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REVENUES | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUES | REVENUES Disaggregated Revenue—The disaggregation of the Company’s revenue by major sources is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Asset management: |  |  |  |  |  |  |
Asset management fees, related party | $ | 7,016,846 |  |  | $ | — |  |  | $ | 20,655,765 |  |  | $ | — |
Asset management fees | 1,010,267 |  |  | — |  |  | 3,003,382 |  |  | — |
Servicing revenue, related party | 558,707 |  |  | 56,539 |  |  | 1,339,259 |  |  | 362,394 |
Servicing revenue | 47,983 |  |  | 59,847 |  |  | 170,350 |  |  | 176,815 |
Total asset management revenue | 8,633,803 |  |  | 116,386 |  |  | 25,168,756 |  |  | 539,209 |
Life solutions: |  |  |  |  |  |  |
Revenue from life insurance policies held using the fair value method, net | 44,150,656 |  |  | 26,897,846 |  |  | 106,706,458 |  |  | 66,241,936 |
Revenue from life insurance policies held using the fair value method, related party, net | 8,528,283 |  |  | — |  |  | 25,604,900 |  |  | — |
Insurance commissions | 874,685 |  |  | — |  |  | 1,213,472 |  |  | — |
Fee-based services | — |  |  | — |  |  | — |  |  | 6,959,273 |
Revenue from life insurance policies held using the investment method | 4,967 |  |  | 69,729 |  |  | 4,967 |  |  | 577,122 |
Revenue from life insurance policies held using the investment method, related party | 57,414 |  |  | — |  |  | 57,414 |  |  | — |
Originations | 506,572 |  |  | 1,064,530 |  |  | 4,134,867 |  |  | 4,394,237 |
Total life solutions revenue | 54,122,577 |  |  | 28,032,105 |  |  | 137,722,078 |  |  | 78,172,568 |
Technology services: |  |  |  |  |  |  |
Technology services | 218,776 |  |  | — |  |  | 448,288 |  |  | — |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total technology services revenue | 218,776 |  |  | — |  |  | 448,288 |  |  | — |
Total revenue | $ | 62,975,156 |  |  | $ | 28,148,491 |  |  | $ | 163,339,122 |  |  | $ | 78,711,777 |
Refer to Note 19 Related-Party Transactions for additional information related to revenue from related parties. Asset Management Balances—The Company has the following asset management related balances recorded within the following accounts in the consolidated balance sheets:
Balance Sheet Account | September 30, 2025 |  | December 31, 2024
Management and Performance Fee Receivables: |  |  |
Accounts receivable, related party | $ | 11,608,073 |  |  | $ | 6,772,073 |
Management and performance fee receivable, related party | 15,465,366 |  |  | 13,379,301 |
Total management and performance fee receivables | $ | 27,073,439 |  |  | $ | 20,151,374 |
Retrocession Fee Payable: |  |  |
Other current liabilities | $ | 5,531,405 |  |  | $ | 3,216,639 |
Retrocession fees payable | 5,361,714 |  |  | 5,312,214 |
Total retrocession fees payable | $ | 10,893,119 |  |  | $ | 8,528,853 |
Contract Balances—We had no contract assets at September 30, 2025 and December 31, 2024. The balances of contract liabilities arising from originated contracts with customers were as follows:
| September 30, 2025 |  | December 31, 2024
Contract liabilities, deposits on pending settlements | $ | 358,983 |  |  | $ | 2,473,543 |
Total contract liabilities | $ | 358,983 |  |  | $ | 2,473,543 |
Revenue recognized during the first quarter of 2025 that was included in our contract liabilities balance at December 31, 2024 was $2,473,543.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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