v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 13,893,234 $ 23,009,955
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 7,896,531 9,942,629
Stock-based compensation 13,226,381 5,842,224
Amortization of debt issuance costs 1,270,929 1,046,835
Unrealized loss (gain) on policies, at fair value 41,958,891 (17,877,480)
Gain on change in fair value of debt 0 (3,362,103)
Loss on change in fair value of warrant liability 0 623,000
Deferred income taxes (1,150,337) 1,720,233
Non-cash interest income (78,205) (317,756)
Non-cash lease expense 594,284 119,315
Non-cash other expense (income) 2,205,337 (1,750,000)
Changes in operating assets and liabilities:    
Accounts receivable (4,729,598) 1,277,555
Accounts receivable, related party (807,034) (6,120,244)
Prepaid expenses and other current assets (886,789) (2,810,783)
Other investments (1,689,489) 0
Other assets (17,058) (7,776)
Accrued expenses (2,452,505) (823,060)
Accrued transaction costs (229,992) 396,123
Contract liabilities, deposits on pending settlement 477,859 (2,427,674)
Income tax payable (2,653,366) 1,953,834
Income tax receivable (3,367,811) 2,276,726
Retrocession fees payable 0 49,500
Net change in life settlement policies, at fair value 43,854,789 2,131,229
Net change in life settlement policies, at cost 918,305 (25,831)
Net cash provided by operating activities 130,946,310 14,511,602
CASH FLOWS FROM INVESTING ACTIVITIES:    
Origination of note receivable 0 (7,000,000)
Acquisition of businesses, net of cash acquired 0 (2,096,021)
Purchase of property and equipment (996,182) (647,321)
Development of intangible assets (1,037,753) 0
Purchase of other investments (39,689,750) (3,000,000)
Purchase of available for sale securities 0 (1,000,000)
Net cash used in investing activities (41,723,685) (13,743,342)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of long term-debt, at fair value 992,387 24,732,253
Payment of discounts and financing costs (682) (374,809)
Repayment of debt (78,339,347) (46,713,206)
Repurchase of common stock (24,359,373) (35,051,781)
Transaction costs 0 (468,128)
Payment of Series A Convertible Preferred dividend (187,500) 0
Shares withheld to satisfy taxes on share-based compensation (2,052,252) 0
Net cash used in financing activities (103,946,767) (57,875,671)
NET DECREASE IN CASH AND CASH EQUIVALENTS (14,724,142) (57,107,411)
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 23,388,190 74,836,871
NON-CASH OPERATING, INVESTING, AND FINANCING ACTIVITIES:    
Non-cash investment in other investments 0 5,000,000
SUPPLEMENTAL DISCLOSURES:    
Interest paid 16,705,594 12,730,004
Income taxes paid, net of refunds 15,282,805 0
Unrealized gain on equity investments 4,739,489 0
Impairment loss on equity investments (3,050,000) 0
Class A Common Stock    
NON-CASH OPERATING, INVESTING, AND FINANCING ACTIVITIES:    
Non-cash issuance of stock 15,616,006 0
Series A Preferred Stock    
NON-CASH OPERATING, INVESTING, AND FINANCING ACTIVITIES:    
Non-cash issuance of stock 0 5,000,000
Related Party    
Adjustments to reconcile net income to net cash used in operating activities:    
Unrealized loss (gain) on policies, at fair value 109,894,860 37,471,037
Non-cash interest expense 868,309 770,579
Changes in operating assets and liabilities:    
Management and performance fee receivable, related party (387,276) 1,122,181
Other current liabilities 757,009 (2,391,239)
Nonrelated Party    
Adjustments to reconcile net income to net cash used in operating activities:    
Non-cash interest expense 0 143,630
Changes in operating assets and liabilities:    
Other current liabilities $ 21,473,912 $ 0