Abacus Global Management, Inc. Reports Second Quarter 2026 Results

ORLANDO, Fla.--( BUSINESS WIRE)--Abacus Global Management, Inc. (“Abacus” or the “Company”) (NYSE: ABX), a financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services with a focus on longevity-based assets and personalized financial planning, today reported results for the second quarter ended June 30, 2026.

Jay Jackson, Chief Executive Officer of Abacus, remarked, “Abacus continues to build the intelligence layer for lifespan-linked finance. We're building a new category in financial planning and infrastructure: longevity and LifeARC as the foundation for how families plan and transfer wealth across generations, grounded in the liquidity and data only Abacus can provide.”

Mr. Jackson continued, “This was a record quarter for Abacus, and our results reflect that momentum. Revenue grew 30% year-over-year to $73.0 million, and our longevity funds raised $544.2 million in the first half, surpassing our $500 million target. We also launched the ABX Longevity Growth and Income Fund, our first registered vehicle open to individual investors, and began tokenizing in-force policies to bring transparency to the secondary market. Our early results with Manning & Napier confirm the playbook. Each of these moves reinforces the same flywheel, and we've never had more confidence in where this business is headed.”

Second Quarter 2026 Highlights

Metric

2Q26

2Q25

Note

Total Revenue

$73.0M

$56.2M

+30% YoY driven by strong Life Solutions growth

GAAP net income

$6.6M

$17.6M

Down 63% YoY on strategic business expenses and personnel costs from acquisitions and growth across asset management, wealth management and technology

Operating Cash Flow (YTD)

$130.9M

$14.5M

+$116.4M increase YoY (presented as YTD figures); demonstrates cash generation capacity of platform

Second Quarter 2026 Non-GAAP Highlights

Metric

2Q26

2Q25

Note

Adjusted net income (Gross) 1

$27.1M

$21.9M

+24% YoY

Adjusted EPS (Gross) 1

$0.28

$0.23

+22% YoY; based on diluted share count

Adjusted EBITDA 1

$39.9M

$31.5M

+27% YoY

Adjusted EBITDA margin 1

54.7%

56.1%

Maintains high margin level while growing the business

(1) Non-GAAP Financial Measure. See reconciliations to nearest comparable GAAP measure beginning on page 6.

Second Quarter 2026 Efficiency Movers

Metric

2Q26

2Q25

Note

Annualized ROIC 1

23%

22%

+90 bps YoY

Annualized ROE 1

25%

21%

+400 bps YoY

Annualized turnover ratio

2.0x

2.3x

Within long-term target of 1.5x to 2.0x

Average realized gain

25%

26%

Exceeds long-term target of 20%, reflecting strong origination discipline

Other Second Quarter 2026 Highlights

Liquidity and Capital

As of June 30, 2026, the Company had cash and cash equivalents of $23.4 million, balance sheet policy assets held at fair value of $383.0 million, and total outstanding debt, net of deferred issuance costs and discounts, of $330.6 million. The Company generated $130.9 million in operating cash flow during the six months ended June 30, 2026, compared to $14.5 million in the prior-year period, reflecting the increasing cash generation capacity of the platform as longevity fund AUM scales.

Outlook

Metric

FY26

3Q26

Note

Adjusted net income (Gross) 1

$100M to $106M

$26M to $28M

FY implies 17% to 24% YoY; Midpoint of ~20%

Adjusted EPS (Gross) 1

$1.00 to $1.05

$0.26 to $0.28

Quarterly implies Up to 17% YoY; based on diluted share count

Webcast and Conference Call

A webcast and conference call to discuss the Company’s results will be held today, August 6, 2026, beginning at 5:00 p.m. (Eastern Time). A live webcast of the conference call will be available on Abacus’ investor relations website at ir.abacusgm.com. The dial-in number for the conference call is (833) 419-0865 (toll-free) or (785) 838-9333 (International) and participants must enter Conference ID “ABACUS” when joining. Please dial the number 10 minutes prior to the scheduled start time.

A webcast replay of the call will be available at ir.abacusgm.com for one year following the call.

