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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
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.
Fair Value Hierarchy
As of September 30, 2023Level 1Level 2Level 3Total
Assets:
Life settlement policies$— $— $83,585,374 $83,585,374 
Available-for-sale securities, at fair value— — 1,000,000 1,000,000 
Other investments— — 1,650,000 1,650,000 
S&P 500 options1,494,744 — — 1,494,744 
Other assets998,469 — — 998,469 
Total assets held at fair value$2,493,213 $— $86,235,374 $88,728,587 
Liabilities:
Long-term debt$— $— $59,544,907 $59,544,907 
Private placement warrants— — 3,382,000 3,382,000 
Total liabilities held at fair value:$— $— $62,926,907 $62,926,907 
Fair Value Hierarchy
As of December 31, 2022Level 1Level 2Level 3Total
Assets:
Life settlement policies$— $— $13,809,352 $13,809,352 
Available-for-sale securities, at fair value— — 1,000,000 1,000,000 
Other investments— — 1,300,000 1,300,000 
S&P 500 options890,829 — — 890,829 
Total assets held at fair value$890,829 $— $16,109,352 $17,000,181 
Liabilities:
Long-term debt$— $— $28,249,653 $28,249,653 
Total liabilities held at fair value:$— $— $28,249,653 $28,249,653 
Fair Value Measurement Inputs and Valuation Techniques If the discount rate increased or decreased by 2 percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of September 30, 2023, would be as follows:
As of September 30, 2023Fair ValueChange in
Fair Value
Rate Adjustment
+2%$78,288,612 $(5,296,762)
No change83,585,374 
-2%89,102,871 5,517,497 
The following table presents the key assumptions in the analysis:
Private Placement Warrants
Expected implied volatilityde minimis
Risk-free interest rate4.09%
Term to expiration5.0 years
Exercise price$11.50
Common Stock Price$10.03
Dividend Yield—%
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 September 30, 2023:
CarrierPercentage of
Face Value		Percentage of
Fair Value		Carrier
Rating
American General Life Insurance Company11.0 %13.0 %A+
 Transamerica 14.0 %16.0 %A
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a roll forward of the fair value of life insurance policies for the nine months-ended September 30, 2023:
Fair value at December 31, 2022$13,809,352 
Policies purchased116,053,728 
Realized gain (loss) on matured/sold policies9,688,422 
Premiums paid(2,500,623)
Unrealized gain(loss) on held policies14,259,665 
Change in estimated fair value21,447,464 
Matured/sold policies(70,225,793)
Premiums paid2,500,623 
Fair value at September 30, 2023$83,585,374 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a roll forward of the fair value of the issued notes for the nine months ended September 30, 2023:
Fair value at December 31, 2022$28,249,653 
Debt issued to third parties88,618,714 
Unrealized loss on change in fair value (risk-free)309,865 
Unrealized loss on change in fair value (credit-adjusted) included in OCI1,635,596 
Change in estimated fair value resulted into gain1,945,461 
Fair value at September 30, 2023$118,813,828