v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill by reportable segments were as follows:
Reportable SegmentDecember 31, 2024AdditionsAdjustmentsMarch 31, 2025
Life Solutions$139,930,190 $— $— $139,930,190 
Asset Management98,366,010 — — 98,366,010 
Total$238,296,200 $— $— $238,296,200 
Schedule of Finite-Lived Intangible Assets
Intangible Assets acquired comprised of the following:
Asset TypeFair ValueUseful LifeValuation Methodology
Management agreements$47,400,000 
4 - 8 years
Multi-period excess-earnings method
Customer relationships27,400,000 
3 - 8 years
Multi-period excess-earnings method
Non-compete agreements7,400,000 
1 - 3 years
With or Without Method
Internally developed and used technology2,100,000 
2 - 3 years
Replacement Cost Method
Trade Name2,000,000 10 yearsRelief from Royalty Method
State Insurance Licenses2,700,000 IndefiniteReplacement Cost Method
Trade Name900,000 IndefiniteRelief from Royalty Method
Total$89,900,000 
Intangible assets and related accumulated amortization as of March 31, 2025 are as follows:
Gross Value Accumulated AmortizationNet Book Value
Definite-Lived Intangible Assets:
Management agreements$47,400,000 $2,779,205 $44,620,795 
Customer relationships27,400,000 7,238,472 20,161,528 
Non-compete agreements7,400,000 4,122,223 3,277,777 
Internally developed and used technology2,100,000 1,502,777 597,223 
Trade Name2,000,000 66,668 1,933,332 
Total$86,300,000 $15,709,345 $70,590,655 
Indefinite-Lived Intangible Assets:
State Insurance Licenses$2,700,000 $— $2,700,000 
Trade Name900,000 — 900,000 
Total$89,900,000 $15,709,345 $74,190,655 
Schedule of Indefinite-Lived Intangible Assets
Intangible Assets acquired comprised of the following:
Asset TypeFair ValueUseful LifeValuation Methodology
Management agreements$47,400,000 
4 - 8 years
Multi-period excess-earnings method
Customer relationships27,400,000 
3 - 8 years
Multi-period excess-earnings method
Non-compete agreements7,400,000 
1 - 3 years
With or Without Method
Internally developed and used technology2,100,000 
2 - 3 years
Replacement Cost Method
Trade Name2,000,000 10 yearsRelief from Royalty Method
State Insurance Licenses2,700,000 IndefiniteReplacement Cost Method
Trade Name900,000 IndefiniteRelief from Royalty Method
Total$89,900,000 
Intangible assets and related accumulated amortization as of March 31, 2025 are as follows:
Gross Value Accumulated AmortizationNet Book Value
Definite-Lived Intangible Assets:
Management agreements$47,400,000 $2,779,205 $44,620,795 
Customer relationships27,400,000 7,238,472 20,161,528 
Non-compete agreements7,400,000 4,122,223 3,277,777 
Internally developed and used technology2,100,000 1,502,777 597,223 
Trade Name2,000,000 66,668 1,933,332 
Total$86,300,000 $15,709,345 $70,590,655 
Indefinite-Lived Intangible Assets:
State Insurance Licenses$2,700,000 $— $2,700,000 
Trade Name900,000 — 900,000 
Total$89,900,000 $15,709,345 $74,190,655 
Schedule of Estimated Annual Amortization for Intangible Assets
Estimated future amortization of definite-lived intangible assets as of March 31, 2025 is as follows:
2025 remaining$12,407,797 
202614,615,953 
202714,418,731 
202810,974,703 
20297,384,286 
Thereafter10,789,185 
Total$70,590,655