RELATED-PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS As of March 31, 2025 and December 31, 2024, $1,666,047 and $1,527,062, respectively, was due from affiliates. The majority of the due from affiliates amount represents transaction costs incurred by the Company related to the formation of an investment fund being registered under the Investment Company Act of 1940 that will be reimbursed upon regulatory approval and effectiveness of the investment fund and subsequent sale of shares in the investment fund. The Sponsor PIK Note for $12,905,174 is also recorded as a related party transaction given the relationship between the Sponsor and the Company. Refer to Note 14 Long-Term Debt for more information. Life policy sales to or purchases from the Carlisle Funds are considered related party activity. In addition, management and performance fee receivables from the Carlisle Funds are considered related party receivables. As of Mar 31, 2025, the Company had $6,062,598 and $14,037,322 current and noncurrent related party receivables due from the Carlisle Funds, respectively. As of December 31, 2024, the Company had $6,772,072 and $13,379,301 current and noncurrent related party receivables due from the Carlisle Funds, respectively. As of March 31, 2025, and December 31, 2024, there were $467,957 and $337,840, respectively, owed by the Carlisle Funds for portfolio servicing related activities, which are included as related-party receivables in the consolidated balance sheets. For three months ended March 31, 2025 and 2024, the Company recognized $901,346 and $— in realized gains from life policy sales to the Carlisle Funds, respectively. For three months ended March 31, 2025 and 2024, the Company recognized $326,487 and $— in servicing revenue from the Carlisle Funds, respectively. The Company has a related-party relationship with Nova Trading (US), LLC (“Nova Trading”), a Delaware limited liability company and Nova Holding (US) LP, a Delaware limited partnership (“Nova Holding” and collectively with Nova Trading, the “Nova Funds”). The Company earned servicing revenue related to policy and administrative services on behalf of the Nova Funds. The servicing fee was equal to fifty basis points (0.50%) times the monthly invested amount in policies held by Nova Funds divided by 12. The Company earned $— and $213,447 in servicing revenue related to the Nova Funds for the three months ended March 31, 2025 and 2024, respectively.
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