BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

The following table presents the fair value of the assets acquired and the liabilities assumed in connection with the business combination.


Net Assets Identified	Fair Value
Intangibles	$	51,700,000
Current Assets	9,570,953
Management and performance fee receivable, related party	13,914,055
Non-Current Assets	4,080,820
Deferred Tax Liabilities	(12,893,980)
Accrued Expenses	(6,325,921)
Other Liabilities	(8,091,962)
Net assets acquired	51,953,965
Goodwill	93,745,891
Total purchase price	$	145,699,856

The following table presents the fair value of the assets acquired and the liabilities assumed in connection with the business combination.


Net Assets Identified	Fair Value
Intangibles	$	5,300,000
Current Assets	575,212
Deferred Tax Liabilities	(116,313)
Accrued Expenses	(225,515)
Net assets acquired	5,533,384
Goodwill	4,620,119
Total purchase price	$	10,153,503

Schedule of Intangible Assets Acquired

Intangible assets were comprised of the following:


Asset Type	Fair Value		Useful Life	Valuation Methodology
Management agreements	$	47,400,000	3 - 8 years	Multi-period excess earnings method
Trade Name	2,000,000		10 years	Relief from royalty method
Non-Compete Agreements	2,300,000		3 years	With and without method
Total Fair Value	$	51,700,000

Intangible assets were comprised of the following:


Asset Type	Fair Value		Useful Life	Valuation Methodology
Customer Relationships - Investment Advisory Agreements	$	3,800,000	3 years	Multi-period excess earnings method
Non-Compete Agreements	1,100,000		1 year	With and without method
Internally Developed and Used Technology	400,000		3 years	Relief from royalty method
Total Fair Value	$	5,300,000

Schedule of Pro Forma Financial Information

The supplemental pro forma financial information in the table below summarizes the combined results of operations for the Business Combination as if the Companies were combined for both reporting periods. The unaudited supplemental pro forma financial information as presented below is for illustrative purposes only and does not purport to represent what the results of operations would actually have been if the business combinations occurred as of the date indicated or what the results would be for any future

periods. There were no acquisition-related costs or related intangible amortization included in the unaudited pro forma results below.


	Unaudited For The Three Months Ended March 31,
	2024
Proforma revenue	$	28,350,683
Proforma net income	758,559