Non-GAAP Financial Information

Adjusted Net Income, a non-GAAP financial measure, is defined as net income (loss) attributable to Abacus adjusted for non-controlling interest income, amortization, change in fair value of warrants, business acquisition costs and non-recurring legal costs, and non-cash stock-based compensation and the related stock-based limitation tax effect before the estimated tax effect. The estimated tax effect to adjusted net income is based on the Company’s U.S. based federal and state statutory tax rates. Management believes that Adjusted Net Income is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. A reconciliation of Adjusted Net Income to Net income attributable to Abacus, the most directly comparable GAAP measure, appears below.

Adjusted EPS measures per share earnings and is calculated as Adjusted Net Income divided by adjusted weighted-average shares outstanding. Management believes that Adjusted EPS may be useful to investors because it enables them to better evaluate per share operating performance across reporting periods by eliminating the impact of expenses that do not relate to the Company’s business performance.

The Company is unable to provide a comparable FY 2026 outlook for, or a reconciliation to net income because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to do so is due to the inherent difficulty in forecasting the timing of items that have not yet occurred and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities, and other one-time or exceptional items.

Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to Abacus adjusted for depreciation expense, amortization, interest expense, income , business acquisition costs and non-recurring legal costs, non-cash expenses, and certain other items that in our judgment significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within the Abacus’ control. These items may include payments made as part of the Company's expense support commitment, change in fair value of debt, change in fair value of warrant liability, S&P 500 options that were entered into as an economic hedge related to the debt (described as the realized and unrealized gain on equity securities, at fair value), non-cash stock based compensation, and other items. A reconciliation of Adjusted EBITDA to Net income attributable to Abacus, the most directly comparable GAAP measure, appears below.

Adjusted EBITDA margin, a non-GAAP financial measure, is defined as Adjusted EBITDA divided by Total revenues. A reconciliation of Adjusted EBITDA margin to Net income margin, the most directly comparable GAAP measure, appears below.

Annualized return on invested capital (“ROIC”), a non-GAAP financial measure, is defined as Adjusted Net Income for the quarter divided by the result of Total Assets less Intangible assets, net, Goodwill and Current Liabilities, multiplied by four. ROIC is not a measure of financial performance under GAAP. We believe ROIC should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP.

Annualized return on equity (“ROE”), a non-GAAP financial measure, is defined as Adjusted Net Income divided by total shareholder equity, multiplied by four. ROE is not a measure of financial performance under GAAP. We believe ROE should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP. The below table presents our calculation of ROE.

Forward-Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding: Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof; Abacus’s ability to successfully effect those strategies, and the expected results therefrom; projections of future earnings and expected capital; Abacus’ ability to generate future cash flows; securitization schedules and timing; future demand for Abacus’ products and services; and the reliability of the Company’s fund structures and corresponding market confidence and expectations. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ‎‎”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the potential impact of our business relationships, including with our employees, customers and competitors; changes in general economic and business and conditions, including changes in the financial markets; political instability both in the U.S. and abroad, to include political violence, terrorism, and war; weakness or adverse changes in the level of activity in our sector or the sectors of our affiliated companies, which may be caused by, among other things, high or increasing interest rates, or a weak U.S. economy; significant competition that our operating subsidiaries face; compliance with extensive government regulation; the failure to meet Abacus’s investment ‎objectives; the inability to raise capital on favorable terms or at all; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with ‎the U.S. Securities and Exchange Commission from time to time, including the Annual ‎Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent ‎periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the ‎forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations.

Risk disclosure: All securities investing and trading activities risk the loss of capital. Investors should carefully review the offering documents and consult with their own legal, tax, and financial advisors regarding the suitability of investments.

About Abacus

Abacus Global Management (NYSE: ABX) is a financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide.

