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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2026
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 March 31, 2026 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Life settlement policies, at fair value | $ | — |  |  | $ | — |  |  | $ | 392,770,863 |  |  | $ | 392,770,863 |
Total assets held at fair value | $ | — |  |  | $ | — |  |  | $ | 392,770,863 |  |  | $ | 392,770,863 |
Liabilities: |  |  |  |  |  |  |
Long-term debt, at fair value | $ | — |  |  | $ | — |  |  | $ | 38,156,705 |  |  | $ | 38,156,705 |
Total liabilities held at fair value: | $ | — |  |  | $ | — |  |  | $ | 38,156,705 |  |  | $ | 38,156,705 |
| Fair Value Hierarchy
As of December 31, 2025 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Life settlement policies, at fair value | $ | — |  |  | $ | — |  |  | $ | 468,857,929 |  |  | $ | 468,857,929 |
Total assets held at fair value | $ | — |  |  | $ | — |  |  | $ | 468,857,929 |  |  | $ | 468,857,929 |
Liabilities: |  |  |  |  |  |  |
Current portion of long-term debt, at fair value | $ | — |  |  | $ | — |  |  | $ | 114,424,000 |  |  | $ | 114,424,000 |
Total liabilities held at fair value: | $ | — |  |  | $ | — |  |  | $ | 114,424,000 |  |  | $ | 114,424,000 |
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 March 31, 2026:
Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Weighted Average |  | Range
Life insurance polices: |  |  |  |  |  |
$ | 392,770,863 |  |  | Discounted cash flow with Monte Carlo simulation |  | Discount rate |  | 10 | % |  | 10% —11%
|  |  |  | Life expectancy (months) |  | 39 months |  | 1 month —265 months
|  |  |  | Risk score |  | 2.25 |  | 1 —5
Secured borrowing, at fair value: |  |  |  |  |  |
$ | 38,156,705 |  |  | Discounted cash flow |  | Discount rate |  | 8.4 | % |  | 8.0% — 8.5%
The following table provides quantitative information about significant unobservable inputs for Level 3 fair value measurements as of December 31, 2025:
Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Weighted Average |  | Range
Life insurance polices: |  |  |  |  |  |
$ | 468,857,929 |  |  | Discounted cash flow with Monte Carlo simulation |  | Discount rate |  | 13 | % |  | 13% —15%
|  |  |  | Life expectancy (months) |  | 45 months |  | 1 month —267 months
|  |  |  | Risk score |  | 2.16 |  | 1 —5
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 March 31, 2026, would be as follows:
| Fair Value |  | Change in Fair Value |  | Implied Realized Gain
+1% | $ | 385,694,793 |  |  | (7,076,070) |  |  | 22 | %
No change | 392,770,863 |  |  |  |  | 24 | %
-1% | $ | 409,128,486 |  |  | 16,357,623 |  |  | 29 | %
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 March 31, 2026, would be as follows:
| Fair Value |  | Change in Fair Value
+1% | $ | 395,142,114 |  |  | $ | 2,371,251 |
No change | 392,770,863 |  |  | — |
-1% | $ | 388,819,840 |  |  | $ | (3,951,023) |
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 March 31, 2026:
Carrier | Percentage of Face Value |  | Percentage of Fair Value |  | Carrier Rating 1
Transamerica | 14.8% |  | 16.1% |  | A
Lincoln National Life Insurance Company | 12.1% |  | 13.5% |  | A
1 Carrier ratings are based on AM 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 three months ended March 31, 2026 and March 31, 2025:
| Three Months Ended March 31,
| 2026 |  | 2025
Balance, beginning of period | $ | 468,857,929 |  |  | $ | 370,398,447 |
Policies purchased 1 | 156,739,049 |  |  | 105,633,081 |
Matured/sold policies 2 | (197,620,829) |  |  | (56,836,082) |
Unrealized gain on held policies and reversal of prior quarter unrealized gain on policies sold and matured | (35,205,286) |  |  | 27,012,517 |
Balance, end of period | $ | 392,770,863 |  |  | $ | 446,207,963 |
1 Policies purchased represents life insurance policies purchased during the period. 2 Matured/sold policies represents life insurance policies held at the beginning of the period and those purchased during the period that also matured or were sold within the period. The following table provides a reconciliation of revenue from life insurance policies held using the fair value method for the three months ended March 31, 2026 and March 31, 2025:
| Three Months Ended March 31,
Gains or losses recognized in life solutions revenue in the consolidated statements of operations and comprehensive income: | 2026 |  | 2025
Realized gain on matured/sold policies | $ | 92,894,712 |  |  | $ | 15,130,764 |
Premiums paid | (9,676,748) |  |  | (8,308,074) |
Unrealized gain on held policies and reversal of prior quarter unrealized gain on policies sold and matured | (35,205,286) |  |  | 27,012,517 |
Revenue from life insurance policies held using the fair value method | $ | 48,012,678 |  |  | $ | 33,835,207 |

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