abx-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission file number 001-39403

Abacus Global Management, Inc.

(Exact name of registrant as specified in its charter)


Delaware			85-1210472
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

333 South Garland Avenue, Suite 1500 Orlando Florida			32801
(Address of Principal Executive Offices)			(Zip Code)

(800) 561-4148

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.0001 per share	ABX	New York Stock Exchange
9.875% Fixed Rate Senior Notes due 2028	ABXL	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	x
		Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The registrant had 97,792,249 shares of common stock, $0.0001 par value per share, issued and outstanding as of July 30, 2026.

ABACUS GLOBAL MANAGEMENT, INC.

TABLE OF CONTENTS


		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)

	Consolidated Balance Sheets	1

	Consolidated Statements of Operations and Comprehensive Income	3

	Consolidated Statements of Changes in Stockholders' Equity	4

	Consolidated Statements of Cash Flows	5

	Condensed Notes to Consolidated Financial Statements	7 - 40

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64

Item 4.	Controls and Procedures	64

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	65

Item 1A.	Risk Factors	65

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65

Item 3.	Defaults Upon Senior Securities	65

Item 4.	Mine Safety Disclosures	65

Item 5.	Other Information	65

Item 6.	Exhibits	66

Signatures		69

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. - Financial Statements


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		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 $— 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
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		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

Table of Contents


ABACUS GLOBAL MANAGEMENT, INC.

CONSOLIDATED BALANCE SHEETS (CONT.)


	June 30, 2026 (Unaudited)		December 31, 2025
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		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
TOTAL MEZZANINE EQUITY	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	—		—
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

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents


ABACUS GLOBAL MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)


	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):
Gain (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 (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	—		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

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents


ABACUS GLOBAL MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)


	Series A Convertible Preferred Stock			Class A Common Stock			Treasury Stock			Additional Paid-In Capital		Accumulated Deficit		Non- Controlling Interests		Total Stockholders’ Equity
	Shares	Amount		Shares	Amount		Shares	Amount
BALANCE AS OF DECEMBER 31, 2024	—	$	—	96,731,194	$	10,133	(1,048,226)	$	(12,025,137)	$	494,064,113	$	(57,896,606)	$	(857,831)	$	423,294,672
Issuance of series A convertible preferred stock	5,000	5,000,000		—	—		—	—		—		—		—		—

Stock-based compensation	—	—		36,000	(456)		—	—		2,355,852		—		—		2,355,396
Warrant Conversions	—	—		1,134,071	113		—	—		(113)		—		—		—
Common stock issue costs	—	—		—	—		—	—		(470,065)		(3)		—		(470,068)

Net income	—	—		—	—		—	—		—		4,639,583		759,443		5,399,026
BALANCE AS OF MARCH 31, 2025	5,000	$	5,000,000	97,901,265	$	9,790	(1,048,226)	$	(12,025,137)	$	495,949,787	$	(53,257,026)	$	(98,388)	$	430,579,026

Repurchase of common stock	—	—		—	-		(5,081,477)	(35,051,781)		—		—		$	—	(35,051,781)
Stock-based compensation	—	—		53,206	5		—	—		3,486,823		—		$	—	3,486,828

Dividends declared on the Series A Convertible Preferred Stock	—	—		—	—		—	—		—		(93,750)		$	—	(93,750)
Other	—	—		—	—		—	—		1,933		7		$	—	1,940


Net income	—	—		—	—		—	—		—		17,583,689		$	27,240	17,610,929
BALANCE AS OF JUNE 30, 2025	5,000	$	5,000,000	97,954,471	$	9,795	(6,129,703)	$	(47,076,918)	$	499,438,543	$	(35,767,080)	$	(71,148)	$	416,533,192


	Series A Convertible Preferred Stock			Class A Common Stock			Treasury Stock			Additional Paid-In Capital		Accumulated Deficit		Non- Controlling Interests		Total Stockholders’ Equity
	Shares	Amount		Shares	Amount		Shares	Amount
BALANCE AS OF DECEMBER 31, 2025	5,000	$	5,000,000	104,879,752	$	10,488	(7,406,118)	$	(55,808,595)	$	515,971,485	$	(41,632,448)	$	—	$	418,540,930

Repurchase of common stock	—	—		—	—		(1,649,712)	(14,453,988)		—		—		—		(14,453,988)
Stock-based compensation	—	—		159,494	16		—	—		6,343,385		—		—		6,343,401
Dividends declared on the Series A Convertible Preferred Stock	—	—		—	—		—	—		—		(93,750)		—		(93,750)



Net income	—	—		—	—		—	—		—		7,266,192				7,266,192
BALANCE AS OF MARCH 31, 2026	5,000	$	5,000,000	105,039,246	$	10,504	(9,055,830)	$	(70,262,583)	$	522,314,870	$	(34,460,006)	$	—	$	417,602,785

Repurchase of common stock	—	$	—	—	$	—	(1,074,260)	$	(9,905,385)	$	—	$	—	$	—	$	(9,905,385)
Stock-based compensation	—	—		505,582	50		—	—		4,830,678		—		—		4,830,728
Dividends declared on the Series A Convertible Preferred Stock	—	—		—	—		—	—		—		(93,750)		—		(93,750)

Issuance of common stock	—	—		1,676,046	168		—	—		15,615,838		—		—		15,616,006

Net income	—	—		—	—		—	—		—		6,627,042		—		6,627,042
BALANCE AS OF JUNE 30, 2026	5,000	$	5,000,000	107,220,874	$	10,722	(10,130,090)	$	(80,167,968)	$	542,761,386	$	(27,926,714)	$	—	$	434,677,426

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents


ABACUS GLOBAL MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)


	Six Months Ended June 30,
	2026		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	—		(3,362,103)
Loss on change in fair value of warrant liability	—		623,000
Deferred income taxes	(1,150,337)		1,720,233
Non-cash interest income	(78,205)		(317,756)
Non-cash interest expense, related party	868,309		770,579
Non-cash interest expense	—		143,630
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)

Management and performance fee receivable, related party	(387,276)		1,122,181
Prepaid expenses and other current assets	(886,789)		(2,810,783)
Other investments	(1,689,489)		—
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)
Other current liabilities	757,009		(2,391,239)
Related party payable	21,473,912		—
Income tax payable	(2,653,366)		1,953,834
Income tax receivable	(3,367,811)		2,276,726
Retrocession fees payable	—		49,500

Net change in life settlement policies, at fair value	43,854,789		2,131,229


ABACUS GLOBAL MANAGEMENT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT.)
FOR THE YEARS ENDED JUNE 30,


	Six Months Ended June 30,
	2026		2025
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	—		(7,000,000)
Acquisition of businesses, net of cash acquired	—		(2,096,021)
Purchase of property and equipment	(996,182)		(647,321)
Development of intangible assets	(1,037,753)		—
Purchase of other investments	(39,689,750)		(3,000,000)
Purchase of available for sale securities	—		(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	—		(468,128)
Payment of Series A Convertible Preferred dividend	(187,500)		—


Shares withheld to satisfy taxes on share-based compensation	(2,052,252)		—

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 issuance of common stock	$	15,616,006	$	—
Non-cash investment in other investments	—		5,000,000
Non-cash issuance of series A convertible preferred stock	—		5,000,000


SUPPLEMENTAL DISCLOSURES:
Interest paid	$	16,705,594	$	12,730,004
Income taxes paid, net of refunds	15,282,805		—
Unrealized gain on equity investments	4,739,489		—
Impairment loss on equity investments	(3,050,000)		—

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

ABACUS GLOBAL MANAGEMENT, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.BASIS OF PRESENTATION

The accompanying consolidated financial statements (“Interim Financial Statements”) are presented in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”) as contained in the Company’s Annual Report on Form 10-K. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Accordingly, the Interim Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“2025 Annual Report”). Refer to Note 2 in the Company’s 2025 Annual Report for the full list of the Company’s significant accounting policies. The details in those notes have not changed, except as discussed in Note 2 to the Interim Financial Statements and as a result of normal adjustments in the interim periods. Capitalized terms used and not specifically defined herein have the same meanings given to those terms in our 2025 Annual Report. We also may use certain other terms that are defined within these Interim Financial Statements.

The Interim Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Abacus Global Management, Inc., (the “Company”) all entities in which the Company has a controlling voting interest (“subsidiaries”), and variable interest entities (“VIEs”) for which the Company is the primary beneficiary, as determined in accordance with consolidation accounting guidance. References in these Interim Financial Statements to net income or loss attributable to common stockholders and stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entity and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation.

The Interim Financial Statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2025, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position, the results of our operations, and cash flows for the periods presented. The Interim Financial Statements are not necessarily indicative of the results to be expected for the full year, or any other period. All references to financial information in the Interim Financial Statements and in the condensed notes to Interim Financial Statements are unaudited.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of revenue, life settlement policy valuation, goodwill and intangibles valuation, and income taxes. The uncertainties in the broader macroeconomic environment have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

New Accounting Standards—The Company’s management reviews recent accounting standards to determine the impact to the Company’s financial statements. There were no new accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board’s (“FASB”) in addition to those discussed in our 2025 Annual Report that would have an impact to the Interim Financial Statements.

Recently Adopted Accounting Standards

Table of Contents

ASU 2025-05—”Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. In July 2025, the FASB issued ASU 2025-05 to provide all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted ASU 2025-05 on a prospective basis effective January 1, 2026. The Company elected the practical expedient to estimate expected credit losses for current accounts receivables. The election of the practical expedient provided by this ASU did not have an impact to the Company’s consolidated financial statements upon adoption.

Recently Issued Accounting Pronouncements

ASU 2025-11—”Interim Reporting (Topic 270): Narrow-Scope Improvements.” In December 2025, the FASB issued ASU 2025-11 to clarify interim disclosure requirements. The objective of the amendments is to provide further clarity about the current interim disclosure requirements. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Adoption of this ASU can be applied either using a prospective or a retrospective approach. Early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the Company’s consolidated financial statements.

ASU 2026-01 — “Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity Classified Preferred Stock.” In April 2026, the FASB issued ASU 2026-01 to provide guidance on how an issuer should initially measure paid-in-kind (PIK) dividends on equity classified preferred stock. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2026. Adoption of this ASU can be applied either using a prospective or a retrospective approach. Early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the Company’s consolidated financial statements.

ASU 2026-02 — “Environmental Credits and Environmental Credit Obligations (Topic 818).” In May 2026, the FASB issued ASU 2026-02 to improve the financial accounting for and disclosure of environmental credits and environmental credit obligations. The objective of the amendment is to provide recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. This ASU is effective for interim reporting periods with annual reporting periods beginning after December 15, 2027. Adoption of this ASU should be applied using a retrospective approach. Early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the Company’s consolidated financial statements.

Concentrations— No customer accounted for 10% or more in revenues related to sales of life insurance policies for the three months ended June 30, 2026. One customer accounted for 26% of in revenues related to sales of life insurance policies for the three months ended June 30, 2025.

One customer accounted for 11% (related party) in revenues related to sales of life insurance policies for the six months ended June 30, 2026. One customer accounted for 15% (related party) of total revenues related to the sales of life insurance policies for the six months ended June 30, 2025.

Liquidity—The first redemption date for LMA Income Series II, LP (“LMAIS II”), a limited partnership that is a variable interest entity in which the Company has invested was March 31, 2026 at which point the investors of that entity had the option to (i) redeem their investment, (ii) extend their investment for an additional year, or (iii) invest into an Abacus managed fund launched in March 2025. The next redemption date for LMAIS II will be June 30, 2027 with the same options available to investors as the

Table of Contents

first redemption date. As of June 30, 2026, the related remaining liabilities are included within the current portion of long-term debt, at fair value within our consolidated balance sheet. If all investors were to elect to redeem their investment, the Company has determined it has sufficient liquidity available in the form of cash, credit available under the secured credit facility, and the ability to sell life settlement policies in an active market to repay the debt. Refer to Note 14, Long-Term Debt for additional information related to LMAIS II.

Reclassifications—Certain prior period amounts in these Interim Financial Statements and condensed notes have been reclassified to conform to the current presentation for the three and six months ended June 30, 2026 and 2025 and for the year ended December 31, 2025.

3.BUSINESS COMBINATIONS

NIB Acquisition

On April 24, 2025, the Company completed the acquisition of National Insurance Brokerage, LLC ("NIB"), a Delaware limited liability company (the “NIB Acquisition”). NIB was owned by Jay Jackson, Chief Executive Officer of the Company, who held a 25% beneficial interest in NIB, and KMG Group Holdings, LLC ("KMG"), who held a 75% beneficial interest in NIB (the "Sellers"). KMG is equally owned by Matthew Ganovsky, K. Scott Kirby, and Sean McNealy, Co-Founders and Presidents of the Company. The Company paid approximately $2.1 million in cash, net of cash acquired, to acquire 100% of the interest in NIB.

The NIB Acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations (“ASC 805”), which requires the Company to record the assets acquired and liabilities assumed at fair value as of the acquisition date. The values attributed to intangible assets were based on valuations prepared using Level 3 inputs and assumptions in accordance with ASC 820, Fair Value Measurements (“ASC 820”).

Goodwill related to the NIB Acquisition was assigned to the Life Solutions reportable segment. It represents the value that we expect to obtain from growth opportunities from our combined operations and is deductible for tax purposes.

The Company finalized the valuations related to the acquired assets and liabilities of NIB on June 30, 2025. The following table presents the fair value of the assets acquired and the liabilities assumed in connection with the business combination.