For more information, please visit www.abacusgm.com

ABACUS GLOBAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEETS

June 30, 2026 (Unaudited)

December 31, 2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

23,388,190

38,112,332

Accounts receivable

22,812,071

18,082,473

Accounts receivable, related party

10,127,137

9,320,103

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

Operating right-of-use assets

12,306,899

4,561,692

Management and performance fee receivable, related party

15,187,416

14,800,140

Life settlement policies, at fair value

383,044,248

468,857,929

Life settlement policies, at cost

—

918,305

Available-for-sale securities, at fair value; net of allowance for credit losses of $— at June 30, 2026 and $1,245,575 at 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

LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY

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

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

Other current liabilities

16,610,025

15,853,016

Related party payable

21,473,912

—

Income taxes payable

—

2,653,366

Total current liabilities

91,744,423

148,591,221

Long-term debt, net

275,834,100

275,780,392

Long-term debt, related party

14,982,507

14,114,199

Retrocession fees payable

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

TOTAL MEZZANINE EQUITY

5,000,000

STOCKHOLDERS' EQUITY

Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 5,000 shares issued and outstanding

—

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

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

—

TOTAL STOCKHOLDERS' EQUITY

434,677,426

418,540,930

TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY

867,730,420

902,240,258

ABACUS GLOBAL MANAGEMENT, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUES:

Asset management

776,361

1,606,827

1,818,804

2,355,216

Asset management, related party

6,439,292

7,155,049

13,855,993

14,179,737

Life solutions

53,920,260

31,125,573

87,936,927

66,522,884

Life solutions, related party

11,504,800

16,175,271

28,055,421

17,076,617

Technology services

379,277

161,900

743,133

229,512

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

—

(3,362,103

)

Gain on equity securities, at fair value

—

272,254

—

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):

Loss on change in fair value of warrant liability

—

4,183,000

—

(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 income (expense), 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

—

27,240

—

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

0.07

0.18

0.14

0.23

Earnings per share - diluted

0.07

0.18

0.14

0.23

Weighted-average stock outstanding—basic

95,319,635

94,690,195

96,574,532

95,437,545

Weighted-average stock outstanding—diluted

98,457,545

97,372,470

99,755,998

97,801,477

NET INCOME

6,627,042

17,610,929

13,893,234

23,009,955

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

—

27,240

—

786,683

COMPREHENSIVE INCOME ATTRIBUTABLE TO ABACUS GLOBAL MANAGEMENT, INC.

6,627,042

17,583,689

13,893,234

22,223,272

ABACUS GLOBAL MANAGEMENT, INC. ADJUSTED NET INCOME

Three Months Ended June 30, 2026

Three Months Ended June 30, 2025

Gross

Estimated

Tax [2]

Net

Gross

Estimated

Tax [2]

Net

NET INCOME ATTRIBUTABLE TO ABACUS GLOBAL MANAGEMENT, INC.

6,627,042

—

6,627,042

17,583,689

—

17,583,689

Net income attributable to noncontrolling interests

—

27,240

—

27,240

Amortization expense

3,824,053

(969,206

)

2,854,847

4,667,987

(1,183,102

)

3,484,885

Stock-based compensation

6,882,980

(1,744,491

)

5,138,489

3,486,829

(883,737

)

2,603,092

Unrealized loss (gain) on investments

660,511

(167,407

)

493,104

—

Impairment on investments

—

Business acquisition and special projects costs

7,586,039

(1,922,682

)

5,663,357

74,782

(18,953

)

55,829

Loss on change in fair value of warrant liability

—

(4,183,000

)

1,060,181

(3,122,819

)

Other

27,779

—

27,779

—

Tax impact [1]

1,488,953

—

1,488,953

233,137

—

233,137

ADJUSTED NET INCOME

27,097,357

(4,803,786

)

22,293,571

21,890,664

(1,025,611

)

20,865,054

WEIGHTED-AVERAGE STOCK OUTSTANDING—BASIC

95,319,635

94,690,195

WEIGHTED-AVERAGE STOCK OUTSTANDING—DILUTED

98,457,545

97,372,470

ADJUSTED EPS - BASIC

0.28

(0.05

)

0.23

(0.01

)

0.22

ADJUSTED EPS - DILUTED

0.28

(0.05

)

0.23

0.22

(0.01

)

0.21

Six Months Ended June 30, 2026

Six Months Ended June 30, 2025

Gross

Estimated

Tax [2]

Net

Gross

Estimated

Tax [2]

Net

NET INCOME ATTRIBUTABLE TO ABACUS GLOBAL MANAGEMENT, INC.

