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REVENUES
 9 Months Ended
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,
2025202420252024
Asset management:
Asset management fees, related party$7,016,846 $— $20,655,765 $— 
Asset management fees1,010,267 — 3,003,382 — 
Servicing revenue, related party558,707 56,539 1,339,259 362,394 
Servicing revenue47,983 59,847 170,350 176,815 
Total asset management revenue8,633,803 116,386 25,168,756 539,209 
Life solutions:
Revenue from life insurance policies held using the fair value method, net44,150,656 26,897,846 106,706,458 66,241,936 
Revenue from life insurance policies held using the fair value method, related party, net8,528,283 — 25,604,900 — 
Insurance commissions874,685 — 1,213,472 — 
Fee-based services— — — 6,959,273 
Revenue from life insurance policies held using the investment method4,967 69,729 4,967 577,122 
Revenue from life insurance policies held using the investment method, related party57,414 — 57,414 — 
Originations506,572 1,064,530 4,134,867 4,394,237 
Total life solutions revenue54,122,577 28,032,105 137,722,078 78,172,568 
Technology services:
Technology services218,776 — 448,288 — 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Total technology services revenue218,776 — 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 AccountSeptember 30, 2025December 31, 2024
Management and Performance Fee Receivables:
Accounts receivable, related party$11,608,073 $6,772,073 
Management and performance fee receivable, related party15,465,366 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 payable5,361,714 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, 2025December 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.