Net Assets Identified	Fair Value (as finalized on June 30, 2025)
Intangibles	$	1,393,300
Current Assets	911,478
Deferred Tax Assets	25,388
Accrued Expenses	(16,908)
Net assets acquired	2,313,258
Goodwill	686,742
Total purchase price	$	3,000,000

Intangible assets were comprised of the following:


Asset Type	Fair Value		Useful Life	Valuation Methodology
Customer relationships	$	1,393,300	10 years	Multi-period excess earnings method
Total fair value	$	1,393,300

Table of Contents

AccuQuote Acquisition

On August 14, 2025 (“AccuQuote Acquisition Date”), the Company acquired 100% of Life Distributors, LLC (“AccuQuote”), a Delaware limited liability company (“AccuQuote Acquisition”). AccuQuote is an insurance brokerage firm. The Company used its note receivable balance of approximately $9.3 million due from AccuQuote as consideration as result of the AccuQuote’s default on the note (non-cash consideration). The value of the note receivable balance on the AccuQuote Acquisition Date approximated fair value. The Company acquired approximately $0.3 million of cash and paid approximately $0.8 million in acquisition costs.

The Company evaluated whether the transaction should be accounted for as (i) a loan settlement within the scope of ASC 310-20-40-2 or (ii) a business combination within the scope of ASC 805. As part of the Company’s evaluation of AccuQuote, the April 2025 financing was structured to provide the Company with creditor protections and an enforceable mechanism to obtain control upon the occurrence of defined events of default. Because the Company obtained control of AccuQuote by exercising a contractual call right upon an event of default as defined in the note agreement and acquiring 100% ownership, and because AccuQuote met the definition of a business (including inputs and processes capable of producing outputs), the Company concluded the transaction was a business combination under ASC 805. In addition, until the event of default and election to enforce remedies, AccuQuote remained independent and the Company held only creditor rights. Accordingly, the note receivable (including accrued amounts) was treated as consideration transferred in the acquisition rather than accounted for as a standalone loan settlement under ASC 310-20.

The Company assessed the note receivable prior to the acquisition date and concluded that no allowance for credit losses (ACL) was required and that the carrying amount approximated fair value on the acquisition date. In making these conclusions, the Company considered that (1) the note was secured by 100% of AccuQuote’s assets, including its equity interests, and the Company’s contractual remedies provided a recovery mechanism, (2) the default was related to specified financial covenant and financial metric noncompliance rather than an inability to generate cash flows, and (3) the Company did not identify indicators of material operational deterioration through the default date. The Company also considered that the note was originated approximately 4.5 months prior to the acquisition on negotiated terms, and the Company’s expected recovery under the note was supported by the secured structure and available remedies. The financing and related contractual remedies were designed to provide the Company with multiple paths to value realization—repayment under the note or, upon a defined event of default, the ability to obtain control through enforcement—consistent with the transaction’s economic substance. Therefore, the Company concluded that the note’s carrying value was approximately equal to its fair value at the time of acquisition.

The AccuQuote Acquisition was accounted for as a business combination in accordance with ASC 805, which requires the Company to record the assets acquired and liabilities assumed at fair value as of the acquisition date. The values attributed to intangible assets were based on valuations prepared using Level 3 inputs and assumptions in accordance with ASC 820.

Goodwill related to the AccuQuote Acquisition was assigned to the Life Solutions reportable segment. It represents the value that we expect to obtain from growth opportunities from our combined operations and is deductible for tax purposes.

The Company finalized the valuations related to the acquired assets and liabilities of AccuQuote, except for acquired receivables, accrued expenses, and other liabilities. Accordingly, these estimates are subject to change during the measurement period, which is up to one year from the AccuQuote Acquisition Date, as permitted under GAAP. Any potential adjustments could be material in relation to the values presented in the table below. No adjustments were made to the valuation for the period ended June 30, 2026.

The following table presents the fair value of the assets acquired and the liabilities assumed in connection with the business combination.

Table of Contents


Net Assets Identified	Fair Value (as previously reported)		Adjustments		Adjusted Fair Value
Intangibles	$	3,400,000	$	—	$	3,400,000
Current Assets	2,061,706		—		2,061,706
Deferred Tax Assets	164,408		—		164,408
Accrued Expenses	(844,798)		—		(844,798)
Other Liabilities	(1,906,544)		—		(1,906,544)
Net assets acquired	2,874,772		—		2,874,772
Goodwill	6,390,425		—		6,390,425
Total purchase price	$	9,265,197	$	—	$	9,265,197

Intangible assets were comprised of the following:


Asset Type	Fair Value		Useful Life	Valuation Methodology
Customer relationships	$	2,900,000	10 years	Multi-period excess earnings method
Trade Name	500,000		3 years	Relief from royalty method
Total fair value	$	3,400,000

On June 24, 2026, the Company issued 237,133 in common stock valued at $2,205,337 to the sellers of FCF Advisors, LLC to settle additional non-cash consideration recorded in other income (expense), net in the consolidated statements of operations and comprehensive income. This consideration is deductible for tax purposes.

Table of Contents

4.REVENUES

Disaggregated Revenue—The disaggregation of the Company’s revenue by major sources is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Asset management:
Asset management fees, related party	$	5,612,942	$	6,700,984	$	12,269,406	$	13,399,185
Asset management fees	729,950		1,503,839		1,717,005		2,232,849
Servicing revenue, related party	826,350		454,065		1,586,587		780,552
Servicing revenue	46,411		102,988		101,799		122,367
Total asset management revenue	7,215,653		8,761,876		15,674,797		16,534,953
Life solutions:
Revenue from life insurance policies using the fair value method, net	50,238,503		29,621,941		81,700,560		62,555,802
Revenue from life insurance policies using the fair value method, related party, net	11,337,470		16,175,271		27,888,091		17,076,617
Insurance commissions	1,881,126		—		3,511,802		—
Fee-based services	—		338,787		—		338,787

Revenue from life insurance policies held using the investment method, related party	167,330		—		167,330		—
Originations	1,800,631		1,164,845		2,724,565		3,628,295
Total life solutions revenue	65,425,060		47,300,844		115,992,348		83,599,501
Technology services:
Technology services	379,277		161,900		743,133		229,512
Total technology services revenue	379,277		161,900		743,133		229,512
Total revenue	$	73,019,990	$	56,224,620	$	132,410,278	$	100,363,966

Further disaggregation of life solutions revenue for the three and six months ended June 30, 2026:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026		2026
Life solutions:
Realized gains from life insurance policies sold and matured using the fair value method	$	20,753,663	$	25,716,729
Premiums paid on sold and matured life insurance policies using the fair value method	(288,110)		(348,275)
Premiums paid on life insurance policies held using the fair value method	(5,730,887)		(11,603,862)
Reversal of unrealized gains from prior quarters related to life insurance policies sold or matured using the fair value method	(5,776,428)		(7,550,594)
Unrealized gains from life insurance policies held using the fair value method	41,280,265		75,486,562
Revenue from life insurance policies using the fair value method, net	50,238,503		81,700,560
Realized gains from life insurance policies sold and matured using the fair value method, related party	55,946,497		143,878,143

Table of Contents


	Three Months Ended June 30,		Six Months Ended June 30,
	2026		2026
Premiums paid on sold life insurance policies using the fair value method, related party	(2,351,584)		(6,095,192)
Reversal of unrealized gains from prior quarters related to life insurance policies sold and matured using the fair value method, related party	(42,257,443)		(109,894,860)
Revenue from life insurance policies using the fair value method, related party, net	11,337,470		27,888,091
Total revenue for life insurance policies using the fair value method	$	61,575,973	$	109,588,651

Further disaggregation of life solutions revenue for the three and six months ended June 30, 2025:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025		2025
Life solutions:
Realized gains from life insurance policies sold and matured using the fair value method	$	10,025,640	$	22,689,625
Premiums paid on sold and matured life insurance policies using the fair value method	(178,584)		(608,584)
Premiums paid on life insurance policies held using the fair value method	(7,065,396)		(14,873,756)
Unrealized gains from life insurance policies held using the fair value method	26,840,281		55,348,517
Revenue from life insurance policies using the fair value method, net	29,621,941		62,555,802
Realized gains from life insurance policies sold and matured using the fair value method, related party	53,687,040		56,153,818
Premiums paid on sold life insurance policies using the fair value method, related party	(1,536,451)		(1,606,164)
Reversal of unrealized gains from prior quarters related to life insurance policies sold and matured using the fair value method, related party	(35,975,318)		(37,471,037)
Revenue from life insurance policies using the fair value method, related party, net	16,175,271		17,076,617
Total revenue for life insurance policies using the fair value method	$	45,797,212	$	79,632,419

Refer to Note 19, Related-Party Transactions for additional information related to revenue from related parties.

Asset Management Balances—The Company has the following asset management related balances recorded within the following accounts in the consolidated balance sheets:


Balance Sheet Account	June 30, 2026		December 31, 2025
Management and Performance Fee Receivables:
Accounts receivable, related party	$	6,653,641	$	6,718,903
Management and performance fee receivable, related party	15,187,416		14,800,140
Total management and performance fee receivables	$	21,841,057	$	21,519,043
Retrocession Fee Payable:
Other current liabilities	$	5,403,741	$	4,696,788

Table of Contents


Balance Sheet Account	June 30, 2026		December 31, 2025
Retrocession fees payable	5,361,714		5,361,714
Total retrocession fees payable	$	10,765,455	$	10,058,502

Contract Balances—We had no contract assets at June 30, 2026 and December 31, 2025. The balances of contract liabilities arising from originated contracts with customers were as follows:


	June 30, 2026		December 31, 2025
Contract liabilities, deposits on pending settlements	$	647,043	$	169,184
Total contract liabilities	$	647,043	$	169,184

Revenue recognized during the six months ended June 30, 2026 that was included in our contract liabilities balance at December 31, 2025 was $169,184.

5.LIFE SETTLEMENT POLICIES

As of June 30, 2026, the Company held 622 life settlement policies which are accounted for using the fair value method. Aggregate face value of policies held at fair value was $682,635,716 as of June 30, 2026, with a corresponding fair value of $383,044,248. Differences between the face value and the net death benefit of certain policies is due to return of premium policies offset by loans on policies.

As of December 31, 2025, the Company held 804 life settlement policies, of which 801 were accounted for under the fair value method and 3 were accounted for using the investment method (cost, plus premiums paid). The aggregate face value of policies held at fair value was $1,063,747,674 as of December 31, 2025, with a corresponding fair value of $468,857,929. The aggregate face value of policies accounted for using the investment method was $1,625,000 as of December 31, 2025, with a corresponding carrying value of $918,305.

At June 30, 2026, the Company did not have any contractual restrictions on its ability to sell policies, including those held as collateral for the issuance of long-term debt. Refer to Note 14, Long-Term Debt for further details.

Life expectancy reflects the probable number of years remaining in the life of a class of persons determined statistically, at origination, affected by such factors as heredity, physical condition, nutrition, and occupation.

There were no significant changes in the Company’s expectation of the timing of the realization of revenues related to life settlement policies. Refer to Note 13, Fair Value Measurements for significant changes to the amounts disclosed related to life settlement policies.

Policies Carried at Fair Value:

The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of June 30, 2026:


Remaining Life Expectancy (Years)	Policies	Face Value		Net Death Benefit		Fair Value
0-1	51	$	30,885,723	$	30,066,062	$	21,712,821
1-2	108	92,390,457		104,640,445		75,988,327
2-3	116	193,856,477		193,502,821		127,457,813
3-4	97	84,587,920		81,421,369		48,188,677

Table of Contents


Remaining Life Expectancy (Years)	Policies	Face Value		Net Death Benefit		Fair Value
4-5	87	72,417,299		68,981,460		35,498,806
Thereafter	163	208,497,840		207,673,905		74,197,804
Total	622	$	682,635,716	$	686,286,062	$	383,044,248

The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of December 31, 2025:


Remaining Life Expectancy (Years)	Policies	Face Value		Net Death Benefit		Fair Value
0-1	56	$	37,289,219	$	38,364,635	$	31,591,831
1-2	107	145,413,973		136,961,406		95,037,912
2-3	172	220,587,453		233,422,730		138,986,632
3-4	103	102,158,681		101,592,187		47,674,052
4-5	104	96,790,034		90,018,094		38,562,604
Thereafter	259	461,508,314		458,781,779		117,004,898
Total	801	$	1,063,747,674	$	1,059,140,831	$	468,857,929

Policies Accounted for Using the Investment Method:

During the second quarter of 2026, the Company sold its remaining life insurance policies accounted for using the investment method.

The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of December 31, 2025:


Remaining Life Expectancy (Years)	Policies	Face Value		Net Death Benefit		Carrying Value




4-5	1	$	750,000	$	750,000	$	444,987
Thereafter	2	875,000		898,307		473,318
Total	3	$	1,625,000	$	1,648,307	$	918,305

Estimated premiums to be paid by the Company for its portfolio accounted for using the investment method during each of the five succeeding calendar years and thereafter as of December 31, 2025, are as follows:


2026	$	52,837
2027	53,214
2028	11,946



Total	$	117,997

The Company is required to pay premiums to keep its portion of life insurance policies in force. The estimated total future premium payments could increase or decrease significantly to the extent that actual mortalities of insureds differ from the estimated life expectancies.

Table of Contents

6.PROPERTY AND EQUIPMENT—NET

Property and equipment balances are composed of the following:


	June 30, 2026		December 31, 2025
Computer equipment	$	2,307,014	$	1,802,032
Furniture and fixtures	677,575		232,349
Leasehold improvements	199,753		153,780

Property and equipment—gross	3,184,342		2,188,161

Less: accumulated depreciation	(838,690)		(590,265)
Property and equipment—net	$	2,345,652	$	1,597,896

Depreciation expense for the three months ended June 30, 2026 and 2025, was $138,392 and $87,716, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 was $248,425 and $154,542, respectively.

7.GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill of $252,779,884 was recognized as a result of the business combinations, which represent the excess fair value of consideration over the fair value of the underlying net assets. Refer to Note 3, Business Combinations for further discussion.

