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LIFE SETTLEMENT POLICIES | 9 Months Ended
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Sep. 30, 2025
Investments, All Other Investments [Abstract] |
LIFE SETTLEMENT POLICIES | LIFE SETTLEMENT POLICIES As of September 30, 2025, the Company held 522 life settlement policies, of which 519 were accounted for using the fair value method and 3 were accounted for using the investment method (cost, plus premiums paid). Aggregate face value of policies held at fair value was $1,088,699,219 as of September 30, 2025, with a corresponding fair v alue of $423,782,347. The aggregate face value of policies accounted for using the investment method was $1,625,000 as of September 30, 2025, with a corresponding carrying value of $905,349. Differences between the face value and the net death benefit of certain policies is due to return of premium policies offset by loans on policies. As of December 31, 2024, the Company held 719 life settlement policies, of which 714 were accounted for under the fair value method and 5 were accounted for using the investment method (cost, plus premiums paid). The aggregate face value of policies held at fair value was $1,295,788,355 as of December 31, 2024, with a corresponding fair value of $370,398,447. The aggregate face value of policies accounted for using the investment method was $2,225,000 as of December 31, 2024, with a corresponding carrying value of $1,083,977. At September 30, 2025, the Company did not have any contractual restrictions on its ability to sell policies, including those held as collateral for the issuance of long-term debt. Refer to Note 14 Long-Term Debt for further details. Life expectancy reflects the probable number of years remaining in the life of a class of persons determined statistically, affected by such factors as heredity, physical condition, nutrition, and occupation. It is not an estimate or an indication of the actual expected maturity date or indication of the timing of expected cash flows from death benefits. There were no significant changes in the Company’s expectation of the timing of the realization of revenues related to life settlement policies. Refer to Note 13 Fair Value Measurements for significant changes to the amounts disclosed related to life settlement policies. Policies Carried at Fair Value: The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of September 30, 2025:
Remaining Life Expectancy (Years) |  | Policies |  | Face Value |  | Net Death Benefit |  | Fair Value
0-1 |  | 15 |  | $ | 14,458,593 |  |  | $ | 14,458,593 |  |  | $ | 11,893,299 |
1-2 |  | 57 |  | 145,683,072 |  |  | 142,652,412 |  |  | 97,060,304 |
2-3 |  | 80 |  | 161,388,535 |  |  | 170,418,237 |  |  | 99,190,624 |
3-4 |  | 52 |  | 104,601,401 |  |  | 95,635,489 |  |  | 46,762,921 |
4-5 |  | 52 |  | 103,532,333 |  |  | 97,675,901 |  |  | 38,019,637 |
Thereafter |  | 263 |  | 559,035,285 |  |  | 559,037,863 |  |  | 130,855,562 |
Total |  | 519 |  | $ | 1,088,699,219 |  |  | $ | 1,079,878,495 |  |  | $ | 423,782,347 |
The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of December 31, 2024:
Remaining Life Expectancy (Years) |  | Policies |  | Face Value |  | Net Death Benefit |  | Fair Value
0-1 |  | 8 |  | $ | 8,200,000 |  |  | $ | 8,200,000 |  |  | $ | 6,415,589 |
1-2 |  | 21 |  | 24,726,449 |  |  | 24,728,852 |  |  | 16,167,043 |
2-3 |  | 58 |  | 89,623,722 |  |  | 84,066,291 |  |  | 50,294,452 |
3-4 |  | 81 |  | 151,798,792 |  |  | 149,547,429 |  |  | 70,654,605 |
4-5 |  | 68 |  | 124,251,322 |  |  | 124,954,767 |  |  | 49,505,201 |
Thereafter |  | 478 |  | 897,188,070 |  |  | 882,997,005 |  |  | 177,361,557 |
Total |  | 714 |  | $ | 1,295,788,355 |  |  | $ | 1,274,494,344 |  |  | $ | 370,398,447 |
Policies Accounted for Using the Investment Method: The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of September 30, 2025:
Remaining Life Expectancy (Years) |  | Policies |  | Face Value |  | Net Death Benefit |  | Carrying Value
4-5 |  | 1 |  | $ | 750,000 |  |  | $ | 750,000 |  |  | $ | 434,642 |
Remaining Life Expectancy (Years) |  | Policies |  | Face Value |  | Net Death Benefit |  | Carrying Value
Thereafter |  | 2 |  | 875,000 |  |  | 898,307 |  |  | 470,707 |
Total |  | 3 |  | $ | 1,625,000 |  |  | $ | 1,648,307 |  |  | $ | 905,349 |
The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of December 31, 2024:
Remaining Life Expectancy (Years) |  | Policies |  | Face Value |  | Net Death Benefit |  | Carrying Value
4-5 |  | 1 |  | $ | 750,000 |  |  | $ | 750,000 |  |  | $ | 405,331 |
Thereafter |  | 4 |  | 1,475,000 |  |  | 1,499,207 |  |  | 678,646 |
Total |  | 5 |  | $ | 2,225,000 |  |  | $ | 2,249,207 |  |  | $ | 1,083,977 |
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 September 30, 2025, are as follows:
2025 remaining | $ | 12,956 |
2026 | 50,227 |
2027 | 45,384 |
2028 | 11,946 |
Total | $ | 120,513 |
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 December 31, 2024, are as follows:
2025 | $ | 38,078 |
2026 | 55,123 |
2027 | 56,213 |
2028 | 29,756 |
2029 | 6,337 |
Thereafter | 8,394 |
Total | $ | 193,901 |
The Company is required to pay premiums to keep its portion of life insurance policies in force. The estimated total future premium payments could increase or decrease significantly to the extent that actual mortalities of insureds differ from the estimated life expectancies. For policies accounted for under the investment method, the Company has not been made aware of information causing a material change to assumptions relating to the timing of realization of life insurance settlement proceeds that would impact the carrying value of policies.

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- Definition The entire disclosure for life settlement contracts including the accounting policy for life settlement contracts and the classification of cash receipts and cash disbursements in the statement of cash flows and, as applicable, for (1) life settlement contracts accounted for under the investment method 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: (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, (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, (e) the nature of the information that causes the Entity to change its expectations on the timing of the realization of proceeds from the investments in life settlement contracts and the related effect on the timing of the realization of proceeds from the life settlement contracts and for (2) life settlement contracts accounted for under the fair value method, disclosure would include, based on 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: (a) the number of life settlement contracts, (b) the carrying value of the life settlement contracts, (c) the face value (death benefits) of the life insurance policies underlying the contracts, (d) the reasons for changes in the Entity's expectation of the timing of the realization of the investments in life settlement contracts, and (e) (i) the gains or losses recognized during the period on investments sold during the period and (ii) the unrealized gains or losses recognized during the period on investments that are still held at the date of the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/325-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481463/325-30-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481463/325-30-50-7 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481463/325-30-50-9 + Details
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