Other assets and Accrued expenses and other liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets And Liabilities Disclosure [Abstract]

Other assets consist of the following:


As of	March 31, 2026		December 31, 2025
Asset Management
Management fee receivable - related parties	$	1,630	$	1,477
Management fee receivable	286		—
Incentive fee receivable - related parties	394		405

Prepaid income taxes	712		693
Accrued interest and dividends receivable - related parties	3,264		2,996
Purchase receivables 2	4,795		2,311
Ovation goodwill	1,000		1,000
Operating lease right of use asset	—		405
Deferred offering costs	—		265
Prepaid insurance	490		553
Other - related parties	256		367
Other	81		693
Total other assets — Asset Management	12,908		11,165
Insurance Solutions
Accrued investment income	12,873		11,641
Receivable for investments sold ¹	8,193		—
Guaranty funds on deposit	67		83
Other	2,559		2,575
Total other assets — Insurance Solutions	23,692		14,299
Interest receivable of consolidated VIEs	924		955
Total other assets — Insurance Solutions including consolidated VIEs	24,616		15,254
Total other assets	$	37,524	$	26,419

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(1)Represents amounts due from third-parties for investment sales for which a cash settlement has not occurred.

(2)All purchase receivables were acquired during the fourth quarter of 2025 and the first quarter of 2026. For the three months ended March 31, 2026, $0.1 million repayments were received on these receivables which reduced cost, there were no unrealized gains or losses from fair value movements.

Schedule of Other Liabilities

Other liabilities and accrued expenses consist of the following:


As of	March 31, 2026		December 31, 2025
Asset Management
Operating lease liabilities	$	—	$	408
Accounts payable and accrued liabilities¹	7,011		9,107
Total accrued expenses and other liabilities — Asset Management	7,011		9,515
Insurance Solutions
Payable for investments purchased²	—		6,500
Other accrued expenses	6,077		4,010
Total accrued expenses and other liabilities — Insurance Solutions	6,077		10,510
Total accrued expenses and other liabilities	$	13,088	$	20,025

_______________

(1)As part of its acquisition of TURN in connection with the Business Combination on September 12, 2025, the Company acquired benefit plans which TURN historically administered which provide medical and dental insurance for retirees and their spouses who, at the time of their retirement, attained certain years of service at a certain age. As of March 31, 2026, the Company had $0.4 million accumulated post-retirement benefit obligation. These plans were terminated prior to the acquisition date and provide medical benefits to former employees who are grandfathered under the plan’s former terms. The net periodic post-retirement benefit cost includes service cost and interest cost on the accumulated post-retirement benefit obligation. Unrecognized actuarial gains and losses will be recognized as net periodic benefit cost within general, administrative and other expenses under the Asset Management segment. Unamortized prior service cost was fully amortized prior to the acquisition date. Refer to Note 3. Business combinations for more information on the Company’s acquisition of TURN.

(2)Represents amounts owed to third-parties for investment purchases for which a cash settlement has not occurred.