The changes in the carrying amount of goodwill by reportable segments were as follows:


Reportable Segment	December 31, 2025		Additions		Adjustments		June 30, 2026
Life Solutions	$	147,007,357	$	—	$	—	$	147,007,357
Asset Management	105,772,527		—		—		105,772,527
Total	$	252,779,884	$	—	$	—	$	252,779,884

Intangible Assets Acquired comprised of the following:

Asset Type

Net Book Value

Useful Life

Weighted Average Remaining Amortization Period

Valuation Methodology

Management agreements

47,400,000

4 - 8 years

3.8 years

Multi-period excess-earnings method

Customer relationships

31,693,300

3 - 10 years

2.2 years

Multi-period excess-earnings method

Non-compete agreements

7,400,000

1 - 3 years

0.1 years

With or Without Method

Internally developed and used technology

2,100,000

2 - 3 years

0.0 years

Replacement Cost Method

Trade Name

2,500,000

3 - 10 years

0.3 years

Relief from Royalty Method

State Insurance Licenses

2,700,000

Indefinite

Replacement Cost Method

Trade Name

900,000

Indefinite

Relief from Royalty Method

94,693,300

6.4 years

Intangible assets and related accumulated amortization as of June 30, 2026 are as follows:

Table of Contents


	June 30, 2026
	Gross Value		Accumulated Amortization		Net Book Value
Definite Lived Intangible Assets:
Management agreements	$	47,400,000	$	13,201,229	$	34,198,771
Customer relationships	31,693,300		14,130,551		17,562,749
Non-compete agreements	7,400,000		6,313,889		1,086,111
Internally developed and used technology	2,100,000		1,911,111		188,889
Trade Name	2,500,000		469,445		2,030,555
Total	$	91,093,300	$	36,026,225	$	55,067,075

Indefinite Lived Intangible Assets:
State Insurance Licenses	2,700,000		—		2,700,000
Trade Name	900,000		—		900,000
Total	$	94,693,300	$	36,026,225	$	58,667,075


	December 31, 2025
	Gross Value		Accumulated Amortization		Net Book Value
Definite Lived Intangible Assets:
Management agreements	$	47,400,000	$	9,032,419	$	38,367,581
Customer relationships	31,693,300		11,335,052		20,358,248
Non-compete agreements	7,400,000		5,930,556		1,469,444
Internally developed and used technology	2,100,000		1,827,777		272,223
Trade Name	2,500,000		286,111		2,213,889
Total	$	91,093,300	$	28,411,915	$	62,681,385

Indefinite Lived Intangible Assets:
State Insurance Licenses	2,700,000		—		2,700,000
Trade Name	900,000		—		900,000
Total	$	94,693,300	$	28,411,915	$	66,281,385

All intangible assets with finite useful lives are subject to amortization when they are available for their intended use. Amortization expense for definite-lived intangible assets was $3,824,053 and $4,667,987 for the three months ended June 30, 2026 and 2025, respectively. Amortization expense for definite-lived intangible assets was for $7,648,106 and $9,301,141 the six months ended June 30, 2026 and 2025, respectively.

Estimated future amortization of definite-lived intangible assets as of June 30, 2026 is as follows:

Table of Contents


2026 remaining	$	7,597,640
2027	15,014,728
2028	11,501,255
2029	7,813,616
2030	5,999,171
Thereafter	7,140,665
Total	$	55,067,075

The Company also had other insignificant intangible assets of $1,083,017 and $79,059 as of June 30, 2026 and December 31, 2025, respectively.

8.AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE

Convertible Promissory Note—The Company holds investments in convertible promissory notes in two separate unrelated entities (“Convertible Promissory Notes”) for an initial investment of $1,000,000 each. The first note bore an annual interest rate of 8% and matured on September 30, 2025. The unrelated entity that was due to repay the first convertible promissory note on September 30, 2025, stopped operations in August 2025. The Company does not believe that it will be able to recover its investment in this convertible note and related accrued interest, and has recorded an estimated 100% credit loss as of December 31, 2025, which includes the accrued interest. For the three months ended June 30, 2026, the Company received notification that the underlying entity was dissolved and accordingly, wrote off the remaining allowance.

The second note bears an annual interest rate of 5% and matures on October 15, 2028. During 2025, the Company acquired an additional interest in the second note of $2,000,000, for a total principal investment of $3,000,000.

The Company applies the available-for-sale method of accounting for its investments in the Convertible Promissory Notes, which are debt investments. The Convertible Promissory Notes do not qualify for either the held-to-maturity method due to the Convertible Promissory Notes’ conversion rights or the trading securities method because the Company holds the Convertible Promissory Notes as long-term investments. The Convertible Promissory Notes are measured at fair value at each reporting period-end. As of June 30, 2026 and December 31, 2025, fair value was $3,186,955 and $3,108,750, which includes accrued accumulated non-cash interest income of $432,530 and $354,325, respectively.

There were no credit losses recognized for the three and six months ended June 30, 2026 and 2025.

The following tables provide a rollforward of the allowance for credit losses on available-for-sale securities for the three and six months ended June 30, 2026 and June 30, 2025:


	Convertible Promissory Notes
Balance at December 31, 2025	$	1,245,575
Current period provision for expected credit losses	—
Write-offs charged against the allowance	(1,245,575)
Recoveries of amounts previously written off	—
Balance at June 30, 2026	$	—

Table of Contents


	Convertible Promissory Notes
Balance at December 31, 2024	$	—
Current period provision for expected credit losses	—
Write-offs charged against the allowance	—
Recoveries of amounts previously written off	—
Balance at June 30, 2025	$	—

Interest income recognized for the three months ended June 30, 2026 and 2025 was $39,345 and $44,125, respectively. Interest income recognized for the six months ended June 30, 2026 and 2025 was $78,205 and $81,559, respectively.

9.OTHER INVESTMENTS AND OTHER ASSETS

Other Investments—The Company owns convertible preferred and common stock in four entities as of June 30, 2026 and December 31, 2025, respectively. The value of the combined investment was $73,043,493 and $18,253,585 as of June 30, 2026 and December 31, 2025, respectively.

On May 27, 2026, the Company acquired a minority interest in Manning & Napier, Inc. (Manning & Napier). The investment of $53,050,419 in Manning & Napier was acquired by the Company through a combination of $39,639,750 cash and issued 1,438,913 common shares valued at $13,410,669 (non-cash consideration).

During the first quarter of 2026, the Company impaired an investment by $3,050,000 in one equity investment. During the second quarter of 2026, the Company received notification that the entity was sold to a third party. The Company has not adjusted the previous investment value as a result of this transaction. This impairment is recorded within Other income (expense), net in the consolidated statements of operations and comprehensive income.

During the first quarter of 2026, the Company recorded a $5,400,000 unrealized gain on one equity investment. The entity had a new capital raise during the period, increasing the underlying value of the investment. This capital raise was considered an orderly transaction in the same equity class as the initial investment, representing the intrinsic value in this investee’s business. The unrealized gain is recorded within Other income (expense), net in the consolidated statements of operations and comprehensive income.

During the first quarter of 2025, the Company acquired $3,000,000 convertible preferred stock and $5,000,000 of common stock in two separate unrelated entities, respectively. The investment of $5,000,000 in common stock was purchased by the Company issuing series A convertible preferred stock. Refer to Note 15, Convertible Preferred Stock and Stockholders’ Equity for further information.

The Company holds a variable interest in 2025 LMA LLC (the “Securitized Entity”). The Company’s interest is subordinate to the Securitized Entity’s obligations to the Noteholders and other third-party creditors of the Securitized Entity. Any distributions to the Company are permitted only after satisfaction of those senior obligations. The Company has no right to require a distribution or redemption at any specified time or in any specified amount. The Company’s does not have a requirement to make additional contributions to the Securitized Entity beyond its initial capital contribution of $8,699,569. Refer to Note 10, Consolidation of Variable Entities for additional information.

The Company applies the measurement alternative for its investments in the common stock and convertible preferred stock because these investments are of an equity nature, and the Company does not have the ability to exercise significant influence over operating and financial policies of entities even in the event of conversion of preferred stock. Under the measurement alternative, the Company records

Table of Contents

the investment based on original cost, less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the investee. The Company’s share of income or loss of such companies is not included in the Company’s consolidated statements of operations and comprehensive income. The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable.

Other Assets—The Company’s other assets are composed of the following:


	June 30, 2026		December 31, 2025
Restricted cash deposits in compliance with various regulations	$	1,445,878	$	1,428,820

Total other assets	$	1,445,878	$	1,428,820

During the second quarter of 2025, the Company recorded $1,750,000 in paid-in-kind lending fees in the Company’s consolidated statements of operations and comprehensive income that was included as non-cash consideration for the business acquisition of AccuQuote during the third quarter of 2025.

10.CONSOLIDATION OF VARIABLE INTEREST ENTITIES

The Company consolidates VIEs for which it is the primary beneficiary or VIEs for which it controls through a majority voting interest or other arrangement. See Note 2, Summary of Significant Accounting Policies of our 2025 Annual Report, for more information on how the Company evaluates an entity for consolidation in accordance with ASC 810, Consolidation (“ASC 810”).

The Company evaluated any entity in which it had a variable interest upon formation to determine whether the entity should be consolidated. The Company also evaluated the consolidation conclusion during each reconsideration event, such as changes in the governing documents or additional equity contributions to the entity. As of June 30, 2026, the Company’s consolidated VIE, LMA Income Series II LP, had total assets of $95,902,169 and liabilities of $38,968,493. As of December 31, 2025, the Company’s consolidated VIE, LMA Income Series II LP, had total assets and liabilities of $204,604,881 and $115,186,408. The Company did not deconsolidate any entities during the three and six months ended June 30, 2026, or during the year ended December 31, 2025. Refer to Note 14, Long-Term Debt for information related to the classification of assets and liabilities.

Carlisle manages collective portfolios of several Luxembourg alternative investment funds investing in life insurance policies. Carlisle is registered as an authorized alternative investment fund manager (“AIFM”) by Luxembourg’s Commission de Surveillance du Secteur Financier (“CSSF”). Carlisle manages two funds and seven sub-funds. The funds and sub-funds managed by Carlisle are collectively referred to as the “Carlisle Funds”. The Company, through LMA, services the life insurance policies held by the Carlisle Funds. The Company concluded that it does not have a controlling financial interest in the Carlisle Funds pursuant to ASC 810-10. Accordingly, the Carlisle Funds are not consolidated in the Company's financial statements. The management fee arrangement is the only interest in the funds and the fees are customary and commensurate, therefore not providing a variable interest in the funds. As a result, all transactions between the Company and the Carlisle Funds, including life policy purchases and sales, servicing fees, and management fee receivables are classified as related party transactions. Refer to Note 4, Revenues and Note 19, Related-Party Transactions for additional information.

The Company established Abacus Enhanced Income Fixed LP, Abacus Enhanced Income Plus LP, Abacus Premiere Income Fixed LP, and Abacus Premiere Income Plus LP (collectively the “LP Funds”) and respective wholly owned general partner entities for the purpose of managing the LP Funds and servicing the policies invested by the LP Funds. The Company concluded that it does not have a controlling financial interest in the LP Funds pursuant to ASC 810-10. Accordingly, the LP Funds are not consolidated in the Company's financial statements. It was determined that the Company’s management has significant influence over the significant activities of the unconsolidated LP Funds through contract but does not have significant economic interest through equity or otherwise. As a result, all transactions between the

Table of Contents

Company and the LP Funds, including life policy purchases and sales, servicing fees, and management fee receivables are classified as related party transactions. Refer to Note 4, Revenues and Note 19, Related-Party Transactions for additional information.

The Company holds a variable interest in 2025 LMA LLC (the “Securitized Entity”), a bankruptcy-remote special-purpose vehicle formed in October 2024 to hold a static pool of life settlement policies serving as collateral for Fixed Rate Structured Collateral-Backed Rated Notes issued to third-party investors. The Company’s variable interest consists of a Class B membership interest representing 100% of the non-voting residual economic interest in the Securitized Entity, with a carrying value of $8,243,074 at June 30, 2026, and a servicing arrangement under which the Company’s subsidiary services the collateral pool for market-rate compensation. The Class A member has all of the voting noneconomic interest in the Securitized Entity. The Class A member has substantive power to remove the Company as the servicer of the Securitized Entity. The Company is not the primary beneficiary of the Securitized Entity because the power to direct the activities of the Securitized Entity that most significantly impact its economic performance is held by the Class A member, which is an unaffiliated third party. Accordingly, the Securitized Entity is not consolidated in the Company’s financial statements. It was determined that while the Company’s management does not have the authority to establish policies or make significant decision impacting the Securitization Fund, it is serving as the servicer for the securitized static collateral pool under the direct supervision of an independent manager. As a result, life policy sales and fee revenue earned by LMA from the Securitized Entity is presented as related party servicing revenue in the Company's consolidated financial statements. The Company’s maximum exposure to loss in the Securitized Entity is limited to the $8,243,074 carrying value of its Class B membership interest provided as a structural credit support and does not represent a guarantee of the Notes. The Company has not provided, and is not obligated to provide, financial support to the Securitized Entity beyond its initial capital contribution of $8,699,569. Refer to Note 4, Revenues and Note 19, Related-Party Transactions for additional information.

11.SEGMENT REPORTING

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 (“ASC 280”). The Company’s CODM is the President and Chief Executive Officer.

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.

The Life Solutions segment generates revenues by buying, selling, and trading policies, and maintaining policies until receipt of death benefits. It also generates revenue by originating life insurance policy settlements between investors or buyers, and the sellers, who is often the original policy owner. The policies are purchased from owners or other providers through advisors, brokers, or directly through the owner. In addition, this segment generates insurance commission revenue from insurance carriers when the initial policy is sold to a policyholder and when the policyholder renews their policy.

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.

