v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 7,266,192 $ 5,399,026
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 3,934,086 4,758,546
Stock-based compensation 6,343,401 2,355,396
Amortization of debt issuance costs 864,351 494,130
Unrealized gain on other investments 0 (272,254)
Unrealized loss (gain) on policies, at fair value 35,205,286 (27,012,517)
Gain on change in fair value of debt 0 (3,362,103)
Loss on change in fair value of warrant liability 0 4,806,000
Deferred income taxes (2,673,302) 1,407,048
Non-cash interest income (38,859) (37,434)
Non-cash lease (benefit) expense 178,088 (71,554)
Changes in operating assets and liabilities:    
Accounts receivable 5,822,336 9,534,488
Accounts receivable, related party (3,977,806) (399,166)
Prepaid expenses and other current assets (1,806,206) (544,528)
Other Investments (2,350,000) 0
Other assets (10,641) 273,951
Accrued expenses (3,788,419) (3,382,784)
Accrued transaction costs (135,479) (483,206)
Contract liabilities, deposits on pending settlement 597,344 (1,873,248)
Other current liabilities (1,760,134) (5,589,233)
Income tax payable 6,113,984 0
Income tax receivable 314,833 152,945
Retrocession fees payable 0 49,500
Due from affiliates 0 (138,985)
Net change in life settlement policies, at fair value 40,881,780 (48,796,999)
Net change in life settlement policies, at cost (13,048) (12,889)
Net cash provided by (used in) operating activities 91,686,413 (61,590,694)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (133,891) (224,371)
Purchase of intangible assets (747,851) (15,032)
Purchase of other investments (50,000) (3,000,000)
Purchase of available for sale securities 0 (500,000)
Net cash used in investing activities (931,742) (3,739,403)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of long term debt 744,367 16,189,871
Payment of discounts and financing costs (682) (156,793)
Common stock issuance transaction costs 0 (470,068)
Repurchase of common stock (14,453,988) 0
Payment of Series A Convertible Preferred dividend (93,750) 0
Net cash used in financing activities (91,657,256) (22,852,454)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (902,585) (88,182,551)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 38,112,332 131,944,282
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 37,209,747 43,761,731
NON-CASH OPERATING, INVESTING, AND FINANCING ACTIVITIES:    
Non-cash investment in other investments 0 5,000,000
Non-cash issuance of series A convertible preferred stock 0 5,000,000
SUPPLEMENTAL DISCLOSURES:    
Interest paid 9,167,637 5,372,786
Unrealized gain on equity investments 5,400,000 0
Impairment loss on equity investments (3,050,000) 0
Related Party    
Adjustments to reconcile net income to net cash used in operating activities:    
Unrealized loss (gain) on policies, at fair value 67,637,417  
Non-cash interest expense 427,674 379,539
Changes in operating assets and liabilities:    
Management and performance fee receivable, related party 290,952 658,021
Nonrelated Party    
Adjustments to reconcile net income to net cash used in operating activities:    
Non-cash interest expense 0 117,616
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of debt $ (77,853,203) $ (38,415,464)