v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
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. The Company evaluates its estimates and judgments on an ongoing basis. The Company bases its
estimates on historical experience and or other relevant assumptions that the Company believes to be reasonable under the circumstances. Actual results may differ materially from management’s estimates.
Fair Value Hierarchy
As of June 30, 2026Level 1Level 2Level 3Total
Assets:
Life settlement policies, at fair value$— $— $383,044,248 $383,044,248 
Total assets held at fair value$— $— $383,044,248 $383,044,248 
Liabilities:
Current portion of long-term debt, at fair value$— $— $38,293,580 $38,293,580 
Total liabilities held at fair value:$— $— $38,293,580 $38,293,580 
Fair Value Hierarchy
As of December 31, 2025Level 1Level 2Level 3Total
Assets:
Life settlement policies, at fair value$— $— $468,857,929 $468,857,929 
Total assets held at fair value$— $— $468,857,929 $468,857,929 
Liabilities:
Current portion of long-term debt, at fair value$— $— $114,424,000 $114,424,000 
Total liabilities held at fair value:$— $— $114,424,000 $114,424,000 
Schedules of Fair Value Measurement Inputs and Valuation Techniques


The following table provides quantitative information about significant unobservable inputs for Level 3 fair value measurements as of June 30, 2026:
Fair ValueValuation TechniqueSignificant Unobservable InputsWeighted AverageRange
Life insurance polices:
$383,044,248 Market multiple
Historical return 1
25.1 %
10.7% —30.2%
Life expectancy (months)40 months
1 month —223 months
Risk score2.23
1 —5
Secured borrowing, at fair value:
$38,293,580 
Discounted cash flow
Discount rate
8.4 %
8.0% — 8.5%
1 The Historical Return increased from 25% for policies held at December 31, 2025 reflecting recent experience.
The following table provides quantitative information about significant unobservable inputs for Level 3 fair value measurements as of December 31, 2025:
Fair ValueValuation TechniqueSignificant Unobservable InputsWeighted AverageRange
Life insurance polices:
$468,857,929 Discounted cash flow with Monte Carlo simulationDiscount rate13 %
13% —15%
Life expectancy (months)45 months
1 month —267 months
Risk score2.16
1 —5
If the historical realized gains increased or decreased by one percentage point and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of June 30, 2026, would be as follows:
Fair ValueChange in
Fair Value
+1%$386,010,608 $2,966,360 
No change383,044,248 — 
-1%$380,077,888 $(2,966,360)
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 June 30, 2026:
CarrierPercentage of
Face Value		Percentage of
Fair Value
Carrier
Rating1
Transamerica15.6%20.8%A
1 Carrier ratings are based on AM Best ratings.
Schedules of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a rollforward of the fair value of life insurance policies for the three and six months ended June 30, 2026 and June 30, 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Balance, beginning of period$392,770,863 $446,207,963 $468,857,929 $370,398,447 
Policies purchased1
181,010,442 99,674,578 337,749,491 205,307,659 
Sold/matured policies2
(183,983,451)(150,591,831)(381,604,280)(207,427,913)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Unrealized (loss) gain on held policies, net of the reversal of prior quarter unrealized gain on policies sold or matured(6,753,606)(9,146,012)(41,958,892)17,866,505 
Balance, end of period$383,044,248 $386,144,698 $383,044,248 $386,144,698 
1 Policies purchased represents life insurance policies purchased during the period.
2 Matured/sold policies represents life insurance policies held at the beginning of the period and those purchased during the period that also matured or were sold within the period.
The following table provides a reconciliation of revenue from life insurance policies held using the fair value method for the three and six months ended June 30, 2026 and June 30, 2025:

Three Months Ended June 30,Six Months Ended June 30,
Gains or losses recognized in life solutions revenue in the consolidated statements of operations and comprehensive income:
2026202520262025
Realized gain on sold/matured policies$76,700,160 $63,712,680 $169,594,872 $78,843,443 
Premiums paid(8,370,581)(8,780,431)(18,047,329)(17,088,504)
Unrealized (loss) gain on held policies, net of the reversal of prior quarter unrealized gain on policies sold or matured(6,753,606)(9,146,012)(41,958,892)17,866,505 
Change in estimated fair value (Revenue from life insurance policies held using the fair value method)$61,575,973 $45,786,237 $109,588,651 $79,621,444