Table of Contents

The Company’s method for measuring profitability on a reportable segment basis is gross profit. The CODM does not review disaggregated assets by segment due to segment assets not being necessary for resource allocation decisions. 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:


	Three Months Ended June 30,			Six Months Ended June 30,
		2026		2025		2026		2025
Asset management		$	7,215,653	$	8,761,876	$	15,674,797	$	16,534,953
Life solutions		65,425,060		47,300,844		115,992,348		83,599,501
Technology services		379,277		161,900		743,133		229,512
Total revenue		$	73,019,990	$	56,224,620	$	132,410,278	$	100,363,966

Cost of revenue (including stock-based compensation) related to the Company’s reportable segments is as follows:


	Three Months Ended June 30,			Six Months Ended June 30,
		2026		2025		2026		2025
Asset management		$	3,363,939	$	3,047,093	$	5,959,917	$	5,789,111
Life solutions		5,033,238		2,510,545		8,118,919		6,411,404
Technology services		667,274		497,006		1,293,000		962,536
Total cost of revenue (including stock-based compensation)		$	9,064,451	$	6,054,644	$	15,371,836	$	13,163,051

Gross profit related to the Company’s reportable segments and the reconciliation of the total gross profit to net income is as follows:


	Three Months Ended June 30,			Six Months Ended June 30,
		2026		2025		2026		2025
Asset management		$	3,851,714	$	5,714,783	$	9,714,880	$	10,745,842
Life solutions		60,391,822		44,790,299		107,873,429		77,188,097
Technology services		(287,997)		(335,106)		(549,867)		(733,024)
Total gross profit		$	63,955,539	$	50,169,976	$	117,038,442	$	87,200,915

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)
Gain (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 (expense) income, net		(2,861,547)		2,718,172		(342,954)		2,673,648
Income tax expense		(4,348,850)		(4,069,971)		(8,139,664)		(6,404,056)

Table of Contents


	Three Months Ended June 30,			Six Months Ended June 30,
		2026		2025		2026		2025
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

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:


	Three Months Ended June 30,			Six Months Ended June 30,
		2026		2025		2026		2025
United States		$	66,451,151	$	42,988,604	$	119,380,833	$	91,437,205
Luxembourg		4,903,988		10,629,706		11,304,275		5,003,751
Other		1,664,851		2,606,310		1,725,170		3,923,010
Total revenue		$	73,019,990	$	56,224,620	$	132,410,278	$	100,363,966

12.COMMITMENTS AND CONTINGENCIES

Legal Proceedings—Occasionally, the Company may be subject to various proceedings such as lawsuits, disputes, claims, or challenges to life insurance policy acquisitions. The Company assesses these proceedings as they arise and accrues a liability when losses are probable and reasonably estimable. Although legal proceedings are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually, or taken together, have a material adverse effect on the Company’s business, financial position, results of operations, or cash flows.

13.FAIR VALUE MEASUREMENTS

The Company determines fair value based on assumptions that market participants would use in pricing an asset or a liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•Level 2 inputs: Other than quoted prices in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Recurring Fair Value Measurements—The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below. The Company evaluates its estimates and judgments on an ongoing basis. The Company bases its

Table of Contents

estimates on historical experience and or other relevant assumptions that the Company believes to be reasonable under the circumstances. Actual results may differ materially from management’s estimates.


	Fair Value Hierarchy
As of June 30, 2026	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies, at fair value	$	—	$	—	$	383,044,248	$	383,044,248


Total assets held at fair value	$	—	$	—	$	383,044,248	$	383,044,248

Liabilities:
Current portion of long-term debt, at fair value	$	—	$	—	$	38,293,580	$	38,293,580


Total liabilities held at fair value:	$	—	$	—	$	38,293,580	$	38,293,580


	Fair Value Hierarchy
As of December 31, 2025	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies, at fair value	$	—	$	—	$	468,857,929	$	468,857,929


Total assets held at fair value	$	—	$	—	$	468,857,929	$	468,857,929

Liabilities:
Current portion of long-term debt, at fair value	$	—	$	—	$	114,424,000	$	114,424,000


Total liabilities held at fair value:	$	—	$	—	$	114,424,000	$	114,424,000

Life Settlement Policies— The Company accounts for owned life settlement policies using the fair value method or investment method (cost, plus premiums paid). The valuation method is chosen upon contract acquisition and is irrevocable.

The Company purchases policies from individuals or institutions, bundles those policies into tranches and sells to institutions, insurance carriers or funds that are attracting new investors. These initial purchases happen in the secondary market and the tertiary market. The secondary market is different from the principal or most advantageous market for purchasing policies and has less competition due to state-by-state licensing requirements. The Company leverages its broad policy base and extensive network, to offer individual policies that provide enhanced standalone value. This is achieved by precisely matching each policy’s risk profile to the specific needs of fund managers, institutions, insurance carriers, or funds as well as bundling secondary market originated policies with those originated in the tertiary market. This tailored approach attracts new investors by making it easier to identify and acquire policies that align with their investment objectives. This approach enhances realized gains because it increases market liquidity, broadens the investor base, and enables more efficient price discovery, which in turn supports higher policy values. Our historical realized gains on policies sold and matured, are materially consistent regardless of where policies are originated.

For policies carried at fair value, the valuation is based on Level 3 inputs that reflect our assumptions about what factors market participants would use in pricing the asset.

Prior to June 30, 2026, fair value was determined using a discounted cash flow (“DCF”) with Monte Carlo simulation to determine the fair value of each policy. The Company’s model uses a discount rate based on observed transaction pricing which is assessed against historical realized gains. The valuation process used significant assumptions, including survival probabilities and mortality assumptions informed by third-party life expectancy reports and a base mortality table (SOA 2015 VBT) adjusted via a mortality rating to match the risk-adjusted life expectancy, and market-calibrated discount rates.

Table of Contents

The Monte Carlo simulation is applied to each policy to generate one million mortality scenario simulations which provides a comprehensive distribution of potential outcomes and calculates expected cash flows. In certain circumstances, if there is a verbal commitment to purchase a specific policy as of the balance sheet date, we use that transaction price as the fair value as we believe it is a more precise estimate of exit price than that determined using historical data. Further information about the inputs to the valuation are listed below:

•Risk-Based Discount Rate: Each policy's discount rate is determined based on its proprietary risk score (1-5 scale), with discount rates directly calibrated to observed transaction prices for policies in the same risk score category. Specifically, for each risk score category, the Company calculates the annualized internal rate of return ("IRR") implied by the relationship between modeled future cash flows (based on life expectancies) and the actual sales price observed in a dataset comprising over 1,000 executed policy transactions. These implied IRRs are aggregated on a weighted-average basis by risk score category to establish the discount rates applied in the Company's DCF/Monte Carlo valuation model. The dataset is updated periodically and adjusted for current market conditions based on observed institutional demand and contemporaneous trade activity. This transaction-based approach ensures that discount rates reflect actual transaction pricing rather than theoretical market rates.

•Risk Score: Each policy is assigned a proprietary risk score from 1 to 5, with 5 being higher risk, based on multiple factors including insured age, life expectancy, life expectancy extension ratio, survival probability at breakeven, maturity probability, and risk-adjusted return on capital metrics.

•Life expectancy: Survival curves are generated using the Society of Actuaries 2015 VBT mortality tables adjusted by mortality ratings to achieve risk-adjusted life expectancies. For policies with multiple insureds, joint survival probabilities are calculated using statistical modeling techniques.

Effective with the quarter ended June 30, 2026, fair value is determined using a market multiple approach based on historical market-observed returns on cost basis (the “Historical Return Method”). Prior period amounts have not been adjusted. Under this method, the fair value of each policy is determined by applying a risk-grade-specific weighted-average return percentage (i.e., market multiple) to the policy’s cost, which represents the purchase price plus all premiums paid from acquisition through the measurement date less any cash withdrawals or loans. The market-observed returns for each risk grade are derived from the Company’s transaction database of executed policy sales both to external parties and related party funds, as discussed further below.

The Company adopted the Historical Return Method as a change in valuation technique resulting in a measurement that is equally or more representative of fair value. This change is accounted for prospectively as a change in accounting estimate. The Historical Return Method more directly reflects market participant pricing behavior and reduces model complexity relative to the prior discounted cash flow approach.

Each policy is assigned a proprietary risk score from 1 to 5 (with 5 being higher risk), based on multiple factors including insured age, life expectancy, life expectancy extension ratio, survival probability at breakeven, maturity probability, and risk-adjusted return on capital metrics. The risk score determines the applicable risk-grade-specific weighted-average return percentage applied to policies to derive the estimated fair value.

Life expectancy reflects the probable number of years remaining in the life of a class of people determined statistically, affected by such factors as physical condition and age. Survival curves are generated using the Society of Actuaries 2015 VBT mortality tables adjusted by mortality ratings to achieve risk-adjusted life expectancies. For policies with multiple insureds, joint survival probabilities are calculated using statistical modeling techniques. Life expectancy is a determinant of risk score and therefore indirectly drives the applicable risk-grade-specific weighted-average return percentage. These

Table of Contents

inputs inform policy acquisition pricing for each life settlement policy, which establishes the cost basis of the assets, along with premiums paid to date.

The historical return experience is reviewed and calibrated each quarter based on current period sales experience, only if there is significant volume of transactions for the applicable risk grade in that period.

We consider sales to related funds to be transacted at arms’ length terms. The Company does not rely on related-party transactions in isolation. For related-party policy sales, the Company evaluates whether the transaction was executed at market terms using multiple corroborating indicators:

•Independent market checks where available, including unaffiliated third-party bids or indications of interest and third-party investor interest in the same or similar policies;

•Comparisons to contemporaneous third-party executed sales for policies with comparable characteristics, including Risk Score, life expectancy band, face value range, and other key policy attributes; and

•Parity of key non-price terms and customary execution and approval processes, including confirmation that the approval workflow applied to related-party transactions is consistent with that applied to arm’s-length transactions.

Additionally, for all sales, both to external parties and related party funds, the Company performs a quarterly lookback (e.g., retrospective) analysis to compare fair values against actual sales experience to validate the Company’s valuation methodology. The Company also obtains an external valuation analysis on a sample of policies held at the end of the quarter and for the entire portfolio of held policies at the end of the year.

In certain circumstances, if there is a commitment to purchase a specific policy as of the balance sheet date, we use that transaction price as the fair value as we believe it is a more precise estimate of the life settlement policy’s exit price.

The following table provides quantitative information about significant unobservable inputs for Level 3 fair value measurements as of June 30, 2026:


Fair Value		Valuation Technique	Significant Unobservable Inputs	Weighted Average		Range
Life insurance polices:

$	383,044,248	Market multiple	Historical return 1	25.1	%	10.7% —30.2%
			Life expectancy (months)	40 months		1 month —223 months
			Risk score	2.23		1 —5
Secured borrowing, at fair value:
$	38,293,580	Discounted cash flow	Discount rate	8.4	%	8.0% — 8.5%

1 The Historical Return increased from 25% for policies held at December 31, 2025 reflecting recent experience.

The following table provides quantitative information about significant unobservable inputs for Level 3 fair value measurements as of December 31, 2025:

Table of Contents

Fair Value

Valuation Technique

Significant Unobservable Inputs

Weighted Average

Range

Life insurance polices:

468,857,929

Discounted cash flow with Monte Carlo simulation

Discount rate

13% —15%

Life expectancy (months)

45 months

1 month —267 months

Risk score

2.16

1 —5

For life settlement policies carried using the investment method, the Company measures these at the cost of the policy plus premiums paid. During the three and six months ended June 30, 2026, the Company sold its remaining life insurance policies accounted for using the investment method. The policies accounted for using the investment method were $918,305 at December 31, 2025.

Historical Return Sensitivity—The fair value of life settlement policies is sensitive to changes in key unobservable inputs used to estimate the fair value of policies held by the Company. The historical return represents the actual sales price of policies less their corresponding total cost basis divided by their total cost basis. The sensitivity analysis is intended to illustrate the potential increase or decrease if policies sold for an average of 1% above or below their determined fair value. The fair value of the Company’s policies would increase when historical realized gains on life insurance policies sold increases. If the historical realized gains increased or decreased by one percentage point and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of June 30, 2026, would be as follows:


	Fair Value		Change in Fair Value
+1%	$	386,010,608	$	2,966,360
No change	383,044,248		—
-1%	$	380,077,888	$	(2,966,360)

Credit Exposure to Insurance Companies—The following table provides information about the life insurance issuer concentrations that exceed 10% of total face value or 10% of total fair value of the Company’s life insurance policies as of June 30, 2026:

Carrier

Percentage of
Face Value

Percentage of
Fair Value

Carrier

Rating1

Transamerica

15.6%

20.8%

1 Carrier ratings are based on AM Best ratings.

The following table provides a rollforward of the fair value of life insurance policies for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Balance, beginning of period	$	392,770,863	$	446,207,963	$	468,857,929	$	370,398,447
Policies purchased1	181,010,442		99,674,578		337,749,491		205,307,659
Sold/matured policies2	(183,983,451)		(150,591,831)		(381,604,280)		(207,427,913)

Table of Contents


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Unrealized (loss) gain on held policies, net of the reversal of prior quarter unrealized gain on policies sold or matured	(6,753,606)		(9,146,012)		(41,958,892)		17,866,505



Balance, end of period	$	383,044,248	$	386,144,698	$	383,044,248	$	386,144,698

1 Policies purchased represents life insurance policies purchased during the period.
2 Matured/sold policies represents life insurance policies held at the beginning of the period and those purchased during the period that also matured or were sold within the period.

The following table provides a reconciliation of revenue from life insurance policies held using the fair value method for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
Gains or losses recognized in life solutions revenue in the consolidated statements of operations and comprehensive income:	2026		2025		2026		2025
Realized gain on sold/matured policies	$	76,700,160	$	63,712,680	$	169,594,872	$	78,843,443
Premiums paid	(8,370,581)		(8,780,431)		(18,047,329)		(17,088,504)
Unrealized (loss) gain on held policies, net of the reversal of prior quarter unrealized gain on policies sold or matured	(6,753,606)		(9,146,012)		(41,958,892)		17,866,505
Change in estimated fair value (Revenue from life insurance policies held using the fair value method)	$	61,575,973	$	45,786,237	$	109,588,651	$	79,621,444

Long-Term Debt—See Note 14, Long-Term Debt for additional information on the secured borrowing. The Company has elected the fair value option in accounting for the long-term debt. Fair value is determined using Level 3 inputs.

