v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 23,388,190 $ 38,112,332
Income taxes receivable 3,778,866 411,055
Prepaid expenses and other current assets 4,533,639 3,646,850
Total current assets 64,639,903 69,572,813
Property and equipment, net 2,345,652 1,597,896
Intangible assets, net 59,750,092 66,360,444
Goodwill 252,779,884 252,779,884
Operating right-of-use assets 12,306,899 4,561,692
Life settlement policies, at fair value 383,044,248 468,857,929
Life settlement policies, at cost 0 918,305
Available-for-sale securities, at fair value; net of allowance for credit losses of $— and $1,245,575 at June 30, 2026 and December 31, 2025 3,186,955 3,108,750
Other investments 73,043,493 18,253,585
Other assets 1,445,878 1,428,820
TOTAL ASSETS 867,730,420 902,240,258
CURRENT LIABILITIES:    
Current portion of long-term debt, at fair value 38,293,580 114,424,000
Current portion of long-term debt 1,500,000 1,500,000
Accrued expenses 8,482,787 10,935,292
Current operating lease liabilities 2,630,892 720,186
Contract liabilities, deposits on pending settlements 647,043 169,184
Accrued transaction costs 2,106,184 2,336,177
Income taxes payable 0 2,653,366
Total current liabilities 91,744,423 148,591,221
Retrocession fees payable 5,361,714 5,361,714
Noncurrent operating lease liabilities 11,066,427 4,637,642
Deferred tax liability 29,063,823 30,214,160
TOTAL LIABILITIES 428,052,994 478,699,328
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 June 30, 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; 10,130,090 and 7,406,118 shares repurchased at June 30, 2026 and December 31, 2025, respectively (80,167,968) (55,808,595)
Additional paid-in capital 542,761,386 515,971,485
Accumulated deficit (27,926,714) (41,632,448)
Noncontrolling interest 0 0
Total stockholders' equity 434,677,426 418,540,930
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY 867,730,420 902,240,258
Class A Common Stock    
STOCKHOLDERS' EQUITY    
Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 107,220,874 and 104,879,752 shares issued at June 30, 2026 and December 31, 2025, respectively 10,722 10,488
Nonrelated Party    
CURRENT ASSETS:    
Accounts receivable 22,812,071 18,082,473
CURRENT LIABILITIES:    
Other current liabilities 16,610,025 15,853,016
Long-term debt, net 275,834,100 275,780,392
Related Party    
CURRENT ASSETS:    
Accounts receivable 10,127,137 9,320,103
Management and performance fee receivable, related party 15,187,416 14,800,140
CURRENT LIABILITIES:    
Other current liabilities 21,473,912 0
Long-term debt, net $ 14,982,507 $ 14,114,199