Abacus Global Management, Inc.

What they do

Abacus operates through five principal subsidiaries: Abacus Settlements (life settlement provider), Longevity Market Assets, Carlisle (Luxembourg-based investment manager), FCF Advisors (free cash flow-focused asset manager), and AccuQuote (online life insurance brokerage). The company originates life insurance policies, trades or holds them on its balance sheet, manages assets for institutional investors, and offers data-driven wealth solutions. It serves as both originator and market maker, generating fees based on policy face values and managing portfolios.

Revenue drivers

• Life Solutions — Largest segment, generating $65.4M in Q2 2026 (90% of total revenue). Earns origination fees (~2% of face value) and portfolio management/servicing fees.
• Asset Management — Second segment, $7.2M in Q2 2026 (10% of revenue), includes management fees from Carlisle, FCF Advisors, and legacy funds.
• Technology Services — Smallest segment, $0.4M in Q2 2026, from technology platform and data services.

Recent performance

Q2 2026 total revenue was $73.0M, up 30% year-over-year, driven by strong Life Solutions growth. GAAP net income was $6.6M, down from $17.6M in Q2 2025 due to strategic expenses. Adjusted net income was $27.1M and adjusted EPS $0.28, beating guidance. First-half 2026 revenue was $132.4M, up from $100.4M in the prior year. Operating cash flow YTD was $130.9M, up from $14.5M. Balance sheet at June 30, 2026: cash $23.4M, total assets $867.7M, long-term debt $290.8M.

Strategy

Abacus is expanding its longevity-based platform through acquisitions and new products. In 2025-2026, it acquired AccuQuote, Carlisle, and FCF Advisors, and made a $53M minority investment in Manning Napier. It launched the ABX Longevity Growth and Income Fund, a registered interval fund for individual investors, and began tokenizing in-force policies. Management aims to build an 'intelligence layer for lifespan-linked finance' and integrate LifeARC across advisor networks.

Risks

• Life expectancy forecast risk — Errors in forecasting life expectancies could reduce returns on life settlement policies.
• Policy supply risk — Limited market availability of qualifying life insurance policies could constrain origination growth.
• Competition risk — Increased competition from insurers, brokers, and investment funds could pressure pricing and volumes.
• Regulatory and political risk — Negative public perception and political opposition to life settlements could affect asset values and liquidity.

Outlook

Management projects continued growth, with Q3 2026 adjusted EPS guidance of $0.26-$0.28, up to 17% year-over-year. They raised $544.2M in new capital in the first half of 2026, surpassing their $500M target, and expect to maintain high adjusted EBITDA margins while expanding asset management and technology offerings. The launch of the ABXGX fund and Manning Napier partnership are expected to drive further inflows.