Available-for-Sale Investment—The convertible promissory notes are classified as an available-for-sale securities. Available-for-sale investments are subsequently measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in other comprehensive income until realized. The Company determines fair value of its available-for-sale investments using unobservable inputs by considering the initial investment value, next round financing, and the likelihood of conversion or settlement based on the contractual terms in the agreement. As of June 30, 2026 and December 31, 2025, the Company evaluated the fair value of its Convertible Promissory Notes and determined that the fair value approximates the carrying value of $3,186,955 and $3,108,750, respectively. Refer to Note 8, Available-For-Sale Securities, at Fair Value for additional information.

Non-Recurring Fair Value Measurements

Other Investments— These investments are recorded at cost under the ASC 321 measurement alternative and are adjusted for impairment and observable price changes. Impairment is assessed qualitatively. As of June 30, 2026, and December 31, 2025, the Company determined that the carrying

Table of Contents

value of $73,043,493 and $18,253,585, respectively, approximates fair value. Refer to Note 9, Other Investments and Other Assets for additional information.

Financial Instruments Where Carrying Value Approximates Fair Value—The carrying value of cash and cash equivalents, accounts receivables, accounts receivable, related party, income tax receivables, accrued expenses, and other current liabilities approximates fair value due to the short-term nature of their maturities.

14.LONG-TERM DEBT

Outstanding principal balances of Long-term debt comprises of the following:


	Maturity Date	June 30, 2026		December 31, 2025


Secured borrowing:
Senior Secured Credit Facility	December 10, 2030	148,125,000		148,875,000
Deferred issuance costs and discounts		(3,358,489)		(3,655,384)
Secured borrowing, at fair value:
LMA Income Series II, LP	June 30, 2027	38,293,580		114,890,540
Deferred issuance costs		—		(466,540)
Unsecured borrowing:
Fixed Rate Senior Unsecured Notes	November 15, 2028	135,379,475		135,379,475
Deferred issuance costs and discounts		(2,811,887)		(3,318,699)
Sponsor PIK Note	June 30, 2028	14,982,507		14,114,199
Total debt		330,610,186		405,818,591
Less current portion of long-term debt		(39,793,580)		(115,924,000)
Total long-term debt		$	290,816,606	$	289,894,591

Fixed Rate Senior Unsecured Notes

The Company issued fixed rate senior unsecured notes (“Fixed Unsecured Notes”) between 2023 and 2025. The Fixed Unsecured Notes are based on a fixed interest rate of 9.875% to be paid in quarterly interest payments and mature on November 15, 2028. The Company has the option to redeem the Fixed Unsecured Notes in whole or in part at a price of 100% of the outstanding principal balance on or after February 15, 2027. The notes will be senior unsecured obligations of the Company and will rank equal in right of payment to all of the Company’s other senior unsecured indebtedness from time to time outstanding. As of June 30, 2026, the balance outstanding on the Fixed Unsecured Notes was $135,379,475.

Senior Secured Credit Facility

On December 10, 2024, the Company entered into a Senior Secured Credit Facility (the “SSCF”) providing for a senior secured term loan and a delayed draw term loan facility. The SSCF provides an initial term loan with an aggregate principal amount of $100,000,000 and delayed draw term loans (“DDTL Facility”) with an aggregate principal amount of up to $50,000,000. The SSCF and DDTL Facility bear interest at a rate equal to term SOFR plus a fixed rate of 5.25% per year (subject to a stepdown upon achievement of specified leverage and EBITDA metrics) and mature on December 10, 2030, subject to quarterly amortization. The SSCF and DDLT Facility is secured by substantially all of the assets of the Company and certain of its wholly-owned subsidiaries that have guaranteed the obligations under the SSCF, which excludes the assets of LMA Income Series II, LP. As of June 30, 2026, the outstanding principal balance under the SSCF and DDTL Facility was $148,125,000.

Table of Contents

The SSCF contains customary affirmative and negative covenants, including financial maintenance covenants requiring the Company to maintain, a maximum Secured Leverage Ratio, a minimum Consolidated Fixed Charge Coverage Ratio, and a minimum Asset Coverage Ratio, each measured quarterly. The SSCF also restricts the payment of dividends and distributions and the ability of the Company to incur certain indebtedness, make certain investments, and dispose of assets, in each case subject to exceptions. The Company was in compliance with the financial maintenance covenants under the SSCF.

On June 29, 2026, the Company entered into the first amendment to the SSCF (the “SSCF Amendment”) which resulted in additional principal of $75,000,000. The SSCF Amendment bears interest and matures consistent with the terms of the SSCF and DDTL Facility. The SSCF Amendment is secured by substantially all of the assets of the Company and certain of its wholly-owned subsidiaries that have guaranteed the obligations under the SSCF Amendment, which excludes the assets of LMA Income Series II, LP. As of June 30, 2026, the SSCF Amendment was not funded. Refer to Refer to Note 22, Subsequent Events for additional information.

LMA Income Series II, LP and LMA Income Series II, GP LLC Secured Borrowing

On January 31, 2023, LMA Income Series II, GP, LLC, wholly owned and controlled by that LMA Series, LLC (“LMA”), formed a limited partnership, LMA Income Series II, LP (“LMAIS II”), and subsequently issued partnership interests to limited partners in a private placement offering. The initial term of the offering was three years ending on March 31, 2026 with the ability to extend for two additional one-year periods ending on June 30, 2027 and on December 31, 2028. The limited partners receive annual dividends equal to the Preferred Return Amounts as follows: Capital commitment of less than $500,000, 8.00%; between $500,000 and $1,000,000, 8.25%; and over $1,000,000, 8.50%. Thereafter, 100% of the excess are to be paid to the General Partner.

It was determined that LMA is the primary beneficiary of LMAIS II and thus has fully consolidated the limited partnership in its consolidated financial statements.

The private placement offerings proceeds are used to acquire and actively manage a large and diversified portfolio of financial assets. LMA, through its consolidated subsidiaries, serves as the portfolio manager for the financial asset portfolio, which includes investment sourcing and monitoring. In this role, LMA has the unilateral ability to acquire and dispose of any of the above investments. As the partnership does not represent a business in accordance with ASC 810 and is a consolidated subsidiary that only holds financial assets, this represents a transfer subject to ASC 860-10. As the financial assets are not transferred outside the consolidated group, the proceeds from the offering shall be classified as a liability unless it meets the definition of a participating interest and the derecognition criteria in ASC 860 are met. The transferred interest did not meet the definition of a participating interest as LMA possesses the unilateral ability to direct the sale of the financial assets (ASC 860-10-50-6A(d)). In accordance with ASC 860-30-25-2, as the transfer of the financial assets did not meet the definition of a participating interest, LMA recognizes the proceeds received from the offering as a secured borrowing.

For the three months ended June 30, 2026 and 2025, LMA Income Series II GP LLC, through the LMAIS II, admitted $248,020 and $8,542,382 additional limited partnership interests and redeemed $111,144 and $250,000 existing limited partnership interests, respectively. For the six months ended June 30, 2026 and 2025, LMA Income Series II GP LLC, through the LMAIS II, admitted $992,387 and $24,732,253 additional limited partnership interests and redeemed $77,589,347 and $12,001,343 existing limited partnership interests, respectively.

LMA elected to account for the secured borrowing at fair value under the collateralized financing entity guidance within ASC 810-10-30. As of June 30, 2026, the fair value of the secured borrowing includes debt of $38,293,580 and other liabilities of $674,913, respectively. LMAIS II is secured by its assets, which includes cash of $2,943,636, accounts receivable of $7,796,838, life settlement policies of $83,978,243, and other assets of $87,444 totaling $94,806,161 as of June 30, 2026. The asset coverage ratio is 2.5x as

Table of Contents

of June 30, 2026. The assets of LMA Income Series II, LP are restricted to the satisfaction of obligations of LMA Income Series II, LP and are not available to satisfy the general obligations of the Company. The creditors of LMA Income Series II, LP have recourse only to the assets of LMA Income Series II, LP and do not have recourse to the general credit of the Company.

Sponsor PIK Note

On June 30, 2023, in connection with the Merger Agreement, East Sponsor, LLC, a Delaware limited liability company (“Sponsor”), made an unsecured loan to the Company in the aggregate amount of $10,471,648 (the “Sponsor PIK Note”) with an interest rate of 12.0% per year compounding semi-annually. Accrued interest is payable in arrears quarterly starting on September 30, 2023 by adding it to the outstanding principal balance. As of June 30, 2026 and December 31, 2025, $4,510,859 and $3,642,551 in non-cash interest expense was added to the outstanding principal balance, respectively. The Sponsor PIK Note matures on June 30, 2028 and may be prepaid at any time in accordance with its terms without any premium or penalty. Non-cash Interest expense recognized for the three months ended June 30, 2026 and 2025 was $440,634 and $391,040, respectively. Non-cash Interest expense recognized for the six months ended June 30, 2026 and 2025 was $868,308 and $770,579, respectively.

Maturities of long-term debt (secured and unsecured) outstanding, including current maturities, excluding unamortized debt issuance costs, as of June 30, 2026 are as follows:


Years	Amount
2026 remaining	$	750,000
2027	39,793,580
2028	151,861,982
2029	1,500,000
2030	142,875,000

Total	$	336,780,562

15.CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

The Company is authorized to issue up to 200,000,000 shares of common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share. 5,000 shares of preferred stock are issued or outstanding. Holders of the Company’s common stock are entitled to one vote for each share. As of June 30, 2026, there were 107,220,874 shares of common stock issued, of which 97,090,784 are outstanding and 10,130,090 shares were held in treasury stock. As of December 31, 2025, there were 104,879,752 shares of common stock issued, of which 97,473,634 were outstanding and 7,406,118 shares were held in treasury stock. Holders of shares were entitled to receive, in the event of a liquidation, dissolution or winding up, ratably the assets available for distribution to the stockholders after payment of all liabilities.

Preferred Stock

On March 18, 2025, the Company’s Board of Directors authorized the issuance and the Company issued 5,000 shares of Series A Convertible Preferred Stock with a $5,000,000 aggregate liquidation preference in in a private placement transaction. The outstanding shares of Series A Convertible Preferred Stock are classified as mezzanine equity due to the holder redemption rights upon change of control, which was determined to be outside of the Company’s control. Key terms include:

•Dividends: 7.5% annual rate on the $1,000 per share liquidation preference, payable in cash or in-kind.

•Ranking: Senior to common stock for dividends and liquidation rights.

•Redemption: Company may redeem after March 18, 2028 (3 years after issuance).

•Change of Control: Holders can require repurchase upon a Change of Control.

Table of Contents

•Conversion: Initial conversion rate of one hundred shares of common stock per $1,000 of liquidation preference, subject to anti-dilution adjustments.

•Maturity: No stated maturity; remains outstanding indefinitely unless redeemed, repurchased, or converted.

•Voting Rights: Holders generally vote on an as-converted basis with common stock.

Stock Repurchase Program

Occasionally, the Company’s Board of Directors approves stock repurchase programs. Stock repurchases may be made through open market transactions, block trades, accelerated stock repurchases, privately negotiated transactions, derivative transactions or otherwise, certain of which may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in compliance with applicable state and federal securities laws. The timing, as well as the number and value of stock repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including our assessment of the intrinsic value of the Company's common stock, the market price of the Company's common stock, general market and economic conditions, available liquidity, compliance with the Company's debt and other agreements, applicable legal requirements, the nature of other investment opportunities available to the Company, and other considerations. The Company is not obligated to purchase any stock under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand and expected free cash flow to be generated in the future. Acquired shares of our common stock are held as treasury stock carried at cost in our consolidated financial statements. In connection with the repurchase program, the Company is authorized to adopt one of more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

On December 11, 2023, the Company’s Board of Directors authorized a stock repurchase program under which the Company may purchase shares of our common stock for an aggregate purchase price not to exceed $15,000,000 over a period of up to 18 months.

On April 9, 2025, on June 5, 2025, November 6, 2025, and January 30, 2026 the Company’s Board of Directors authorized the Company to repurchase up to an additional $15,000,000, $20,000,000, $10,000,000, and $20,000,000, respectively, expiring in May 2027.

As of June 30, 2026, there were no remaining available funds for repurchase under the stock repurchase programs.

The following tables summarize stock repurchase activity under our stock repurchase program for the periods ended June 30, 2026 and 2025:


	Total Number of Shares Purchased	Cost of Shares Repurchased		Average Price Paid per Share
As of December 31, 2025	7,406,118	$	55,808,595	$	7.54
January 1, 2026 to January 31, 2026	533,414	4,508,979		8.46
February 1, 2026 to February 28, 2026	515,892	4,254,340		8.28
March 1, 2026 to March 31, 2026	600,406	5,690,669		9.50
April 1, 2026 to April 30, 2026	217,332	1,991,608		9.19
May 1, 2026 to May 31, 2026	745,032	6,902,051		9.27
June 1, 2026 to June 30, 2026	111,896	1,011,726		9.04






As of June 30, 2026	10,130,090	$	80,167,968	$	8.35

Table of Contents


	Total Number of Shares Purchased	Cost of Shares Repurchased		Average Price Paid per Share
As of December 31, 2024	1,048,226	$	12,025,137	$	11.61
January 1, 2025 to January 31, 2025	—	—		—
February 1, 2025 to February 28, 2025	—	—		—
March 1, 2025 to March 31, 2025	—	—		—
April 1, 2025 to April 30, 2025	1,763,303	14,023,198		7.98
May 1, 2025 to May 31, 2025	477,223	4,083,214		8.57
June 1, 2025 to June 30, 2025	2,840,951	16,945,369		5.99






As of June 30, 2025	6,129,703	$	47,076,918	$	8.24

16.STOCK-BASED COMPENSATION

Long-term Incentive Plan

The Company awards restricted stock units (“RSUs”) to executives, employees, and directors as part of the Company’s Long-Term Equity Compensation Incentive Plan (“Long-term Incentive Plan” or “LTIP”). This plan provides that equity-based awards, including RSUs, performance stock units (“PSU”), stock options, and unrestricted shares of common stock, may be granted to officers, employees, and directors of the Company. The Company has granted RSUs that provide the right to receive, subject to service based vesting conditions, shares of common stock pursuant to the Long-term Incentive Plan. The expense associated with these awards will be based on the fair value of the stock as of the grant date, where the Company elected to use the straight line recognition over the vesting period, which is generally three years. Under the approved Long-term Incentive Plan, generally, each RSU entitles the unit holder to one share of common stock when the restriction expires. After satisfying the above vesting conditions, the participants will be fully entitled to their shares of common stock. Shares that are issued upon vesting are newly issued shares from the Long-term Incentive Plan and are not issued from treasury stock. Forfeitures are recorded as they occur and are made available for subsequent awards.

