$ABXL

Abacus Global Management, Inc.

CIK:0001814287|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES:
Total revenues	$ 73,019,990	$ 56,224,620	$ 132,410,278	$ 100,363,966
COST OF REVENUES (excluding depreciation and amortization stated below):
Cost of revenue (including stock-based compensation)	9,064,451	6,054,644	15,371,836	13,163,051
Gross Profit	63,955,539	50,169,976	117,038,442	87,200,915
OPERATING EXPENSES:
Sales and marketing	5,558,460	3,267,715	10,506,370	5,883,715
General and administrative (including stock-based compensation)	32,956,074	18,926,329	58,828,199	31,190,115
Gain on change in fair value of debt	0	0	0	(3,362,103)
Gain on equity securities, at fair value	0	272,254	0	0
Depreciation and amortization expense	3,962,445	5,184,083	7,896,531	9,942,629
Total operating expenses	42,476,979	27,650,381	77,231,100	43,654,356
Operating Income	21,478,560	22,519,595	39,807,342	43,546,559
OTHER INCOME (EXPENSE):
Gain (loss) on change in fair value of warrant liability	0	4,183,000	0	(623,000)
Interest expense	(8,311,904)	(8,752,145)	(18,765,496)	(18,370,475)
Interest income	670,783	1,012,278	1,334,006	2,187,279
Other (expense) income, net	(2,861,547)	2,718,172	(342,954)	2,673,648
Total other expense	(10,502,668)	(838,695)	(17,774,444)	(14,132,548)
Net income before provision for income taxes	10,975,892	21,680,900	22,032,898	29,414,011
Income tax expense	4,348,850	4,069,971	8,139,664	6,404,056
NET INCOME	6,627,042	17,610,929	13,893,234	23,009,955
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	0	27,240	0	786,683
NET INCOME ATTRIBUTABLE TO ABACUS GLOBAL MANAGEMENT, INC.	$ 6,627,042	$ 17,583,689	$ 13,893,234	$ 22,223,272
EARNINGS PER SHARE:
Earnings per share - basic (in dollars per share)	$ 0.07	$ 0.18	$ 0.14	$ 0.23
Earnings per share - diluted (in dollars per share)	$ 0.07	$ 0.18	$ 0.14	$ 0.23
Weighted-average stock outstanding—basic (in shares)	95,319,635	94,690,195	96,574,532	95,437,545
Weighted-average stock outstanding—diluted (in shares)	98,457,545	97,372,470	99,755,998	97,801,477
Comprehensive income before non-controlling interests	$ 6,627,042	$ 17,610,929	$ 13,893,234	$ 23,009,955
Net and comprehensive income attributable to non-controlling interests	0	27,240	0	786,683
COMPREHENSIVE INCOME ATTRIBUTABLE TO ABACUS GLOBAL MANAGEMENT, INC.	6,627,042	17,583,689	13,893,234	22,223,272
Asset management \| Nonrelated Party
REVENUES:
Total revenues	776,361	1,606,827	1,818,804	2,355,216
Asset management \| Related Party
REVENUES:
Total revenues	6,439,292	7,155,049	13,855,993	14,179,737
Life solutions
REVENUES:
Total revenues	65,425,060	47,300,844	115,992,348	83,599,501
Life solutions \| Nonrelated Party
REVENUES:
Total revenues	53,920,260	31,125,573	87,936,927	66,522,884
Life solutions \| Related Party
REVENUES:
Total revenues	11,504,800	16,175,271	28,055,421	17,076,617
Technology services
REVENUES:
Total revenues	$ 379,277	$ 161,900	$ 743,133	$ 229,512

