Revenue from service contracts (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table summarizes the Company’s revenue from service contracts for Asset Management:

	Three months ended March 31,
	2026		2025
Management fees	$	1,639	$	3,240
Incentive fees	394		299
Advisory and transaction fees	66		—
Servicing fees (expense)¹	(707)		(298)

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(1)Servicing fees were a net expense for the Company as reimbursements to Sierra Crest Investment Management (“SCIM”) for certain costs and the specified investment advisory fee retained by SCIM exceeded the net economic benefit derived under the Alternative Credit Income Fund (“ACIF”) advisory agreement, for the three months ended March 31, 2026 and March 31, 2025. Servicing fees are included within Administration and servicing fees in the Condensed Consolidated Statements of Operations.