REVENUES (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Revenue from Contract with Customer [Abstract] |
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| Schedule of Disaggregation of Revenue |
The disaggregation of the Company’s revenue by major sources is as follows: | | | | | | | | | | | | | Three Months Ended | | March 31, 2025 | | March 31, 2024 | | Asset management: | | | | | Related party asset management fees | $ | 6,698,201 | | | $ | — | | | Asset management fees | 729,010 | | | — | | | Related party serving revenue | 326,487 | | | 185,185 | | | Portfolio servicing revenue | 19,379 | | | 32,750 | | | Total asset management revenue | 7,773,077 | | | 217,935 | | | Life solutions: | | | | | Realized and unrealized gains from life insurance policies held using the fair value method | 32,933,861 | | | 12,337,726 | | | Related party realized gains from life insurance policies held using the fair value method | 901,346 | | | — | | | Fee-based services | — | | | 6,959,273 | | | Investment income from life insurance policies held using the investment method | — | | | 500,000 | | | | | | | | | | | | | | | Originations | 2,463,450 | | | 1,472,250 | | | Total life solutions revenue | 36,298,657 | | | 21,269,249 | | | Technology services: | | | | | Technology services | 67,612 | | | — | |
| | | | | | | | | | | | | Three Months Ended | | March 31, 2025 | | March 31, 2024 | | Total technology services revenue | 67,612 | | | — | | | Total revenue | $ | 44,139,346 | | | $ | 21,487,184 | |
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| Schedule of Asset Management Related Balances |
The Company has the following asset management related balances recorded within the following accounts in the consolidated balance sheets: | | | | | | | | | | | | | Balance Sheet Account | March 31, 2025 | | December 31, 2024 | | Management and Performance Fee Receivables: | | | | | Accounts receivable, related party | $ | 4,772,620 | | | $ | 6,772,073 | | | Management and performance fee receivable, related party | 14,037,322 | | | 13,379,301 | | | Total management and performance fee receivables | $ | 18,809,942 | | | $ | 20,151,374 | | | Retrocession Fee Payable: | | | | | Other current liabilities | $ | 2,209,621 | | | $ | 3,216,639 | | | Retrocession fees payable | 5,361,714 | | | 5,312,214 | | | Total retrocession fee payable | $ | 7,571,335 | | | $ | 8,528,853 | |
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| Schedule of Contract Liabilities |
The balances of contract liabilities arising from originated contracts with customers were as follows: | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | Contract liabilities, deposits on pending settlements | $ | 600,295 | | | $ | 2,473,543 | | | Total contract liabilities | $ | 600,295 | | | $ | 2,473,543 | |
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