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REVENUES | 3 Months Ended
--- | ---
Mar. 31, 2026
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 March 31,
| 2026 |  | 2025
Asset management: |  |  |
Asset management fees, related party | $ | 6,656,464 |  |  | $ | 6,698,201 |
Asset management fees | 987,055 |  |  | 729,010 |
Servicing revenue, related party | 760,237 |  |  | 326,487 |
Servicing revenue | 55,388 |  |  | 19,379 |
Total asset management revenue | 8,459,144 |  |  | 7,773,077 |
Life solutions: |  |  |
Revenue from life insurance policies using the fair value method, net | 31,462,057 |  |  | 32,933,861 |
Revenue from life insurance policies using the fair value method, related party, net | 16,550,621 |  |  | 901,346 |
Insurance commissions | 1,630,676 |  |  | — |
Originations | 923,934 |  |  | 2,463,450 |
Total life solutions revenue | 50,567,288 |  |  | 36,298,657 |
Technology services: |  |  |
Technology services | 363,856 |  |  | 67,612 |
Total technology services revenue | 363,856 |  |  | 67,612 |
Total revenue | $ | 59,390,288 |  |  | $ | 44,139,346 |
Further disaggregation of life solutions revenue:
| Three Months Ended March 31,
| 2026
Life solutions: |
Realized gains from life insurance policies sold and matured using the fair value method | $ | 4,963,066 |
Premiums paid on sold and matured life insurance policies using the fair value method | (80,356) |
Premiums paid on life insurance policies held using the fair value method | (5,852,784) |
Reversal of unrealized gains from prior quarters related to life insurance policies sold or matured using the fair value method | (10,170,472) |
Unrealized gains from life insurance policies held using the fair value method | 42,602,603 |
Revenue from life insurance policies using the fair value method, net | 31,462,057 |
Realized gains from life insurance policies sold and matured using the fair value method, related party | 87,931,646 |
| Three Months Ended March 31,
| 2026
Premiums paid on sold life insurance policies using the fair value method, related party | (3,743,608) |
Reversal of unrealized gains from prior quarters related to life insurance policies sold and matured using the fair value method, related party | (67,637,417) |
Revenue from life insurance policies using the fair value method, related party, net | 16,550,621 |
Total revenue for life insurance policies using the fair value method | $ | 48,012,678 |
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 | March 31, 2026 |  | December 31, 2025
Management and Performance Fee Receivables: |  |  |
Accounts receivable, related party | $ | 10,134,293 |  |  | $ | 6,718,903 |
Management and performance fee receivable, related party | 14,509,188 |  |  | 14,800,140 |
Total management and performance fee receivables | $ | 24,643,481 |  |  | $ | 21,519,043 |
Retrocession Fee Payable: |  |  |
Other current liabilities | $ | 5,217,445 |  |  | $ | 4,696,788 |
Retrocession fees payable | 5,361,714 |  |  | 5,361,714 |
Total retrocession fees payable | $ | 10,579,159 |  |  | $ | 10,058,502 |
Contract Balances—We had no contract assets at March 31, 2026 and December 31, 2025. The balances of contract liabilities arising from originated contracts with customers were as follows:
| March 31, 2026 |  | December 31, 2025
Contract liabilities, deposits on pending settlements | $ | 766,528 |  | $ | 169,184
Total contract liabilities | $ | 766,528 |  | $ | 169,184
Revenue recognized during the first quarter of 2026 that was included in our contract liabilities balance at December 31, 2025 was $169,184.

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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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