The following table shows a summary of the unvested restricted stock under the Long-Term Incentive Plan as of June 30, 2026 as well as activity during the year:


	Number of shares	Weighted Average Grant Date Fair Value
Restricted stock units, unvested, December 31, 2025	4,460,325	$	7.36
Granted	3,422,974	9.00
Vested	(981,192)	8.22
Forfeited	(446,575)	5.64
Restricted stock units, unvested, June 30, 2026	6,455,532	$	8.22

After the approved amendment to the Long-Term Incentive Plan on June 3, 2026, 15,251,542 shares of common stock remained available for issuance.

Table of Contents

Black-Scholes option-pricing model assumptions and the resulting fair value of options on grant date are presented in the following table:


	Stock Options on Grant Date
Dividend yield	—		%
Expected volatility	23.00		%
Risk-free interest rate	3.98		%
Expected option life	5.81 years
Weighted average fair value of stock options	$	3.91

At the time of the award, the Company did not intend to pay dividends for the foreseeable future. The expected volatility reflects the Company’s past daily common stock price volatility. The risk-free interest rate is derived using the term matched U.S. Treasury constant maturity yields. The expected stock option life is based on the average of the average time to vest and the remaining contractual term.

The following table shows the status of, and changes in, common stock options:


	Number of Stock Options	Weighted Average Exercise Price
Options outstanding, December 31, 2025	345,263	$	12.37
Granted	—	—
Exercised	—	—
Expired or cancelled	—	—
Options exercisable, June 30, 2026	345,263	$	12.37

Summary of Stock-Based Compensation Expense

Compensation costs recognized for RSUs and stock options were $6,882,980 and $3,486,829 for the three months ended June 30, 2026 and 2025, respectively. Compensation costs recognized for RSUs and stock options were $13,226,381 and $5,842,224 for the six months ended June 30, 2026 and 2025, respectively.

For the three months ended June 30, 2026 and 2025, $907,921 and $485,320 of the compensation costs was recorded in cost of revenue (including stock-based compensation) in the consolidated statements of operations and comprehensive income, respectively. For the three months ended June 30, 2026 and 2025, $5,975,059 and $3,001,509 of the compensation costs is recorded in general and administrative expense (including stock-based compensation) in the consolidated statements of operations and comprehensive income, respectively.

For the six months ended June 30, 2026 and 2025, $1,579,590 and $970,639 of the compensation costs was recorded in cost of revenue (including stock-based compensation) in the consolidated statements of operations and comprehensive income, respectively. For the six months ended June 30, 2026 and 2025, $11,646,791 and $4,871,585 of the compensation costs is recorded in general and administrative expense (including stock-based compensation) in the consolidated statements of operations and comprehensive income, respectively.

As of June 30, 2026, there was $41,806,079 of unrecognized compensation costs related to RSUs and stock options which the Company expects to recognize over the next 2.3 years.

Table of Contents

17.EMPLOYEE BENEFIT PLAN

The Company has a defined contribution plan in the U.S. intended to qualify under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer up to 100% of their annual compensation on a pretax basis. The Company matches up to a maximum of 4% of eligible employee contributions and may choose to make additional discretionary contributions to the 401(k) Plan. For the three months ended June 30, 2026 and 2025, the Company recognized expenses related to the 401(k) Plan amounting to $165,788 and $197,685, respectively. For the six months ended June 30, and 2025, the Company recognized expenses related to the 401(k) Plan amounting to $567,226 and $315,808, respectively. For the three and six months ended June 30, 2026 and 2025, the Company did not make discretionary contributions.

18.INCOME TAXES

For the three months ended June 30, 2026 and 2025, the Company recorded a provision for income taxes of $4,348,850 and $4,069,971, respectively. The effective tax rate is 39.6% for the three months ended June 30, 2026 primarily driven by the impact of various permanent differences with the larger of these permanent differences being related to compensation related expenses partially offset by decrease in statutory tax provision due to an increase in taxable income. The effective rate for the three months ended June 30, 2025 was 18.8% primarily driven by the increase in taxable income.

For the six months ended June 30, 2026 and 2025, the Company recorded a provision for income taxes of $8,139,664 and $6,404,056, respectively. The effective tax rate is 36.9% for the six months ended June 30, 2026 primarily driven by the impact of various permanent differences with the larger of these permanent differences being related to compensation related expenses partially offset by decrease in statutory tax provision due to an increase in taxable income. The effective rate for the six months ended June 30, 2025 was 21.8% primarily driven by the increase in taxable income.

The Company did not have any unrecognized tax benefits relating to uncertain tax positions as of June 30, 2026, and December 31, 2025, and did not recognize any interest or penalties related to uncertain tax positions as of June 30, 2026, and December 31, 2025. The Company does not anticipate that changes in its unrecognized tax benefits will have a material impact on the consolidated statements of operations and comprehensive income during 2026.

19.RELATED-PARTY TRANSACTIONS

The Sponsor PIK Note payable of $14,982,507 is recorded as a related-party transaction given the relationship between the Sponsor and the Company. Refer to Note 14, Long-Term Debt for more information.

Life policy sales to the Carlisle Funds, LP Funds, and the Securitized Entity are considered related party activity. Life policy purchases from the Carlisle or LP Funds are also considered related party activity. In addition, management fees, performance fees, servicing fees and certain expense reimbursement from the Carlisle Funds, LP Funds, and Securitized Entity are considered related party transactions. The servicing fee charged to the Carlisle Funds, LP Funds, and Securitized Entity is $1,000 per policy per year, $996 per policy per year, and 100 basis points of the value of the collateral pool per year, respectively. The Company charges a management fee to the Carlisle and LP funds that range between fifty and two hundred basis points of AUM divided by 12.

As of June 30, 2026, the Company had $10,127,137 and $15,187,416 current and noncurrent related party receivables due from the related party funds, respectively. As of December 31, 2025, the Company had $9,320,103 and $14,800,140 current and noncurrent related party receivables due from related party funds, respectively. As of June 30, 2026, the current related-party receivable balance was mainly comprised of $6,653,641 from the Carlisle Funds related to management fees. As of December 31, 2025,

Table of Contents

the current related-party receivable balance was mainly comprised of $6,718,903 and $2,055,170 from the Carlisle Funds related to management fees and policy sales, respectively. All noncurrent related party receivables are due from the Carlisle Funds.

As of June 30, 2026, the Company had $21,473,912 related party payables due to related party funds. The Company had no related party payables as of December 31, 2025. The related party payables were related to policy purchases from the Carlisle Funds.

The Company may at times purchase life policies with different risk characteristics and risk profiles from the Carlisle Funds or LP Funds. For the three and six months ended June 30, 2026, the Company purchased life settlement policies for $21,250,000 and $22,075,366, respectively, from the Carlisle Funds. For the three and six months ended June 30, 2025, the Company paid $2,535,875 to acquire policies from the Carlisle Funds. For the three and six months ended June 30, 2026 and 2025, the Company did not acquire policies from the LP Funds.

For the three and six months ended June 30, 2026 and 2025, the Company recognized asset management fees from the related party funds as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Carlisle Funds	$	4,296,282	$	6,700,984	$	10,062,466	$	13,399,185
LP Funds	1,316,660		—		2,206,940		—
Total	$	5,612,942	$	6,700,984	$	12,269,406	$	13,399,185

For the three and six months ended June 30, 2026 and 2025, the Company recognized net revenue from life insurance policy sales from the related party funds as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Carlisle Funds	$	159,130	$	16,175,271	$	347,095	$	17,076,617
LP Funds	11,345,670		—		27,708,326		—

Total	$	11,504,800	$	16,175,271	$	28,055,421	$	17,076,617

For the three months ended June 30, 2026 and 2025, the Company recognized $11,504,800 and $16,175,271 in net revenue from life policy sales to the Carlisle and LP Funds, respectively. The $11,504,800 revenue for the three months ended June 30, 2026 was a result of realized gains on sales of $56,113,827, offset by the reversals of prior period unrealized gains of $42,257,443 and premiums paid during the period of $2,351,584. The revenue of $16,175,271 for the three months ended June 30, 2025 was a result of realized gains on sales of $53,687,040, offset by the reversals of prior period unrealized gains of $35,975,318 and premiums paid during the period of $1,536,451.

For the six months ended June 30, 2026 and 2025, the Company recognized $28,055,421 and $17,076,617 in net revenue from life policy sales to the Carlisle and LP Funds, respectively. The $28,055,421 in net revenue for the six months ended June 30, 2026 was a result of realized gains on sales of $144,045,473, offset by the reversals of prior period unrealized gains of $109,894,860 and premiums paid during the period of $6,095,192. The revenue of $17,076,617 for the six months ended June 30, 2025 was a result of realized gains on sales of $56,153,818, offset by the reversals of prior period unrealized gains of $37,471,037 and premiums paid during the period of $1,606,164.

For the three months ended June 30, 2026 and 2025, the Company recognized $826,350 and $454,065 in servicing revenue from related parties, respectively. For the six months ended June 30, 2026 and 2025,

Table of Contents

the Company recognized $1,586,587 and $780,552 in servicing revenue from related parties, respectively.

Refer to Note 10, Consolidation of Variable Interests for additional information on consolidation considerations for the Carlisle Funds, LP Funds, and Securitization Entity. Refer to Note 2, Summary of Significant Accounting Policies within the 2025 Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for additional information discussing the Company’s revenue recognition polices for transactions with the Carlisle Funds, LP Funds, and Securitization Entity.

20.LEASES

In February 2026, the Company entered into a new lease for office space (“2026 Office Lease”). The Company recognized a lease right of use asset and lease liability related to the 2026 Office Lease increasing the Company’s right of use asset and liability by $6,123,131. The lease terminates at the end of December 2030 with no substantive option to extend or terminate the 2026 Office Lease beyond the term of the lease.

During the second quarter of 2026, the Company entered into equipment leases (“Equipment Leases”). The Company recognized a lease right of use asset and lease liability related to the Equipment Leases increasing the Company’s right of use asset and liability by $2,707,313. The leases terminate in March 2029 with no substantive option to extend or terminate the Equipment Leases beyond the term of the leases.

The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts:


	June 30, 2026		December 31, 2025
Assets:
Operating lease right-of-use assets	$	12,306,899	$	4,561,692

Liabilities:
Operating lease liability, current	2,630,892		720,186
Operating lease liability, non-current	11,066,427		4,637,642
Total lease liability	$	13,697,319	$	5,357,828

The Company recognizes lease expense for its operating leases within general, administrative, and other expenses on the Company’s consolidated statements of operations and comprehensive income. The Company’s lease expense for the periods presented consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	957,797	$	348,722	$	1,474,435	$	527,865
Variable lease cost	211,961		123,643		230,641		148,793
Total lease cost	$	1,169,758	$	472,365	$	1,705,076	$	676,658

Table of Contents

The following table shows supplemental cash flow information related to lease activities for the periods presented:


	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of the lease liability:
Operating cash outflows for operating leases	$	959,409	$	557,043
ROU assets obtained in exchange for new lease liabilities	8,830,444		423,816

The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:


	Six Months Ended June 30,
	2026		2025
Weighted-average remaining lease term (in years)	4.82		6.30
Weighted-average discount rate	7.62	%	9.77	%

Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at June 30, 2026 are as follows:


	Operating leases
2026 remaining	$	1,811,312
2027	3,853,946
2028	3,965,596
2029	3,063,305
2030	2,257,795
Thereafter	1,482,107
Total operating lease payments (undiscounted)	16,434,061
Less: Imputed interest	(2,736,742)
Lease liability as of June 30, 2026	$	13,697,319

21. EARNINGS PER SHARE

Basic earnings per share represents net income attributable to stockholders divided by the weighted average number of common stock outstanding during the reported period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by giving effect to all potential weighted average dilutive common stock. For diluted earnings per share, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities by application of the if converted method, as applicable.

