v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 38,112,332 $ 131,944,282
Income taxes receivable 411,055 2,099,673
Prepaid expenses and other current assets 3,646,850 2,621,791
Total current assets 69,572,813 159,564,646
Property and equipment, net 1,597,896 1,025,066
Intangible assets, net 66,360,444 79,786,793
Goodwill 252,779,884 238,296,200
Operating right-of-use assets 4,561,692 4,722,573
Life settlement policies, at fair value 468,857,929 370,398,447
Life settlement policies, at cost 918,305 1,083,977
Available-for-sale securities, at fair value; net of allowance for credit losses of $1,245,575 and $— at December 31, 2025 and 2024, respectively 3,108,750 2,205,904
Other investments 18,253,585 1,850,000
Other assets 1,428,820 1,851,845
TOTAL ASSETS 902,240,258 874,164,752
CURRENT LIABILITIES:    
Current portion of long-term debt, at fair value 114,424,000 37,430,336
Current portion of long-term debt 1,500,000 1,000,000
Accrued expenses 10,935,292 6,139,472
Current operating lease liabilities 720,186 515,597
Contract liabilities, deposits on pending settlements 169,184 2,473,543
Accrued transaction costs 2,336,177 483,206
Other current liabilities 15,853,016 14,423,925
Income taxes payable 2,653,366 0
Total current liabilities 148,591,221 62,466,079
Long-term debt, at fair value 0 105,120,100
Retrocession fees payable 5,361,714 5,312,214
Noncurrent operating lease liabilities 4,637,642 4,580,158
Deferred tax liability 30,214,160 26,778,865
Warrant liability 0 9,345,000
TOTAL LIABILITIES 478,699,328 450,870,080
COMMITMENTS AND CONTINGENCIES (Note 12)
MEZZANINE EQUITY    
Temporary Equity, Carrying Amount, Attributable to Parent 5,000,000  
STOCKHOLDERS' EQUITY    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 5,000 shares issued and outstanding at December 31, 2025 and 2024 0 0
Treasury stock - at cost; 7,406,118 and 1,048,226 shares repurchased at December 31, 2025 and 2024, respectively (55,808,595) (12,025,137)
Additional paid-in capital 515,971,485 494,064,113
Accumulated deficit (41,632,448) (57,896,606)
Accumulated other comprehensive income 0 0
Noncontrolling interest 0 (857,831)
Total stockholders' equity 418,540,930 423,294,672
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY 902,240,258 874,164,752
Class A Common Stock    
STOCKHOLDERS' EQUITY    
Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 104,879,752 and 96,731,194 shares issued at December 31, 2025 and 2024, respectively 10,488 10,133
Nonrelated Party    
CURRENT ASSETS:    
Accounts receivable 18,082,473 15,785,531
CURRENT LIABILITIES:    
Long-term debt, net 275,780,392 224,742,029
Related Party    
CURRENT ASSETS:    
Accounts receivable 9,320,103 7,113,369
Management and performance fee receivable, related party 14,800,140 13,379,301
CURRENT LIABILITIES:    
Long-term debt, net $ 14,114,199 $ 12,525,635

Source

10-K XBRL Zip