Abacus Global Management, Inc.ABX
Abacus Global Management, Inc. Segments Disclosure
SEGMENT REPORTING
Segment Information—During the first quarter of 2025, the Company updated how it organizes its business. The Company organizes its business into three reportable segments (1) Asset Management, (2) Life Solutions, and (3) Technology Services, which all generate revenue and incur expenses in different manners.
This segment structure reflects the financial information and reports used by the Company’s management, specifically its chief operating decision maker (CODM), to make decisions regarding the Company’s business, including resource allocations and performance assessments, as well as the current operating focus in compliance with ASC 280, Segment Reporting. The Company’s CODM is the President and Chief Executive Officer. The Company’s reportable segments are not aggregated.
The Asset Management segment generates revenues by providing asset management services primarily to institutional investors alongside private clients investing in uncorrelated, and longevity-based assets, fixed-income replacement strategies and free cash flow based investment solutions. The revenue is determined by the asset management agreements with the individual investment vehicles. It also generates revenues by providing policy servicing activities to customers on a contract basis (legacy Portfolio Servicing segment).
The Life Solutions segment generates revenues by buying, selling, and trading policies, and maintaining policies until receipt of death benefits (legacy Active Management segment). It also generates revenue by originating life insurance policy settlements between investors or buyers, and the sellers, who is often the original policy owner (legacy Originations segment). The policies are purchased from owners or other providers through advisors, brokers, or directly through the owner.
The Technology Services segment generates revenues by providing real-time mortality verification, missing participant verification, and other services specific to the life insurance market services to customers on a contract basis.
The Company’s method for measuring profitability on a reportable segment basis is gross profit. The CODM does not review disaggregated assets by segment. The Company’s CODM periodically reviews cost of revenues by segment and treats it as a significant segment expense.
Revenue related to the Company’s reportable segments is as follows:
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
Asset management | $ | 33,845,393 | $ | 3,613,650 | ||||||||||
Life solutions | 200,675,058 | 108,276,508 | ||||||||||||
Technology services | 717,185 | 33,628 | ||||||||||||
Total revenue | $ | 235,237,636 | $ | 111,923,786 | ||||||||||
Cost of revenue (including stock-based compensation) related to the Company’s reportable segments is as follows:
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
Asset management | $ | 13,856,483 | $ | 1,896,819 | ||||||||||
Life solutions | 12,896,503 | 9,241,922 | ||||||||||||
Technology services | 2,105,048 | 232,992 | ||||||||||||
Total cost of revenue (including stock-based compensation) | $ | 28,858,034 | $ | 11,371,733 | ||||||||||
Gross profit related to the Company’s reportable segments and the reconciliation of the total gross profit to net income (loss) is as follows:
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
Asset management | $ | 19,988,910 | $ | 1,716,831 | ||||||||||
Life solutions | 187,778,555 | 99,034,586 | ||||||||||||
Technology services | (1,387,863) | (199,364) | ||||||||||||
Total gross profit | $ | 206,379,602 | $ | 100,552,053 | ||||||||||
Sales and marketing | (14,582,253) | (9,063,384) | ||||||||||||
General and administrative (including stock-based compensation) | (87,796,971) | (81,734,518) | ||||||||||||
Depreciation and amortization expense | (18,605,114) | (7,910,158) | ||||||||||||
Other income, net | 625,839 | 38,040 | ||||||||||||
Loss on change in fair value of warrant liability | (1,704,193) | (2,702,040) | ||||||||||||
Interest expense | (38,793,937) | (18,279,686) | ||||||||||||
Interest income | 3,860,997 | 2,398,691 | ||||||||||||
Gain (loss) on change of fair value of debt | 3,362,103 | (4,835,351) | ||||||||||||
Unrealized gain (loss) on investments | — | (238,012) | ||||||||||||
| Realized gain on equity securities, at fair value | — | 2,341,066 | ||||||||||||
| Income tax expense | (15,434,121) | (5,484,738) | ||||||||||||
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Less: Net (income) loss attributable to non-controlling interest | (786,683) | 956,987 | ||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ABACUS GLOBAL MANAGEMENT, INC. | $ | 36,525,269 | $ | (23,961,050) | ||||||||||
Segment gross profit is defined as revenues less cost of sales, excluding depreciation and amortization. Expenses below the gross profit line are not allocated across operating segments, as they relate primarily to the overall management of the consolidated entity.
Revenue by geographic location:
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| United States | $ | 202,360,482 | $ | 97,576,386 | ||||||||||
| Luxembourg | 29,928,823 | 10,415,644 | ||||||||||||
| Other | 2,948,331 | 3,931,756 | ||||||||||||
| Total revenue | $ | 235,237,636 | $ | 111,923,786 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 28, 2025 | |
| 2023 | Mar 21, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.