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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 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 June 30, 2023		Level 1				Level 2				Level 3				Total
Assets:
Life settlement policies		$	—			$	—			$	56,685,617			$	56,685,617
Available-for-sale securities, at fair value			—				—				1,000,000				1,000,000
Other investments			—				—				1,600,000				1,600,000
S&P 500 options			1,794,640				—				—				1,794,640
Other assets			7,246				—				—				7,246
Total assets held at fair value		$	1,801,886			$	—			$	59,285,617			$	61,087,503
Liabilities:
Long-term debt		$	—			$	—			$	66,165,396			$	66,165,396
Private placement warrants			—				—				2,438,600				2,438,600
Total liabilities held at fair value:		$	—			$	—			$	68,603,996			$	68,603,996

		Fair Value Hierarchy
As of December 31, 2022		Level 1				Level 2				Level 3				Total
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 options			890,829				—				—				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 June 30, 2023, would be as follows:

As of June 30, 2023 Rate Adjustment		Fair Value				Change in Fair Value
									+2%		$	53,987,508			$	(2,698,109	)
No change			56,685,617
-2%			59,857,879				3,172,262

The following table presents the key assumptions in the analysis:

		Private Placement Warrants
Expected implied volatility			de minimis
Risk-free interest rate			4.09	%
Term to expiration			5.0 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 June 30, 2023:

Carrier		Percentage of Face Value				Percentage of Fair Value				Carrier Rating
American General Life Insurance Company			14.0	%			11.0	%			A
ReliaStar Life Insurance Company			6.0	%			12.0	%			A
Lincoln National Life Insurance Company			14.0	%			12.0	%			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 six months-ended June 30, 2023:

Fair value at December 31, 2022		$	13,809,352
Policies purchased			58,543,580
Realized gain (loss) on matured/sold policies			1,898,958
Premiums paid			(879,462	)
Unrealized gain(loss) on held policies			3,319,588
Change in estimated fair value			4,339,084
Matured/sold policies			(20,885,861	)
Premiums paid			879,462
Fair value at June 30, 2023		$	56,685,617

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 six months ended June 30, 2023:

Fair value at December 31, 2022		$	28,249,653
Debt issued to third parties			35,209,825
Unrealized loss on change in fair value (risk-free)			2,398,662
Unrealized gain on change in fair value (credit-adjusted)			307,256
Change in estimated fair value			2,705,918
Fair value at June 30, 2023		$	66,165,396

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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