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RELATED-PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
RELATED-PARTY TRANSACTIONS RELATED-PARTY TRANSACTIONS
The Sponsor PIK Note payable of $14,982,507 is recorded as a related-party transaction given the relationship between the Sponsor and the Company. Refer to Note 14, Long-Term Debt for more information.
Life policy sales to the Carlisle Funds, LP Funds, and the Securitized Entity are considered related party activity. Life policy purchases from the Carlisle or LP Funds are also considered related party activity. In addition, management fees, performance fees, servicing fees and certain expense reimbursement from the Carlisle Funds, LP Funds, and Securitized Entity are considered related party transactions. The servicing fee charged to the Carlisle Funds, LP Funds, and Securitized Entity is $1,000 per policy per year, $996 per policy per year, and 100 basis points of the value of the collateral pool per year, respectively. The Company charges a management fee to the Carlisle and LP funds that range between fifty and two hundred basis points of AUM divided by 12.
As of June 30, 2026, the Company had $10,127,137 and $15,187,416 current and noncurrent related party receivables due from the related party funds, respectively. As of December 31, 2025, the Company had $9,320,103 and $14,800,140 current and noncurrent related party receivables due from related party funds, respectively. As of June 30, 2026, the current related-party receivable balance was mainly comprised of $6,653,641 from the Carlisle Funds related to management fees. As of December 31, 2025,
the current related-party receivable balance was mainly comprised of $6,718,903 and $2,055,170 from the Carlisle Funds related to management fees and policy sales, respectively. All noncurrent related party receivables are due from the Carlisle Funds.

As of June 30, 2026, the Company had $21,473,912 related party payables due to related party funds. The Company had no related party payables as of December 31, 2025. The related party payables were related to policy purchases from the Carlisle Funds.
The Company may at times purchase life policies with different risk characteristics and risk profiles from the Carlisle Funds or LP Funds. For the three and six months ended June 30, 2026, the Company purchased life settlement policies for $21,250,000 and $22,075,366, respectively, from the Carlisle Funds. For the three and six months ended June 30, 2025, the Company paid $2,535,875 to acquire policies from the Carlisle Funds. For the three and six months ended June 30, 2026 and 2025, the Company did not acquire policies from the LP Funds.
For the three and six months ended June 30, 2026 and 2025, the Company recognized asset management fees from the related party funds as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Carlisle Funds$4,296,282 $6,700,984 $10,062,466 $13,399,185 
LP Funds1,316,660 — 2,206,940 — 
Total$5,612,942 $6,700,984 $12,269,406 $13,399,185 

For the three and six months ended June 30, 2026 and 2025, the Company recognized net revenue from life insurance policy sales from the related party funds as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Carlisle Funds$159,130 $16,175,271 $347,095 $17,076,617 
LP Funds11,345,670 — 27,708,326 — 
Total$11,504,800 $16,175,271 $28,055,421 $17,076,617 
For the three months ended June 30, 2026 and 2025, the Company recognized $11,504,800 and $16,175,271 in net revenue from life policy sales to the Carlisle and LP Funds, respectively. The $11,504,800 revenue for the three months ended June 30, 2026 was a result of realized gains on sales of $56,113,827, offset by the reversals of prior period unrealized gains of $42,257,443 and premiums paid during the period of $2,351,584. The revenue of $16,175,271 for the three months ended June 30, 2025 was a result of realized gains on sales of $53,687,040, offset by the reversals of prior period unrealized gains of $35,975,318 and premiums paid during the period of $1,536,451.

For the six months ended June 30, 2026 and 2025, the Company recognized $28,055,421 and $17,076,617 in net revenue from life policy sales to the Carlisle and LP Funds, respectively. The $28,055,421 in net revenue for the six months ended June 30, 2026 was a result of realized gains on sales of $144,045,473, offset by the reversals of prior period unrealized gains of $109,894,860 and premiums paid during the period of $6,095,192. The revenue of $17,076,617 for the six months ended June 30, 2025 was a result of realized gains on sales of $56,153,818, offset by the reversals of prior period unrealized gains of $37,471,037 and premiums paid during the period of $1,606,164.

For the three months ended June 30, 2026 and 2025, the Company recognized $826,350 and $454,065 in servicing revenue from related parties, respectively. For the six months ended June 30, 2026 and 2025,
the Company recognized $1,586,587 and $780,552 in servicing revenue from related parties, respectively.

Refer to Note 10, Consolidation of Variable Interests for additional information on consolidation considerations for the Carlisle Funds, LP Funds, and Securitization Entity. Refer to Note 2, Summary of Significant Accounting Policies within the 2025 Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for additional information discussing the Company’s revenue recognition polices for transactions with the Carlisle Funds, LP Funds, and Securitization Entity.