The table below illustrates the reconciliation of the earnings and number of shares used in our calculation of basic earnings per share attributable to common stockholders:

Table of Contents


	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
Less: net (income) loss attributable to noncontrolling interest	—		(27,240)		—		(786,683)
Less: dividends declared on the series A convertible preferred stock	(93,750)		(93,750)		(187,500)		(93,750)
Net income attributable to common stockholders for basic earnings per share	6,533,292		17,489,939		13,705,734		22,129,522
Weighted average shares outstanding for basic earnings per share	95,319,635		94,690,195		96,574,532		95,437,545
Basic earnings per share	$	0.07	$	0.18	$	0.14	$	0.23

The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of diluted earnings or loss per share attributable to common stockholders:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income attributable to common stockholders for basic earnings per share	6,533,292		17,489,939		13,705,734		22,129,522
Numerator used to calculate diluted earnings per share	6,533,292		17,489,939		13,705,734		22,129,522

Weighted average shares outstanding for basic earnings per share	95,319,635		94,690,195		96,574,532		95,437,545
Effect of dilutive shares outstanding:
RSUs	2,637,910		2,182,275		2,681,466		2,073,877
Series A preferred stock	500,000		500,000		500,000		290,055
Weighted average shares for diluted earnings per share	98,457,545		97,372,470		99,755,998		97,801,477
Diluted earnings per share	$	0.07	$	0.18	$	0.14	$	0.23

The following potentially dilutive outstanding securities were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:


	Three Months Ended June 30,	Six Months Ended June 30,
	2026	2026
RSUs	1,475	5,697
Stock Options	121,193	134,403


Total	122,668	140,100

Table of Contents

22. SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions from the consolidated balance sheet date through the date at which the consolidated financial statements were issued. Based upon the review, management did not identify any subsequent events that would have required adjustment or disclosure in the financial statements other than what is disclosed below:

On July 6, 2026, the Company received the funding related to the SSCF Amendment.

On July 13 2026, the ABX Longevity Growth and Income Fund was declared effective.

*****

Table of Contents

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward-Looking Statements

The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, hopes, intentions or strategies regarding the future. In addition to historical financial analysis, this discussion and analysis contains forward-looking statements based upon current expectations that involve risks, uncertainties, and assumptions, as described under the heading “Cautionary Note Regarding Forward-Looking Statements.” ." 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). All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. Forward looking statements include, but are not limited to: our financial and operational outlook; our operational and financial strategies, including planned growth initiatives and the benefits thereof; our ability to successfully effect those strategies, and the expected results therefrom; projections of future earnings and expected capital; our ability to generate future cash flows; securitization schedules and timing; future demand for our products and services; the reliability our fund structures and corresponding market confidence and expectations; and the volume and rate of our policy acquisitions.

Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to: the potential impact of our business relationships, including with our employees, customers and competitors; changes in general economic, business and political 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; and other risks detailed in the those set forth under “Risk Factors” or elsewhere in this quarterly statement and in our 2025 Annual Report on Form 10-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. You should not place undue reliance on forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. Unless the context otherwise requires, references in this “Abacus Global Management, Inc. Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “we,” “us,” “our,” , “Abacus”, and “Company” are intended to mean the business and operations of Abacus Global Management, Inc.

The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of the Company’s financial condition and results of operations. This discussion should be read in conjunction with the Company’s financial statements and related notes thereto that appear elsewhere in this Quarterly Report on Form 10-Q and our 2025 Annual Report on Form 10-K.

Business Overview

The Company 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. We serve as the originator and market maker of the assets we purchase and manage, providing a distinct advantage for consumers seeking to monetize insurance policies and for

Table of Contents

investors seeking to deploy capital. In a highly regulated and difficult-to-access insurance marketplace, we provide consumers with the maximum opportunity for their insurance assets and we also provide investors with a high-quality class of assets.

Performance Measures

NM - Not Meaningful.

Results of Operations for the Three and Six Months Ended June 30, 2026 and June 30, 2025

The following tables set forth our results of operations for the periods presented. The period-to-period comparison of financial results is not indicative of future results:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
REVENUES:
Asset management	$	7,215,653	$	8,761,876	$	15,674,797	$	16,534,953
Life solutions	65,425,060		47,300,844		115,992,348		83,599,501
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

Table of Contents


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
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):
Gain (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 (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	—		27,240		—		786,683
NET INCOME ATTRIBUTABLE TO ABACUS GLOBAL MANAGEMENT, INC.	$	6,627,042	$	17,583,689	$	13,893,234	$	22,223,272

Revenue

Asset Management


	Three Months Ended June 30,
	2026		2025		Change		% Change
Asset management fees, related party	$	5,612,942	$	6,700,984	$	(1,088,042)	(16.2)	%
Asset management fees	729,950		1,503,839		(773,889)		(51.5)	%
Servicing revenue, related party	826,350		454,065		372,285		82.0	%
Servicing revenue	46,411		102,988		(56,577)		(54.9)	%
Total asset management revenue	$	7,215,653	$	8,761,876	$	(1,546,223)	(17.6)	%

Asset management revenue decreased by $1,546,223, or 17.6%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease is mainly due to a decrease in management fee revenue driven by decreases in the assets under management in the Carlisle Funds and ETF Funds, partially offset by the increase in assets under management in the LP Funds. The Company did not record significant performance fees during the three months ended June 30, 2026. Refer to the Assets Under Management section below for the change in total assets managed and refer to the Key Business Metrics below for the average management fees charged.

Table of Contents


	Six Months Ended June 30,
	2026		2025		Change		% Change
Asset management fees, related party	$	12,269,406	$	13,399,185	$	(1,129,779)	(8.4)	%
Asset management fees	1,717,005		2,232,849		(515,844)		(23.1)	%
Servicing revenue, related party	1,586,587		780,552		806,035		103.3	%
Servicing revenue	101,799		122,367		(20,568)		(16.8)	%
Total asset management revenue	$	15,674,797	$	16,534,953	$	(860,156)	(5.2)	%

Asset management revenue decreased by $860,156, or 5.2%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease is mainly due to a decrease in management fee revenue driven by decreases in assets under management in the Carlisle Funds and ETF Funds, partially offset by the increase in assets under management in the LP Funds. The Company did not record significant performance fees during the six months ended June 30, 2026. Refer to the Assets Under Management section below for the change in total assets managed and refer to the Key Business Metrics below for the average management fees charged.

Life Solutions


	Three Months Ended June 30,
	2026		2025		Change		% Change
Revenue from life insurance policies using the fair value method, net	$	50,238,503	$	29,621,941	$	20,616,562	69.6	%
Revenue from life insurance policies using the fair value method, related party, net	11,337,470		16,175,271		(4,837,801)		(29.9)	%
Fee-based services	—		338,787		(338,787)		(100.0)	%

Revenue from life insurance policies held using the investment method, related party	167,330		—		167,330		NM
Insurance commissions	1,881,126		—		1,881,126		NM
Originations	1,800,631		1,164,845		635,786		54.6	%
Total life solutions revenue	$	65,425,060	$	47,300,844	$	18,124,216	38.3	%

Total life solutions revenue increased by $18,124,216 or 38.3% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is mainly due to an increase in total gains recognized on life settlement policies. Life settlement policy sales and maturities generated an increase of $12,987,480 in total realized gains on sold and matured life settlement policies, coupled with an increase of $2,392,406 in total unrealized gains, an increase in insurance commissions of $1,881,126 and a decrease of $409,850 in total premiums paid. Refer to the Key Business Metrics section for the corresponding life settlement policy statistics.

Table of Contents


	Six Months Ended June 30,
	2026		2025		Change		% Change
Revenue from life insurance policies using the fair value method, net	$	81,700,560	$	62,555,802	$	19,144,758	30.6	%
Revenue from life insurance policies using the fair value method, related party, net	27,888,091		17,076,617		10,811,474		63.3	%
Fee-based services	—		338,787		(338,787)		(100.0)	%

Revenue from life insurance policies held using the investment method, related party	167,330		—		167,330		NM
Insurance commissions	3,511,802		—		3,511,802		NM
Originations	2,724,565		3,628,295		(903,730)		(24.9)	%
Total life solutions revenue	$	115,992,348	$	83,599,501	$	32,392,847	38.7	%

Total life solutions revenue increased by $32,392,847 or 38.7% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase is mainly due to an increase in total gains recognized on life settlement policies. Life settlement policy sales and maturities generated an increase of $90,751,429 in total realized gains on sold and matured life settlement policies, insurance commissions increased by $3,511,802 partially offset by a decrease of $59,825,397 in total unrealized gains, a decrease in originations of $903,730, and an increase of $958,825 in total premiums paid. Refer to the Key Business Metrics section for the corresponding life settlement policy statistics.

The realized and unrealized gain activity is mainly due to the Company’s expanded available capital in 2026 compared to early 2025 and deployment capacity following the launching of Abacus managed funds in March 2025 and the $50 million delayed draw financing in September 2025. Refer to Note 4, Revenues and Note 13, Fair Value Measurements for additional information on the composition of revenue from life insurance policies. The combination of realized gains (loss) (sale price or maturity less purchase price) less premiums paid on sold/matured policies during the corresponding period and the reversal of the prior period unrealized gain on sold/matured policies represents the incremental gain (loss) on policies held using the fair value method for the corresponding reporting period from sales or maturities to related and unrelated parties (maturity gains are part of unrelated revenues).

The decrease to origination revenue is primarily due to the Company’s focus on originating policies for LMA and LMAIS II, rather than for third parties. Origination fees charged to LMA and LMAIS II are eliminated in consolidation.

The Company began generating insurance commissions revenue after April 2025 after acquiring NIB and AccuQuote in August 2025. Refer to Note 3, Business Combinations for additional information.

Technology Services


	Three Months Ended June 30,
	2026		2025		Change		% Change
Technology services	$	379,277	$	161,900	$	217,377	134.3	%
Total technology services revenue	$	379,277	$	161,900	$	217,377	134.3	%

Technology services revenue increased by $217,377 for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is due to increases in the number of lives tracked.

Table of Contents


	Six Months Ended June 30,
	2026		2025		Change		% Change
Technology services	$	743,133	$	229,512	$	513,621	223.8	%
Total technology services revenue	$	743,133	$	229,512	$	513,621	223.8	%

Technology services revenue increased by $513,621 for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase is due to increases in the number of lives tracked.

Cost of Revenues (Excluding Depreciation and Amortization) and Gross Profit


	Three Months Ended June 30,
	2026		2025		Change		% Change
Cost of revenue (including stock-based compensation)	$	9,064,451	$	6,054,644	$	3,009,807	49.7	%

Cost of revenues (including stock-based compensation) increased by $3,009,807, or 49.7%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase in cost of revenues is primarily due to an increase in payroll and stock-based compensation expense of $2,795,490 related to an increase in total employees partially offset by a decrease of $548,002 in asset management retrocession fees mainly due to a decrease in the AUM of the Carlisle and ETF Funds.


	Six Months Ended June 30,
	2026		2025		Change		% Change
Cost of revenue (including stock-based compensation)	$	15,371,836	$	13,163,051	$	2,208,785	16.8	%

Cost of revenues (including stock-based compensation) increased by $2,208,785, or 16.8%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase in cost of revenues is due to increase of $3,950,691 related to compensation expenses due to an increase in total employees partially offset by a decrease of $772,848 in asset management retrocession fees mainly due to a decrease in the AUM of the Carlisle and ETF Funds.

Operating Expenses


	Three Months Ended June 30,
	2026		2025		Change		% Change
Sales and marketing	$	5,558,460	$	3,267,715	$	2,290,745	70.1	%
General and administrative (including stock-based compensation)	32,956,074		18,926,329		14,029,745		74.1	%
Gain on change in fair value of debt	—		—		—		NM
Gain on equity securities, at fair value	—		272,254		(272,254)		(100.0)	%
Depreciation and amortization expense	3,962,445		5,184,083		(1,221,638)		(23.6)	%
Total operating expenses	$	42,476,979	$	27,650,381	$	14,826,598	53.6	%

Sales and marketing expenses increased by $2,290,745 or 70.1%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily related to an

Table of Contents

increase in advertising costs to support our life solutions growth strategy.

General and administrative (including stock-based compensation) increased by $14,029,745, or 74.1%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is primarily related to increases in legal and professional fees of $8,461,035 incurred in connection with various projects, increases in payroll expense of $2,357,717 mainly due to increase in staffing due to acquisitions, an increase in non-cash stock-based compensation expense of $2,892,265, and other general and administrative expenses of $318,728.

There was no gain on change in fair value of debt for the three months ended June 30, 2026 or 2025.

Gain on equity securities, at fair value decreased by $272,254 or 100.0% for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The Company no longer invests in S&P 500 options. There was no gain on equity securities, at fair value for the three months ended June 30, 2026.

Depreciation and amortization expense decreased by $1,221,638, or 23.6%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily related to certain intangible assets reaching the end of their estimated useful lives.


	Six Months Ended June 30,
	2026		2025		Change		% Change
Sales and marketing	$	10,506,370	$	5,883,715	$	4,622,655	78.6	%
General and administrative (including stock-based compensation)	58,828,199		31,190,115		27,638,084		88.6	%
Gain on change in fair value of debt	—		(3,362,103)		3,362,103		(100.0)	%
Gain on equity securities, at fair value	—		—		—		NM
Depreciation and amortization expense	7,896,531		9,942,629		(2,046,098)		(20.6)	%
Total operating expenses	$	77,231,100	$	43,654,356	$	33,576,744	76.9	%

Sales and marketing expenses increased by $4,622,655 or 78.6%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily related to an increase in advertising costs to support our life solutions growth strategy.

General and administrative (including stock-based compensation) increased by $27,638,084, or 88.6%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase is primarily related to increases in legal and professional fees of $14,165,497 incurred in connection with various projects, increases in payroll expense of $5,653,226 mainly due to increase in staffing due to acquisitions, an increase in non-cash stock-based compensation expense of $6,693,921, and increases in other general and administrative expenses of $1,125,440.

Gain on change in fair value of debt decreased by $3,362,103 or 100.0% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The Company paid off its market-indexed notes in 2025. There was no gain on change in fair value of debt for the six months ended June 30, 2026.

There was no gain on equity securities, at fair value for the six months ended June 30, 2026 or 2025.

Depreciation and amortization expense decreased by $2,046,098, or 20.6%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily related to certain intangible assets reaching the end of their estimated useful lives.

