v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 37,209,747 $ 38,112,332
Income taxes receivable 96,224 411,055
Prepaid expenses and other current assets 5,453,056 3,646,850
Total current assets 68,317,073 69,572,813
Property and equipment, net 1,621,754 1,597,896
Intangible assets, net 63,284,242 66,360,444
Goodwill 252,779,884 252,779,884
Operating right-of-use assets 10,339,573 4,561,692
Life settlement policies, at fair value 392,770,863 468,857,929
Life settlement policies, at cost 931,353 918,305
Available-for-sale securities, at fair value; net of allowance for credit losses of $1,245,575 at March 31, 2026 and December 31, 2025 3,147,609 3,108,750
Other investments 20,653,585 18,253,585
Other assets 1,439,461 1,428,820
TOTAL ASSETS 829,794,585 902,240,258
CURRENT LIABILITIES:    
Current portion of long-term debt, at fair value 0 114,424,000
Current portion of long-term debt 1,500,000 1,500,000
Accrued expenses 7,146,873 10,935,292
Current operating lease liabilities 1,327,873 720,186
Contract liabilities, deposits on pending settlements 766,528 169,184
Accrued transaction costs 2,200,698 2,336,177
Other current liabilities 14,092,882 15,853,016
Income taxes payable 8,767,351 2,653,366
Total current liabilities 35,802,205 148,591,221
Long-term debt, at fair value 38,156,705 0
Retrocession fees payable 5,361,714 5,361,714
Noncurrent operating lease liabilities 9,985,924 4,637,642
Deferred tax liability 27,540,858 30,214,160
Warrant liability 0 0
TOTAL LIABILITIES 407,191,800 478,699,328
COMMITMENTS AND CONTINGENCIES (Note 12)
MEZZANINE EQUITY    
Series A convertible preferred stock, $0.0001 par value; 5,000 shares authorized; 5,000 shares issued and outstanding at March 31, 2026 and December 31, 2025 5,000,000 5,000,000
STOCKHOLDERS' EQUITY    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 5,000 shares issued and outstanding 0 0
Treasury stock - at cost; 9,055,830 and 7,406,118 shares repurchased at March 31, 2026 and December 31, 2025, respectively (70,262,583) (55,808,595)
Additional paid-in capital 522,314,870 515,971,485
Accumulated deficit (34,460,006) (41,632,448)
Noncontrolling interest 0 0
Total stockholders' equity 417,602,785 418,540,930
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY 829,794,585 902,240,258
Class A Common Stock    
STOCKHOLDERS' EQUITY    
Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 105,039,246 and 104,879,752 shares issued at March 31, 2026 and December 31, 2025, respectively 10,504 10,488
Nonrelated Party    
CURRENT ASSETS:    
Accounts receivable 12,260,137 18,082,473
CURRENT LIABILITIES:    
Long-term debt, net 275,802,521 275,780,392
Related Party    
CURRENT ASSETS:    
Accounts receivable 13,297,909 9,320,103
Management and performance fee receivable, related party 14,509,188 14,800,140
CURRENT LIABILITIES:    
Long-term debt, net $ 14,541,873 $ 14,114,199