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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedules of 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. The Company evaluates its estimates and judgments on an ongoing basis. The Company bases its estimates on historical experience and or other relevant assumptions that the Company believes to be reasonable under the circumstances. Actual results may differ materially from management’s estimates.

			Fair Value Hierarchy
As of September 30, 2025			Level 1						Level 2						Level 3						Total
Assets:
Life settlement policies, at fair value			$	—					$	—					$	423,782,347					$	423,782,347
Available-for-sale securities, at fair value			—						—						3,194,593						3,194,593
Total assets held at fair value			$	—					$	—					$	426,976,940					$	426,976,940
Liabilities:
Current portion of long-term debt, at fair value			$	—					$	—					$	118,498,871					$	118,498,871
Total liabilities held at fair value:			$	—					$	—					$	118,498,871					$	118,498,871

			Fair Value Hierarchy
As of December 31, 2024			Level 1						Level 2						Level 3						Total
Assets:
Life settlement policies, at fair value			$	—					$	—					$	370,398,447					$	370,398,447
Available-for-sale securities, at fair value			—						—						2,205,904						2,205,904
Total assets held at fair value			$	—					$	—					$	372,604,351					$	372,604,351
Liabilities:
Current portion of long-term debt, at fair value			$	—					$	—					$	37,430,336					$	37,430,336
Long-term debt, at fair value			—						—						105,120,100						105,120,100
Private Placement Warrants			—						—						9,345,000						9,345,000
Total liabilities held at fair value:			$	—					$	—					$	151,895,436					$	151,895,436

Schedules of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information about significant unobservable inputs for Level 3 fair value measurements as of September 30, 2025:

Fair Value						Valuation Technique						Significant Unobservable Inputs						Weighted Average						Range
$	423,782,347					Discounted cash flow with Monte Carlo simulation						Discount rate supported by historical realized gains by risk category						15%						14% —18%
												Historical realized gains by risk category						24%						6% —56%1
												Life expectancy (months)						50 months						2 months —270 months
												Risk score						1.98						1 —5

1 Historical realized gains represents the evenly spread weighted average realized gains on a quarterly basis over the last 8 quarters of issued financial statements.

The following table provides quantitative information about significant unobservable inputs for Level 3 fair value measurements as of December 31, 2024:

Fair Value						Valuation Technique						Significant Unobservable Inputs						Weighted Average						Range
$	370,398,447					Discounted cash flow with Monte Carlo simulation						Discount rate supported by historical realized gains by risk category						20%						17% —21%
												Historical realized gains by risk category						20%						6% —56%1
												Life expectancy (months)						71 months						5 months —311 months
												Risk score						1.86						1 —5

1 Historical realized gains represents the evenly spread weighted average realized gains on a quarterly basis over the last 6 quarters of issued financial statements.

If the discount rate increased or decreased by one percentage point and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of September 30, 2025, would be as follows:

			Fair Value						Change in Fair Value						Implied Realized Gain
+1%			$	416,087,778					$	(7,694,569)					22		%
No change			423,782,347												24		%
-1%			444,968,231						21,185,884						30		%

If the historical realized gains increased or decreased by one percentage point and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of September 30, 2025, would be as follows:

			Fair Value						Change in Fair Value
+1%			$	427,229,303					$	3,446,956
No change			423,782,347
-1%			420,335,391						(3,446,956)

The following table presents the key assumptions in the analysis as of the Merger Closing Date:

			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 September 30, 2025:

Carrier			Percentage of Face Value						Percentage of Fair Value						Carrier Rating1
Lincoln National Life Insurance Company			12.7		%				13.2		%				A
Transamerica			10.8		%				12.9		%				A
John Hancock Life Insurance Company (U.S.A.)			15.9		%				12.1		%				A+

1 Carrier ratings are based on AB Best ratings.

Schedules of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a rollforward of the fair value of life insurance policies for the nine months ended September 30, 2025:

Fair value at December 31, 2024			$	370,398,447
Policies purchased			301,259,528
Matured/sold policies			(281,476,598)
Unrealized gain on held policies			33,600,970
Fair value at September 30, 2025			$	423,782,347

Schedules of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a rollforward of the fair value of the outstanding debt for the nine months ended September 30, 2025:

Fair value at December 31, 2024			$	142,550,436
Debt issued to third parties			25,410,115
Repayment of debt			(46,423,206)
Change in estimated fair value of debt			(3,362,103)
LMA Income Series, LP excess return accrual			143,630
Deferred issuance costs			179,999
Fair value at September 30, 2025			$	118,498,871

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Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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