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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
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.
Fair Value Hierarchy
As of March 31, 2024Level 1Level 2Level 3Total
Assets:
Life settlement policies$— $— $125,488,525 $125,488,525 
Available-for-sale securities, at fair value— — 1,145,630 1,145,630 
Equity securities, at fair value3,513,964 — — 3,513,964 
Total assets held at fair value$3,513,964 $— $126,634,155 $130,148,119 
Liabilities:
Debt maturing within one year$— $— $15,648,628 $15,648,628 
Long-term debt— — $73,440,696 $73,440,696 
Private placement warrants— — 5,696,000 5,696,000 
Total liabilities held at fair value:$— $— $94,785,324 $94,785,324 
Fair Value Hierarchy
As of December 31, 2023Level 1Level 2Level 3Total
Assets:
Life settlement policies$— $— $122,296,559 $122,296,559 
Available-for-sale securities, at fair value— — 1,105,935 1,105,935 
Equity securities, at fair value2,348,998 — — 2,348,998 
Other assets— — — — 
Total assets held at fair value$2,348,998 $— $123,402,494 $125,751,492 
Liabilities:
Debt maturing within one year$— $— $13,029,632 $13,029,632 
Long-term debt— — $55,318,924 $55,318,924 
Private placement warrants— — $6,642,960 $6,642,960 
Total liabilities held at fair value:$— $— $74,991,516 $74,991,516 
The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below.
Fair Value Hierarchy
As of December 31, 2023Level 1Level 2Level 3Total
Assets:
Life settlement policies$— $— $122,296,559 $122,296,559 
Available-for-sale securities, at fair value— — 1,105,935 1,105,935 
Other investments— — 1,650,000 1,650,000 
S&P 500 options2,348,998 — — 2,348,998 
Other assets998,945 — — 998,945 
Total assets held at fair value$3,347,943 $— $125,052,494 $128,400,437 
Liabilities:
Debt maturing within one year$— $— $13,029,632 $13,029,632 
Long-term debt— — 55,318,924 55,318,924 
Private placement warrants— — 6,642,960 6,642,960 
Total liabilities held at fair value:$— $— $74,991,516 $74,991,516 
Fair Value Hierarchy
As of December 31, 2022Level 1Level 2Level 3Total
Assets:
Life settlement policies$— $— $13,809,352 $13,809,352 
Available-for-sale securities, at fair value— — 1,000,000 1,000,000 
Other investments— — 1,300,000 1,300,000 
S&P 500 options890,829 — — 890,829 
Total assets held at fair value$890,829 $— $16,109,352 $17,000,181 
Liabilities:
Long-term debt$— $— $28,249,653 $28,249,653 
Total liabilities held at fair value:$— $— $28,249,653 $28,249,653 
Fair Value Measurement Inputs and Valuation Techniques If the discount rate increased or decreased by two percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of March 31, 2024, would be as follows:
As of March 31, 2024Fair ValueChange in
Fair Value
Rate Adjustment
+2%$114,667,471 $(10,821,054)
No change125,488,525 
-2%136,252,710 10,764,185 
The following table presents the key assumptions in the analysis:
Private Placement Warrants
Expected implied volatilityde minimis
Risk-free interest rate4.09%
Term to expiration5.0 years
Exercise price$11.50
Common Stock Price$10.03
Dividend Yield—%
If the discount rate increased or decreased by 2 percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of December 31, 2023, would be as follows:
As of December 31, 2023Fair ValueChange in
Fair Value
Rate Adjustment
+2%$111,206,993 $(11,089,566)
No change122,296,559 
-2%130,749,053 8,452,494 
The following table presents the key assumptions in the analysis:
Private Placement Warrants
Expected implied volatilityde minimis
Risk-free interest rate4.09 %
Term to expiration5.0 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 March 31, 2024:
CarrierPercentage of
Face Value		Percentage of
Fair Value		Carrier
Rating
John Hancock Life Insurance Company (U.S.A.)26.0 %16.0 %A+
Lincoln National Life Insurance Company7.0 %10.0 %A
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 December 31, 2023:
CarrierPercentage of
Face Value		Percentage of
Fair Value		Carrier
Rating
John Hancock Life Insurance Company (U.S.A.)28.0 %20.0 %A+
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a roll forward of the fair value of life insurance policies for the three months-ended March 31, 2024:
Fair value at December 31, 2023$122,296,559 
Policies purchased40,440,083 
Matured/sold policies(42,538,671)
Realized gain on matured/sold policies9,478,212 
Premiums paid(2,431,040)
Unrealized gain on held policies5,290,554 
Change in estimated fair value12,337,726 
Realized gain on matured/sold policies(9,478,212)
Premiums paid2,431,040 
Fair value at March 31, 2024$125,488,525 
The following table provides a roll forward of the fair value of life insurance policies for the year ended December 31, 2023:
Fair value at December 31, 2022$13,809,352 
Policies purchased186,124,688 
Realized gain (loss) on matured/sold policies19,606,894 
Premiums paid(4,281,610)
Unrealized gain(loss) on held policies27,889,106 
Change in estimated fair value43,214,390 
Matured/sold policies(125,133,481)
Premiums paid4,281,610 
Fair value at December 31, 2023$122,296,559 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a roll forward of the fair value of the outstanding debt for the three months ended March 31, 2024:
Fair value at December 31, 2023$68,348,556 
Unrealized loss on change in fair value (risk-free)2,712,627 
Unrealized loss on change in fair value (credit-adjusted) included in OCI(16,007)
Unrealized gain on change in fair value (credit-adjusted) included in equity of NCI6,046 
Change in estimated fair value of debt2,702,666 
Other(22,155)
Fair value at March 31, 2024$89,089,324 
The following table provides a roll forward of the fair value of the issued notes for the year ended December 31, 2023:
Fair value at December 31, 2022$28,249,653 
Debt issued to third parties71,720,713 
Debt issued to related parties35,471,648 
Unrealized loss on change in fair value (risk-free)2,356,058 
Unrealized loss on change in fair value (credit-adjusted) included in OCI1,265,103 
Unrealized gain on change in fair value (credit-adjusted) included in equity of NCI407,028 
Change in estimated fair value of debt4,028,189 
Accrued non-cash interest on related party debt2,182,221 
Deferred issuance costs and discounts(1,831,910)
Fair value at December 31, 2023$139,820,514