Abacus Global Management, Inc.

Listed Company

ABXLCIK 0001814287NYSEAcceleratedSmaller ReportingInvestment AdviceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$235.24M

Net Income

$36.53M

Total Assets

$902.24M

Equity

$418.54M

Shares Out

96.54M

Op. Cash Flow

$-25.68M

Business

Abacus Global Management, Inc. is a financial services company that acquires, manages and monetizes life insurance policies and provides alternative asset management, technology and wealth solutions. It offers life settlement origination and underwriting, active portfolio management and servicing, alternative investment funds and ETFs, mortality and longevity technology services, and data-driven private wealth management. The company operates through four principal divisions: Abacus Life Solutions, Abacus Asset Group, ABL Tech and ABL Wealth. It distributes services primarily across the United States (operational in 49 states) and Luxembourg through financial advisors, direct-to-consumer channels, intermediaries and institutional clients.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	235	112	66	45	—
Cost of revenue (including stock-based compensation)	29	11	6	6	—
Gross Profit	206	101	60	39	—
Sales and marketing	15	9	5	3	—
General and administrative (including stock-based compensation)	88	82	26	1	—
(Gain) loss on change in fair value of debt	−3	5	—	—	—
Unrealized loss on equity securities, at fair value	0	238,012	−1	—	—
Realized gain on equity securities, at fair value	0	−2	0	—	—
Depreciation and amortization expense	19	8	3	4,282	—
Total operating expenses	118	101	36	5	—
Operating Income (LOSS)	89	−888,304	24	34	—
Loss on change in fair value of warrant liability	−2	−3	−4	9	16
Interest expense	−39	−18	−10	—	—
Interest income	4	2	594,764	1,474	—
Other income, net	625,839	38,040	−146,443	−347,013	—
Total other expense	−36	−19	−14	−388,337	17
Net income (loss) before provision for income taxes	53	−19	11	33	—
Income tax expense	15	5	1	889,943	—
NET INCOME (LOSS)	37	−25	9	32	—
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST	786,683	−956,987	−482,139	704,699	—
NET INCOME (LOSS) ATTRIBUTABLE TO ABACUS GLOBAL MANAGEMENT, INC.	37	−24	10	32	16
Earnings (loss) per share - basic (in dollars per share)	0.38	−0.34	0.17	0.63	—
Earnings (loss) per share - diluted (in dollars per share)	0.36	−0.34	0.16	0.63	—
Weighted-average stock outstandingbasic (in shares)	96	71	57	50	—
Weighted-average stock outstandingdiluted (in shares)	99	71	58	50	—
Other comprehensive loss	0	−158,579	−1	—	—
Reclassification of change in fair value of debt (risk adjusted) upon related debt payoff	0	11,079	0	—	—
Comprehensive income (loss) before non-controlling interests	37	−25	8	34	—
Net and comprehensive income (loss) attributable to non-controlling interests	786,683	−996,114	−800,311	1	—
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ABACUS GLOBAL MANAGEMENT, INC.	37	−24	9	33	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	38	132	26	30	—
Income taxes receivable	411,055	2	0	—	—
Prepaid expenses and other current assets	4	3	699,127	116,646	—
Total current assets	70	160	32	33	944,755
Property and equipment, net	2	1	400,720	18,617	—
Intangible assets, net	66	80	30	0	—
Goodwill	253	238	140	0	—
Operating right-of-use assets	5	5	2	77,011	—
Life settlement policies, at fair value	469	370	122	14	—
Life settlement policies, at cost	918,305	1	2	9	—
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	2	1	1	—
Other investments	18	2	96,107	890,829	—
Other assets	1	2	998,945	—	—
TOTAL ASSETS	902	874	332	59	346
Current portion of long-term debt, at fair value	114	37	13	—	—
Current portion of long-term debt	2	1	—	—	—
Accrued expenses	11	6	4	0	144,254
Current operating lease liabilities	720,186	515,597	118,058	48,127	—
Contract liabilities, deposits on pending settlements	169,184	2	507,000	0	—
Accrued transaction costs	2	483,206	0	908,256	—
Other current liabilities	16	14	—	—	—
Income taxes payable	3	0	751,734	0	—
Total current liabilities	149	62	23	1	—
Long-term debt, at fair value	0	105	55	—	—
Retrocession fees payable	5	5	0	—	—
Noncurrent operating lease liabilities	5	5	2	29,268	—
Deferred tax liability	30	27	9	1	—
Warrant liability	0	9	7	0	—
TOTAL LIABILITIES	479	451	168	31	29
COMMITMENTS AND CONTINGENCIES (Note 12)	—	—	—	—	—
Temporary Equity, Carrying Amount, Attributable to Parent	5	—	—	—	—
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	0	0	—
Treasury stock - at cost; 7,406,118 and 1,048,226 shares repurchased at December 31, 2025 and 2024, respectively	−56	−12	−1	0	—
Additional paid-in capital	516	494	200	704,963	—
Accumulated deficit	−42	−58	−35	25	−28
Accumulated other comprehensive income	0	0	108,373	1	—
Noncontrolling interest	0	−857,831	138,283	899,538	—
Total stockholders' equity	419	423	164	28	766,893
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY	902	874	332	59	346

