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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Major Jurisdictions The following are the major jurisdictions in which Octave and its subsidiaries, including its foreign subsidiaries, operate and the earliest tax years subject to examination:
JurisdictionTax Year
United States2009
New York State2015
New York City2019
United Kingdom2021
Significant Portions of Deferred Tax Liabilities and Deferred Tax Assets
The tax effects of temporary differences that give rise to significant portions of the deferred tax liabilities and deferred tax assets at December 31, 2025 and 2024, are presented below:
December 31,20252024
Deferred tax liabilities:
Amortizable intangible$69,929 $71,414 
Deferred acquisition costs1,871 9,474 
Investments— 3,568 
Other— 787 
Total deferred tax liabilities71,800 85,243 
Deferred tax assets:
Federal net operating loss carryforward356,575 349,931 
Outside basis difference (1)
— 17,044 
Unearned premium reserves1,714 9,138 
Loss reserves1,400 1,102 
State capital loss carryforward12,813 — 
State capital loss carryforward256,665 3,096 
Compensation189 1,423 
Investments1,721 — 
Foreign net operating loss carryforward4,322 — 
Other1,262 429 
Subtotal deferred tax assets636,661 382,163 
Valuation allowance (1)
630,078 367,055 
Total deferred tax assets6,583 15,108 
Net deferred tax liability$65,217 $70,135 
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
U.S. and foreign components of pre-tax income (loss) from continuing operations were as follows:
Year Ended December 31,202520242023
U.S.$(81,400)$(58,014)$(24,221)
Foreign(19,614)(1,831)— 
Total$(101,014)$(59,845)$(24,221)
Schedule of Components of Income Tax Expense (Benefit)
The components of the provision (benefit) for income taxes from continuing operations were as follows:
Year Ended December 31,202520242023
Current taxes
U.S. state and local$— $108 $— 
Foreign5,103 2,090 — 
Total current taxes5,103 2,198 431 
Deferred taxes
U.S. federal(2,464)(633)(1,509)
U.S. state and local(37)— — 
Foreign(7,813)(2,489)— 
Total deferred taxes$(10,314)$(3,122)$(1,509)
Provision for income taxes$(5,211)$(924)$(989)
Schedule Of Income Taxes Charged Credited Directly To Equity
The total effect of income taxes on net income and stockholders’ equity for the years ended December 31, 2025, 2024 and 2023 is as follows:
Year Ended December 31,202520242023
Total income taxes charged to net income$(5,211)$(924)$(989)
Income taxes charged (credited) to stockholders’ equity:
Unrealized gains (losses) on investment securities, including foreign exchange(867)144 918 
Unrealized gains (losses) on foreign currency translations4,985 (1,922)— 
Valuation allowance to equity867 1,778 (918)
Total charged to stockholders’ equity:4,985 — — 
Total effect of income taxes$(226)$(924)$(989)
Schedule of Effective Income Tax Rate Reconciliation
Year Ended December 31,202520242023
Total income taxes charged to net income$(5,211)$(924)$(989)
Income taxes charged (credited) to stockholders’ equity:
Unrealized gains (losses) on investment securities, including foreign exchange(867)144 918 
Unrealized gains (losses) on foreign currency translations4,985 (1,922)— 
Valuation allowance to equity867 1,778 (918)
Total charged to stockholders’ equity:4,985 — — 
Total effect of income taxes$(226)$(924)$(989)
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate
The tax provisions for continuing operations in the accompanying Consolidated Statements of Total Comprehensive Income (Loss) reflect effective tax rates differing from prevailing federal corporate income tax rates. As allowed by ASU 2023-09, Improvements to Income Tax Disclosures, Management has elected to apply the enhanced disclosure requirements of the ASU prospectively. This results in non-comparable rate reconciliation disclosures between the current and prior years. Below is a reconciliation of these differences for the year ended December 31, 2025, followed by a reconciliation of these differences for the years ended December 31, 2024 and 2023:
Year Ended December 31,2025
Tax on income from continuing operations at statutory rate
$(21,213)21.0 %
Changes in expected tax resulting from:
Nondeductible executive compensation2,939 (2.9)%
Other(811)0.8 %
Cross-border tax laws1,286 (1.3)%
Changes in valuation allowance(31,790)31.5 %
Other
Outside basis differences41,712 (41.3)%
Adjust DTA related to intangibles1,497 (1.5)%
Other(440)0.4 %
Domestic state income taxes, net of federal261 (0.3)%
Foreign jurisdictions
United Kingdom
Foreign tax effects(1,228)1.2 %
Change in valuation allowance4,322 (4.3)%
Other(1,746)1.7 %
Tax expense on income from continuing operations
$(5,211)5.2 %
For the year ended December 31, 2025, activity in California, Florida, Illinois, New Jersey, New York state, New York City and New Jersey account for the majority of the amounts in the Domestic state income taxes, net of federal tax effect category.
Year Ended December 31,20242023
Tax on income/(loss) at statutory rate$(12,567)21.0 %$(5,086)21.0 %
State DTA tax rate change4,554 (7.6)%— — %
Tax-exempt interest(4)— %(5)— %
Foreign taxes787 (1.3)%— — %
State income taxes79 (0.1)%411 (1.7)%
Outside basis differences (1)
21,076 (35.2)%— — %
Acquisition costs2,017 (3.4)%1,497 (6.2)%
Changes in valuation allowance (1)
(17,044)28.5 %1,602 (6.6)%
Other178 (0.3)%592 (2.4)%
Tax expense on income from continuing operations
$(924)1.5 %$(989)4.1 %
(1)These amounts have been revised from the amounts previously disclosed to accurately reflect the outside basis difference in the subsidiary held for sale.
Schedule of Net Operating Loss And Tax Credit Carryovers
As of December 31, 2025, the Company has $1,690,842 of U.S. net operating loss carryforwards ("NOLs") that, if not utilized, will begin expiring in 2030. Of the total NOLs $118,910 carry forward indefinitely.
The Company has state net operating loss carryforwards of $231,347 that begin expiring in 2042.
Schedule of Supplemental Cash Flow Information [Table Text Block]
Income taxes paid, net of refunds, exceeds 5% of total income taxes paid, net of refunds, in the following jurisdictions:
Year Ended December 31,202520242023
State
Texas$24 $18 $— 
Foreign
United Kingdom5,528 508 — 
Total$5,552 $526 $—