REVENUESDisaggregated Revenue—The disaggregation of the Company’s revenue by major sources is as follows:
| | | | | | | | | | | |
| For the Year Ended December 31, |
| 2025 | | 2024 |
| Asset management: | | | |
| Asset management fees, related party | $ | 27,593,157 | | | $ | 2,420,239 | |
| Asset management fees | 4,007,673 | | | 421,242 | |
| Servicing revenue, related party | 2,075,518 | | | 471,094 | |
| Servicing revenue | 169,045 | | | 301,075 | |
| Total asset management revenue | 33,845,393 | | | 3,613,650 | |
| Life solutions: | | | |
| Revenue from life insurance policies held using the fair value method, net | 154,070,697 | | | 85,048,829 | |
| Revenue from life insurance policies held using the fair value method, related party, net | 37,445,044 | | | 3,312,202 | |
| Insurance commissions | 3,440,460 | | | — | |
| Fee-based services | — | | | 13,881,208 | |
| Revenue from life insurance policies held using the investment method | 4,967 | | | 577,122 | |
| Revenue from life insurance policies held using the investment method, related party | 57,414 | | | — | |
| Originations | 5,656,476 | | | 5,457,147 | |
| Total life solutions revenue | 200,675,058 | | | 108,276,508 | |
| Technology services: | | | |
| | | | | | | | | | | |
| For the Year Ended December 31, |
| 2025 | | 2024 |
| Technology services | 717,185 | | | 33,628 | |
| Total technology services revenue | 717,185 | | | 33,628 | |
| Total revenue | $ | 235,237,636 | | | $ | 111,923,786 | |
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 | December 31, 2025 | | December 31, 2024 |
| Management and Performance Fee Receivables: | | | |
| Accounts receivable, related party | $ | 6,718,903 | | | $ | 6,772,073 | |
| Management and performance fee receivable, related party | 14,800,140 | | | 13,379,301 | |
| Total management and performance fee receivables | $ | 21,519,043 | | | $ | 20,151,374 | |
| Retrocession Fee Payable: | | | |
| Other current liabilities | $ | 4,696,788 | | | $ | 3,216,639 | |
| Retrocession fees payable | 5,361,714 | | | 5,312,214 | |
| Total retrocession fees payable | $ | 10,058,502 | | | $ | 8,528,853 | |
Contract Balances—We had no contract assets at December 31, 2025 and December 31, 2024. The balances of contract liabilities arising from originated contracts with customers were as follows:
| | | | | | | | | | | |
| December 31, 2025 | | December 31, 2024 |
| Contract liabilities, deposits on pending settlements | $ | 169,184 | | $ | 2,473,543 |
| Total contract liabilities | $ | 169,184 | | $ | 2,473,543 |
Revenue recognized during the first quarter of 2025 that was included in our contract liabilities balance at December 31, 2024 was $2,473,543.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.