — 
Total financial liabilities —Insurance Solutions377,712 377,864 — 360,462 17,402 
Total financial liabilities$469,906 $464,652 $37,184 $360,462 $67,006 
Fair Value Hierarchy
December 31, 2025Carrying valueFair valueLevel 1Level 2Level 3
Financial Assets
Asset Management
   Corporate loans$13,287 $11,151 $— $— $11,151 
Total financial assets — Asset Management13,287 11,151 — — 11,151 
Insurance Solutions
Mortgage loans162,566 172,602 — — 172,602 
Other invested assets17,097 17,488 — — 17,488 
Total financial assets — Insurance Solutions179,663 190,090 — — 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 Management76,250 72,880 — — 72,880 
Insurance Solutions
Debt obligations17,250 17,447 — — 17,447 
Interest sensitive contract liabilities363,981 363,981 — 363,981 — 
Total financial liabilities —Insurance Solutions381,231 381,428 — 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 March 31,20262025
Net realized gains (losses)Net unrealized gains (losses)TotalNet realized gains (losses)Net unrealized gains (losses)Total
Asset Management
Debt obligation$— $— $— $— $968 $968 
Net gains (losses) from investment activities — Asset Management— — — — 968 968 
Insurance Solutions
Debt securities:
    U.S. state, territories and municipalities— (15)(15)— 57 57 
    Other government and agency— (28)(28)— (1)(1)
    Corporate— (2,404)(2,404)(50)1,186 1,136 
    Asset and mortgage- backed securities(9)(2,179)(2,188)(146)115 (31)
Corporate loans — (400)(400)2 789 791 
Other invested assets — 34 34 — (390)(390)
Net gains (losses) from investment activities — Insurance Solutions(9)(4,992)(5,001)(194)1,756 1,562 
Investments of consolidated VIEs(706)(2,971)(3,677)60 (326)(266)
Net gains (losses) from investment activities — Insurance Solutions including consolidated VIEs$(715)$(7,963)$(8,678)$(134)$1,430 $1,296 
The following table presents information for loans which the Company elected the FVO.
March 31, 2026Unpaid Principal BalanceMark to Fair ValueFair Value
Insurance Solutions
Corporate loans $142,529 $(1,749)$140,780 
Other invested assets 1,289 (144)1,145 
Insurance Solutions143,818 (1,893)141,925 
Corporate loans of consolidated VIEs139,665 (10,495)129,170 
Insurance Solutions including consolidated VIEs$283,483 $(12,388)$271,095 
December 31, 2025Unpaid Principal BalanceMark to Fair ValueFair Value
Insurance Solutions
Corporate loans $125,422 $(1,355)$124,067 
Other invested assets 1,289 (179)1,110 
Insurance Solutions126,711 (1,534)125,177 
Corporate loans of consolidated VIEs127,620 (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 three months ended March 31,20262025
Insurance Solutions
Corporate loans $18 $368 
Other invested assets 34 (390)
Insurance Solutions52 (22)
Corporate loans of consolidated VIEs (255)(247)
Insurance Solutions including consolidated VIEs$(203)$(269)