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LIFE INSURANCE SETTLEMENT POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

Schedule of Life Settlement Contracts, Fair Value Method

Policies Carried at Fair Value—

Remaining Life Expectancy (Years)		Policies				Face Value				Fair Value
0-1			0			$	—			$	—
1-2			10				12,314,000				6,855,769
2-3			11				16,886,778				10,530,949
3-4			10				33,631,467				9,174,200
4-5			13				18,755,193				7,564,469
Thereafter			78				113,618,147				22,560,230
			122			$	195,205,585			$	56,685,617

Schedule of Life Settlement Contracts, Investment Method

Policies accounted for using the investment method—

Remaining Life Expectancy (Years)		Number of Life Insurance Policies				Face Value				Carrying Value
0-1			0			$	—			$	—
1-2			0				—				—
2-3			2				4,400,000				2,131,679
3-4			4				4,100,000				1,281,524
4-5			4				1,362,000				518,736
Thereafter			35				29,658,877				5,957,671
			45			$	39,520,877			$	9,889,610

Estimated premiums to be paid by the Company for its portfolio accounted for using the investment method during each of the five succeeding calendar years and thereafter as of June 30, 2023, are as follows:

2023 remaining		$	1,024,151
2024			1,243,423
2025			1,310,936
2026			1,044,640
Thereafter			3,288,619
Total		$	7,911,769

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- References

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- Definition

Tabular disclosure of life settlement contracts based on the remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate including: (a) the number of life settlement contracts, (b) the carrying value of the life settlement contracts, and (c) the face value (death benefits) of the life insurance policies underlying the contracts.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 325
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481463/325-30-50-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 325
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481463/325-30-50-8

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 325
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481463/325-30-50-8

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- Definition

Tabular disclosure of life settlement contracts based on the remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate including: (a) the number of life settlement contracts, (b) the carrying value of the life settlement contracts, and (c) the face value (death benefits) of the life insurance policies underlying the contracts, and (d) the life insurance premiums anticipated to be paid for each of the five succeeding fiscal years to keep the life settlement contracts in force as of the date of the most recent statement of financial position presented.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 325
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481463/325-30-50-4

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 325
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481463/325-30-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 325
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481463/325-30-50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 325
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481463/325-30-50-5

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