v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedules of Fair Value Measurements, Recurring and Nonrecurring The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below.
Fair Value Hierarchy
As of March 31, 2025Level 1Level 2Level 3Total
Assets:
Life settlement policies$— $— $446,207,963 $446,207,963 
Available-for-sale securities, at fair value— — 2,743,338 2,743,338 
Total assets held at fair value$— $— $448,951,301 $448,951,301 
Liabilities:
Current portion of long-term debt, at fair value$— $— $117,094,610 $117,094,610 
Private placement warrants— — 14,151,000 14,151,000 
Total liabilities held at fair value:$— $— $131,245,610 $131,245,610 
Fair Value Hierarchy
As of December 31, 2024Level 1Level 2Level 3Total
Assets:
Life settlement policies$— $— $370,398,447 $370,398,447 
Available-for-sale securities, at fair value— — 2,205,904 2,205,904 
Total assets held at fair value$— $— $372,604,351 $372,604,351 
Liabilities:
Current portion of long-term debt, at fair value$— $— $37,430,336 $37,430,336 
Long-term debt, at fair value— — 105,120,100 105,120,100 
Private placement warrants— — 9,345,000 9,345,000 
Total liabilities held at fair value$— $— $151,895,436 $151,895,436 
Schedules of Fair Value Measurement Inputs and Valuation Techniques If the discount rate increased or decreased by two percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of March 31, 2025, would be as follows:
Rate AdjustmentFair ValueChange in
Fair Value
+2%$417,791,669 $(28,416,294)
No change446,207,963 
-2%478,861,553 32,653,590 
The following table presents the key assumptions in the analysis as of the Merger Closing Date:
Private Placement Warrants
Expected implied volatilityde minimis
Risk-free interest rate4.09%
Term to expiration5.0 years
Exercise price$11.50
Common Stock Price$10.03
Dividend Yield—%
Schedules of Concentration of Risk, by Risk Factor The following table provides information about the life insurance issuer concentrations that exceed 10% of total face value or 10% of total fair value of the Company’s life insurance policies as of March 31, 2025:
CarrierPercentage of
Face Value		Percentage of
Fair Value		Carrier
Rating
Lincoln National Life Insurance Company13.1 %13.8 %A
Transamerica10.4 %13.0 %A
John Hancock Life Insurance Company (U.S.A.)12.8 %10.9 %A+
Schedules of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a roll forward of the fair value of life insurance policies for the three months-ended March 31, 2025:
Fair value at December 31, 2024$370,398,447 
Policies purchased105,633,081 
Realized gain on matured/sold policies(15,130,764)
Realized gain on matured/sold policies15,130,764 
Premiums paid(8,308,073)
Unrealized gain on held policies27,012,517 
Change in estimated fair value33,835,208 
Matured/sold policies(56,836,082)
Premiums paid8,308,073 
Fair value at March 31, 2025$446,207,963 
Schedules of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a roll forward of the fair value of the outstanding debt for the three months ended March 31, 2025:
Fair value at December 31, 2024$142,550,436 
Debt issued to third parties16,189,871 
Repayment of debt(38,415,464)
Unrealized loss on change in fair value (risk-free)(3,362,103)
Change in estimated fair value of debt(3,362,103)
LMA Income Series, LP excess return accrual117,616 
Deferred issuance costs and discounts14,254 
Fair value at March 31, 2025$117,094,610