13,893,234

—

13,893,234

22,223,272

—

22,223,272

Net income attributable to noncontrolling interests

—

786,683

—

786,683

Amortization expense

7,648,106

(1,938,412

)

5,709,694

9,301,141

(2,357,374

)

6,943,767

Stock-based compensation

13,226,381

(3,352,226

)

9,874,155

5,842,224

(1,480,712

)

4,361,512

Unrealized gain on investments

(4,739,489

)

1,201,223

(3,538,266

)

—

Impairment on investments

3,050,000

(773,023

)

2,276,977

—

Business acquisition and special projects costs

11,227,172

(2,845,527

)

8,381,645

74,782

(18,953

)

55,829

Loss on change in fair value of warrant liability

—

623,000

(157,899

)

465,101

Other

439,546

—

439,546

—

Tax impact [1]

2,460,152

—

2,460,152

233,137

—

233,137

ADJUSTED NET INCOME

47,205,102

(7,707,965

)

39,497,137

39,084,239

(4,014,938

)

35,069,302

WEIGHTED-AVERAGE STOCK OUTSTANDING—BASIC

96,574,532

95,437,545

WEIGHTED-AVERAGE STOCK OUTSTANDING—DILUTED

99,755,998

97,801,477

ADJUSTED EPS - BASIC

0.49

(0.08

)

0.41

(0.04

)

0.37

ADJUSTED EPS - DILUTED

0.47

(0.08

)

0.40

(0.04

)

0.36

[1] Tax impact represents the permanent difference in tax expense related to the restricted stock awards granted to certain executives due to IRC 162(m) limitations.

[2] The estimated tax is based on the net federal and state statutory rate.

Note: Totals may not add up due to rounding.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

NET INCOME

6,627,042

17,610,929

13,893,234

23,009,955

Depreciation and amortization expense

3,962,445

5,184,083

7,896,531

9,942,629

Income tax expense

4,348,850

4,069,971

8,139,664

6,404,056

Interest expense

8,311,904

8,752,145

18,765,496

18,370,475

Other income (expense), net

2,201,036

(2,718,172

)

2,032,443

(2,673,648

)

Interest income

(670,783

)

(1,012,278

)

(1,334,006

)

(2,187,279

)

Loss on change in fair value of warrant liability

—

(4,183,000

)

—

623,000

Stock-based compensation

6,882,980

3,486,829

13,226,381

5,842,224

Unrealized gain on investments

660,511

—

(4,739,489

)

—

Impairment on investments

—

3,050,000

—

Business acquisition and special projects costs

7,586,039

74,782

11,227,172

74,782

Other

27,779

—

439,546

—

Unrealized gain on equity securities, at fair value

—

272,254

—

Loss (gain) on change in fair value of debt

—

(3,362,103

)

Adjusted EBITDA

39,937,803

31,537,543

72,596,972

56,044,091

TOTAL REVENUE

73,019,990

56,224,620

132,410,278

100,363,966

Adjusted EBITDA Margin

54.7

56.1

54.8

55.8

Net Income Margin

9.1

31.3

10.5

22.9

ABACUS GLOBAL MANAGEMENT, INC.

RETURN ON INVESTED CAPITAL

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Total Assets

867,730,420

848,357,920

867,730,420

848,357,920

Less:

Intangible assets, net

(59,750,092

)

(71,392,006

)

(59,750,092

)

(71,392,006

)

Goodwill

(252,779,884

)

(238,921,108

)

(252,779,884

)

(238,921,108

)

Current Liabilities

(91,744,423

)

(140,178,035

)

(91,744,423

)

(140,178,035

)

Total Invested Capital

463,456,021

397,866,771

463,456,021

397,866,771

Adjusted Net income

27,097,357

21,890,664

47,205,102

39,084,239

Adjusted Annualized ROIC

ABACUS GLOBAL MANAGEMENT, INC.

RETURN ON EQUITY

Three Months Ended

Three Months

Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Total Shareholder Equity

434,677,426

416,533,192

434,677,426

416,533,192

Adjusted Net income

27,097,357

21,890,664

47,205,102

39,084,239

Adjusted Annualized ROE