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 13,893,234	$ 23,009,955
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	7,896,531	9,942,629
Stock-based compensation	13,226,381	5,842,224
Amortization of debt issuance costs	1,270,929	1,046,835
Unrealized loss (gain) on policies, at fair value	41,958,891	(17,877,480)
Gain on change in fair value of debt	0	(3,362,103)
Loss on change in fair value of warrant liability	0	623,000
Deferred income taxes	(1,150,337)	1,720,233
Non-cash interest income	(78,205)	(317,756)
Non-cash lease expense	594,284	119,315
Non-cash other expense (income)	2,205,337	(1,750,000)
Changes in operating assets and liabilities:
Accounts receivable	(4,729,598)	1,277,555
Accounts receivable, related party	(807,034)	(6,120,244)
Prepaid expenses and other current assets	(886,789)	(2,810,783)
Other investments	(1,689,489)	0
Other assets	(17,058)	(7,776)
Accrued expenses	(2,452,505)	(823,060)
Accrued transaction costs	(229,992)	396,123
Contract liabilities, deposits on pending settlement	477,859	(2,427,674)
Income tax payable	(2,653,366)	1,953,834
Income tax receivable	(3,367,811)	2,276,726
Retrocession fees payable	0	49,500
Net change in life settlement policies, at fair value	43,854,789	2,131,229
Net change in life settlement policies, at cost	918,305	(25,831)
Net cash provided by operating activities	130,946,310	14,511,602
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination of note receivable	0	(7,000,000)
Acquisition of businesses, net of cash acquired	0	(2,096,021)
Purchase of property and equipment	(996,182)	(647,321)
Development of intangible assets	(1,037,753)	0
Purchase of other investments	(39,689,750)	(3,000,000)
Purchase of available for sale securities	0	(1,000,000)
Net cash used in investing activities	(41,723,685)	(13,743,342)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long term-debt, at fair value	992,387	24,732,253
Payment of discounts and financing costs	(682)	(374,809)
Repayment of debt	(78,339,347)	(46,713,206)
Repurchase of common stock	(24,359,373)	(35,051,781)
Transaction costs	0	(468,128)
Payment of Series A Convertible Preferred dividend	(187,500)	0
Shares withheld to satisfy taxes on share-based compensation	(2,052,252)	0
Net cash used in financing activities	(103,946,767)	(57,875,671)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(14,724,142)	(57,107,411)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	38,112,332	131,944,282
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	23,388,190	74,836,871
NON-CASH OPERATING, INVESTING, AND FINANCING ACTIVITIES:
Non-cash investment in other investments	0	5,000,000
SUPPLEMENTAL DISCLOSURES:
Interest paid	16,705,594	12,730,004
Income taxes paid, net of refunds	15,282,805	0
Unrealized gain on equity investments	4,739,489	0
Impairment loss on equity investments	(3,050,000)	0
Class A Common Stock
NON-CASH OPERATING, INVESTING, AND FINANCING ACTIVITIES:
Non-cash issuance of stock	15,616,006	0
Series A Preferred Stock
NON-CASH OPERATING, INVESTING, AND FINANCING ACTIVITIES:
Non-cash issuance of stock	0	5,000,000
Related Party
Adjustments to reconcile net income to net cash used in operating activities:
Unrealized loss (gain) on policies, at fair value	109,894,860	37,471,037
Non-cash interest expense	868,309	770,579
Changes in operating assets and liabilities:
Management and performance fee receivable, related party	(387,276)	1,122,181
Other current liabilities	757,009	(2,391,239)
Nonrelated Party
Adjustments to reconcile net income to net cash used in operating activities:
Non-cash interest expense	0	143,630
Changes in operating assets and liabilities:
Other current liabilities	$ 21,473,912	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 23,388,190	$ 38,112,332
Income taxes receivable	3,778,866	411,055
Prepaid expenses and other current assets	4,533,639	3,646,850
Total current assets	64,639,903	69,572,813
Property and equipment, net	2,345,652	1,597,896
Intangible assets, net	59,750,092	66,360,444
Goodwill	252,779,884	252,779,884
Operating right-of-use assets	12,306,899	4,561,692
Life settlement policies, at fair value	383,044,248	468,857,929
Life settlement policies, at cost	0	918,305
Available-for-sale securities, at fair value; net of allowance for credit losses of $— and $1,245,575 at June 30, 2026 and December 31, 2025	3,186,955	3,108,750
Other investments	73,043,493	18,253,585
Other assets	1,445,878	1,428,820
TOTAL ASSETS	867,730,420	902,240,258
CURRENT LIABILITIES:
Current portion of long-term debt, at fair value	38,293,580	114,424,000
Current portion of long-term debt	1,500,000	1,500,000
Accrued expenses	8,482,787	10,935,292
Current operating lease liabilities	2,630,892	720,186
Contract liabilities, deposits on pending settlements	647,043	169,184
Accrued transaction costs	2,106,184	2,336,177
Income taxes payable	0	2,653,366
Total current liabilities	91,744,423	148,591,221
Retrocession fees payable	5,361,714	5,361,714
Noncurrent operating lease liabilities	11,066,427	4,637,642
Deferred tax liability	29,063,823	30,214,160
TOTAL LIABILITIES	428,052,994	478,699,328
COMMITMENTS AND CONTINGENCIES (Note 12)
MEZZANINE EQUITY
Series A convertible preferred stock, $0.0001 par value; 5,000 shares authorized; 5,000 shares issued and outstanding at June 30, 2026 and December 31, 2025	5,000,000	5,000,000
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 5,000 shares issued and outstanding	0	0
Treasury stock - at cost; 10,130,090 and 7,406,118 shares repurchased at June 30, 2026 and December 31, 2025, respectively	(80,167,968)	(55,808,595)
Additional paid-in capital	542,761,386	515,971,485
Accumulated deficit	(27,926,714)	(41,632,448)
Noncontrolling interest	0	0
Total stockholders' equity	434,677,426	418,540,930
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY	867,730,420	902,240,258
Class A Common Stock
STOCKHOLDERS' EQUITY
Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 107,220,874 and 104,879,752 shares issued at June 30, 2026 and December 31, 2025, respectively	10,722	10,488
Nonrelated Party
CURRENT ASSETS:
Accounts receivable	22,812,071	18,082,473
CURRENT LIABILITIES:
Other current liabilities	16,610,025	15,853,016
Long-term debt, net	275,834,100	275,780,392
Related Party
CURRENT ASSETS:
Accounts receivable	10,127,137	9,320,103
Management and performance fee receivable, related party	15,187,416	14,800,140
CURRENT LIABILITIES:
Other current liabilities	21,473,912	0
Long-term debt, net	$ 14,982,507	$ 14,114,199