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Allowance for credit losses	1	0	—	—	—
Impairment of other investment	500,000	0	—	—	—
Stock-based compensation	16	43	11	0	—
Amortization of debt issuance costs	2	936,112	43,957	0	—
Unrealized gain on other investments	−204,016	0	—	—	—
Non-cash gain on policy trades	0	−6	0	—	—
Unrealized gain on policies, at fair value	−49	−54	−28	−6	—
Non-cash interest income	−384,618	−99,969	—	—	—
Deferred income taxes	824,674	6	466,577	889,943	—
Non-cash lease expense	422,954	352,056	17,901	383	—
Non-cash other income	−2	0	−105,935	0	—
Accounts receivable	−798,821	−13	−2	−10,448	—
Accounts receivable, related party	−6	266,030	124,565	−130,873	—
Equity securities, at fair value	0	2	−89,057	0	—
Prepaid expenses and other current assets	−948,416	−361,872	−62,994	−91,741	—
Other assets	115,807	−537,242	−522,326	−2	—
Accrued expenses	4	802,510	4	0	2,939
Accrued transaction costs	2	483,206	−908,256	908,256	—
Contract liabilities, deposits on pending settlement	−2	2	−474,217	0	—
Other current liabilities	−4	4	3	22,037	—
Income tax payable	3	−751,734	751,734	0	—
Income tax receivable	2	−2	0	—	—
Retrocession fees payable	−44,709	2	0	—	—
Net change in life settlement policies, at fair value	−49	−188	−81	−8	—
Net change in life settlement policies, at cost	165,672	613,201	7	−9	—
Net cash used in operating activities	−26	−209	−64	11	−1
Origination of note receivable	−7	0	—	—	—
Acquisition of businesses, net of cash acquired	−2	−2	0	—	—
Purchase of property and equipment	−931,443	−786,236	−189,674	0	—
Purchase of intangible assets	0	−18,900	0	—	—
Purchase of other investments	−12	−200,000	−350,000	−50,000	—
Purchase of available for sale securities	−2	−1	0	−750,000	−250,000
Change in due from affiliates	0	−519,534	3	−3	—
Net cash used in investing activities	−23	−5	2	−4	—
Issuance of long term debt	50	125	—	—	—
Issuance of long term-debt, at fair value	26	73	—	—	—
Payment of discounts and financing costs	−1	−7	−6	0	—
Repayment of debt, at fair value	−51	−4	—	—	—
Common stock issuance	0	182	0	—	—
Common stock issuance transaction costs	−3	−15	0	—	—
Repurchase of common stock	−44	−11	−1	0	—
Transaction costs	0	−483,451	−11	0	—
Payment of Series A Convertible Preferred dividend	−287,500	0	—	—	—
Payment of Common dividend	−20	0	—	—	—
Warrant conversions	0	7	0	—	—
Net cash (used in) provided by financing activities	−45	320	57	23	2
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	−94	106	−4	30	263,445
Non-cash sale of life settlement policies, at fair value	0	25	0	—	—
Non-cash purchase of life settlement policies, at fair value	0	25	0	—	—
Non-cash consideration for business acquisition	9	0	—	—	—
Non-cash issuance of debt in connection with business acquisition	2	73	0	—	—
Non-cash issuance of common stock in connection with business acquisition	2	78	—	—	—
Non-cash investment in other investments	5	0	—	—	—
Non-cash issuance of series A convertible preferred stock	5	0	0	—	—
Warrant Conversions	11	0	—	—	—
Interest paid	34	12	4	0	—
Income taxes paid, net of refunds	9	2	150,000	0	—

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