Table of Contents

Other Income (Expense)


	Three Months Ended June 30,
	2026		2025		Change		% Change
Other (expense) income, net	$	(2,861,547)	$	2,718,172	$	(5,579,719)	(205.3)	%
Interest expense	(8,311,904)		(8,752,145)		440,241		(5.0)	%
Interest income	670,783		1,012,278		(341,495)		(33.7)	%
Gain (loss) on change in fair value of warrant liability	—		4,183,000		(4,183,000)		(100.0)	%
Total other income (expense)	$	(10,502,668)	$	(838,695)	$	(9,663,973)	1152.3	%

Other income decreased by $5,579,719 or 205.3%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The change is primarily related to non-cash stock consideration $2,205,337 issued during the three months ended June 30, 2026 (see Note 3, Business Combinations) and current period unrealized losses of $660,511 for investments compared to paid in kind lender fees of $1,750,000 charged in 2025, which did not recur in 2026. See Note 9, Other Investments and Other Assets.

Interest expense decreased by $440,241 or 5.0% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease in interest expense is primarily related to the reduction in the balance of LMA Income Series II, LP offset by the $50,000,000 delayed draw borrowed in September 2025 that was available under the Senior Secured Credit Facility.

Interest income decreased by $341,495 or 33.7% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease in interest income is related to lower bank deposits from which interest is earned.

The loss on change in fair value of warrant liability decreased by $4,183,000 or 100.0% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The change is primarily attributable to the redemption of all the Private Placement Warrants offset by the issuance of common stock in 2025.


	Six Months Ended June 30,
	2026		2025		Change		% Change
Other (expense) income, net	$	(342,954)	$	2,673,648	$	(3,016,602)	(112.8)	%
Interest expense	(18,765,496)		(18,370,475)		(395,021)		2.2	%
Interest income	1,334,006		2,187,279		(853,273)		(39.0)	%
Gain (loss) on change in fair value of warrant liability	—		(623,000)		623,000		(100.0)	%
Total other income (expense)	$	(17,774,444)	$	(14,132,548)	$	(3,641,896)	25.8	%

Other income decreased by $3,016,602 or 112.8%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The change is primarily related to a unrealized gains of $4,739,489 on equity investments, partially offset by a $3,050,000 impairment on a separate equity investment and non-cash stock consideration $2,205,337 issued during the six months ended June 30, 2026 (see Note 3, Business Combinations) compared to paid in kind lender fees of $1,500,000 charged in 2025, which did not recur in 2026. See Note 9, Other Investments and Other Assets.

Interest expense decreased by $395,021 or 2.2% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease in interest expense is primarily related to the reduction in

Table of Contents

the balance of LMA Income Series II, LP offset by the $50,000,000 delayed draw borrowed in September 2025 that was available under the Senior Secured Credit Facility.

Interest income decreased by $853,273 or 39.0% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease in interest income is related to interest earned on our bank deposits.

The loss on change in fair value of warrant liability decreased by $623,000 or 100.0% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The change is primarily attributable to the redemption of all the Private Placement Warrants offset by the issuance of common stock in 2025.

Income Tax Expense


	Three Months Ended June 30,
	2026		2025		Change		% Change
Income tax expense	$	4,348,850	$	4,069,971	$	278,879	6.9	%

Income tax expense increased by $278,879, or 6.9% for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The change was primarily driven by the impact of various permanent differences with the larger of these permanent differences being related to compensation related expenses partially offset by decrease in statutory tax provision due to an increase in taxable income. Our effective income tax rate for the three months ended June 30, 2026 and for the three months ended June 30, 2025, was 39.6% and 18.8%, respectively.


	Six Months Ended June 30,
	2026		2025		Change		% Change
Income tax expense	$	8,139,664	$	6,404,056	$	1,735,608	27.1	%

Income tax expense increased by $1,735,608, or 27.1% for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The change was primarily driven by the impact of various permanent differences with the larger of these permanent differences being related to compensation related expenses partially offset by decrease in statutory tax provision due to an increase in taxable income. Our effective income tax rate for the six months ended June 30, 2026 and for the six months ended June 30, 2025, was 36.9% and 21.8%, respectively.

Results of Operations—Segment Results

Asset Management


	Three Months Ended June 30,
	2026		2025		Change		% Change
Revenue	$	7,215,653	$	8,761,876	$	(1,546,223)	(17.6)%
Cost of revenue	3,363,939		3,047,093		316,846		10.4%
Gross profit	$	3,851,714	$	5,714,783	$	(1,863,069)	(32.6)%

The change in revenue is explained above under Revenue. The composition of cost of revenue is described in Note 2, Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Cost of revenue from our asset management segment increased by $316,846, or 10.4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to increases in compensation related expenses.

Table of Contents

The change in gross profit is a product of the change of revenue and cost of revenue.


	Six Months Ended June 30,
	2026		2025		Change		% Change
Revenue	$	15,674,797	$	16,534,953	$	(860,156)	(5.2)%
Cost of revenue	5,959,917		5,789,111		170,806		3.0%
Gross profit	$	9,714,880	$	10,745,842	$	(1,030,962)	(9.6)%

Cost of revenue from our asset management segment increased by $170,806, or 3.0%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, mainly due to increases in compensation related expenses.

The change in gross profit is a product of the change of revenue and cost of revenue.


	Three Months Ended June 30, 2026
	Longevity Funds		ETF Funds		Total
BALANCE AS OF MARCH 31, 2026 - Fee Paying AUM	$	2,437,328,879	$	727,574,158	$	3,164,903,037
Inflows	256,113,649		31,426,621		287,540,270
Outflows	(39,060,825)		(10,201,410)		(49,262,235)
Change in value	(166,339,660)		(82,621,599)		(248,961,259)
Value of all policies on the balance sheet related to LMA Income Series II, LP[1]	83,978,243		—		83,978,243
BALANCE AS OF JUNE 30, 2026 - Fee Paying AUM	2,572,020,286		666,177,770		3,238,198,056
OTHER POLICY BALANCE SHEET ASSETS - Non-Fee Paying	$	299,066,005	$	—	$	299,066,005
TOTAL ASSETS UNDER MANAGEMENT AS OF JUNE 30, 2026	$	2,871,086,291	$	666,177,770	$	3,537,264,061

[1] Recurring revenues generated are eliminated in consolidation.

Table of Contents


	Six Months Ended June 30, 2026
	Longevity Funds		ETF Funds		Total
BALANCE AS OF DECEMBER 31, 2025 - Fee Paying AUM	$	2,236,660,654	$	850,607,003	$	3,087,267,657
Inflows	544,171,214		121,422,534		665,593,748
Outflows	(53,425,865)		(401,486,738)		(454,912,603)
Change in value	(239,363,960)		95,634,971		(143,728,989)
Value of all policies on the balance sheet related to LMA Income Series II, LP[1]	83,978,243		—		83,978,243
BALANCE AS OF JUNE 30, 2026 - Fee Paying AUM	2,572,020,286		666,177,770		3,238,198,056
OTHER POLICY BALANCE SHEET ASSETS - Non-Fee Paying	299,066,005		—		299,066,005
TOTAL ASSETS UNDER MANAGEMENT AS OF JUNE 30, 2026	$	2,871,086,291	$	666,177,770	$	3,537,264,061

[1] Recurring revenues generated are eliminated in consolidation.


	Three Months Ended June 30, 2025
	Longevity Funds		ETF Funds		Total
BALANCE AS OF MARCH 31, 2025 - Fee Paying AUM	$	1,906,437,803	$	756,100,470	$	2,662,538,273
Inflows	129,923,223		19,132,165		149,055,388
Outflows	(5,718,236)		(30,774,757)		(36,492,993)
Change in value	9,317,606		81,460,690		90,778,296

Value of all policies on the balance sheet related to LMA Income Series, LP[1]	—		—		—
Value of all policies on the balance sheet related to LMA Income Series II, LP[1]	125,053,282		—		125,053,282
BALANCE AS OF JUNE 30, 2025 - Fee Paying AUM	2,165,013,678		825,918,568		2,990,932,246
OTHER POLICY BALANCE SHEET ASSETS - Non-Fee Paying	262,201,223		—		262,201,223
TOTAL ASSETS UNDER MANAGEMENT AS OF JUNE 30, 2025	$	2,427,214,901	$	825,918,568	$	3,253,133,469

[1] Recurring revenues generated are eliminated in consolidation.

Table of Contents


	Six Months Ended June 30, 2025
	Longevity Funds		ETF Funds		Total
BALANCE AS OF DECEMBER 31, 2024 - Fee Paying AUM	$	1,815,438,972	$	778,641,321	$	2,594,080,293
Inflows	258,117,552		108,097,561		366,215,113
Outflows	(14,841,165)		(115,108,315)		(129,949,480)
Change in value	(18,754,963)		54,288,001		35,533,038

Value of all policies on the balance sheet related to LMA Income Series, LP[1]	—		—		—
Value of all policies on the balance sheet related to LMA Income Series II, LP[1]	125,053,282		—		125,053,282
BALANCE AS OF JUNE 30, 2025 - Fee Paying AUM	2,165,013,678		825,918,568		2,990,932,246
OTHER POLICY BALANCE SHEET ASSETS - Non-Fee Paying	262,201,223		—		262,201,223
TOTAL ASSETS UNDER MANAGEMENT AS OF JUNE 30, 2025	$	2,427,214,901	$	825,918,568	$	3,253,133,469

[1] Recurring revenues generated are eliminated in consolidation.

Life Solutions


	Three Months Ended June 30,
	2026		2025		Change		% Change
Revenue	$	65,425,060	$	47,300,844	$	18,124,216	38.3%
Cost of revenue	5,033,238		2,510,545		2,522,693		100.5%
Gross profit	$	60,391,822	$	44,790,299	$	15,601,523	34.8%

Cost of revenue from our life solutions segment increased by $2,522,693, or 100.5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, mainly due to increases in compensation related expenses.

The change in gross profit is a product of the change of revenue and cost of revenue.


	Six Months Ended June 30,
	2026		2025		Change		% Change
Revenue	$	115,992,348	$	83,599,501	$	32,392,847	38.7%
Cost of revenue	8,118,919		6,411,404		1,707,515		26.6%
Gross profit	$	107,873,429	$	77,188,097	$	30,685,332	39.8%

Table of Contents

Cost of revenue from our life solutions segment increased by $1,707,515, or 26.6%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, mainly due to increases in compensation related expenses.

The change in gross profit is a product of the change of revenue and cost of revenue.

Technology Services


	Three Months Ended June 30,
	2026		2025		Change		% Change
Revenue	$	379,277	$	161,900	$	217,377	134.3%
Cost of revenue	667,274		497,006		170,268		34.3%
Gross loss	$	(287,997)	$	(335,106)	$	47,109	(14.1)%

Cost of revenue from our technology services segment increased by $170,268, or 34.3%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, mainly due to an increase in compensation related expenses.

The change in gross loss is a product of the change of revenue and cost of revenue.


	Six Months Ended June 30,
	2026		2025		Change		% Change
Revenue	$	743,133	$	229,512	$	513,621	223.8%
Cost of revenue	1,293,000		962,536		330,464		34.3%
Gross loss	$	(549,867)	$	(733,024)	$	183,157	(25.0)%

Cost of revenue from our technology services segment increased by $330,464, or 34.3%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, mainly due to an increase in compensation related expenses.

The change in gross loss is a product of the change of revenue and cost of revenue.

Non-GAAP Financial Measures and Key Business Metrics

The consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and are prepared in accordance with U.S. GAAP. We monitor key business metrics and non-GAAP financial measures that assist us in evaluating our business, measuring our performance, identifying trends and making strategic decisions. We have presented the following non-GAAP measures, their most directly comparable GAAP measure, and key business metrics:


Non-GAAP Measure			Comparable GAAP Measure
Adjusted Net Income, Adjusted EPS			Net Income attributable to common stockholders and EPS
Adjusted EBITDA			Net Income

Table of Contents

Adjusted Net Income, Adjusted EPS, Adjusted EBITDA and Adjusted EBITDA Margin, are not measures of financial performance under GAAP and should not be considered substitutes for GAAP measures, net income (loss) (for Adjusted EBITDA and Adjusted EBITDA Margin), net income (loss) attributable to common stockholders (for Adjusted Net Income) or earnings (loss) per share (for Adjusted EPS), which are considered to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing Company’s operating performance, these non-GAAP financial measures should not be considered in isolation or as substitutes for net income (loss), net income (loss) attributable to common stockholders, earnings (loss) per share or other consolidated statements of operations and comprehensive income (loss) data prepared in accordance with GAAP.

Adjusted Net Income is presented for the purpose of calculating Adjusted EPS. The Company defines Adjusted Net Income as net income (loss) attributable to common stockholders 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. We believe that Adjusted Net Income provides an additional measure of operating performance that eliminates the impact of expenses that do not relate to business performance.

Adjusted EPS measures our per share earnings and is calculated as Adjusted Net Income divided by adjusted weighted-average shares outstanding. We believe 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.

Table of Contents

Adjusted Net Income and Adjusted EPS

The following table presents a reconciliation of Adjusted Net Income to the most comparable GAAP financial measure, net income attributable to common stockholders and Adjusted EPS to the most comparable GAAP financial measure, earnings per share, on a historical basis for the periods indicated below:


	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 non-recurring legal 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		95,319,635		95,319,635		94,690,195		94,690,195		94,690,195
WEIGHTED-AVERAGE STOCK OUTSTANDING—DILUTED	98,457,545		98,457,545		98,457,545		97,372,470		97,372,470		97,372,470
ADJUSTED EPS - BASIC	$	0.28	$	(0.05)	$	0.23	$	0.23	$	(0.01)	$	0.22
ADJUSTED EPS - DILUTED	$	0.28	$	(0.05)	$	0.23	$	0.22	$	(0.01)	$	0.21

[1] Tax impact mainly 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.

The change in adjusted net Income was primarily a result of the factors described in connection with operating revenues and operating expenses and the items listed above.

Table of Contents


	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 loss (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 non-recurring legal 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		96,574,532		96,574,532		95,437,545		95,437,545		95,437,545
WEIGHTED-AVERAGE STOCK OUTSTANDING—DILUTED	99,755,998		99,755,998		99,755,998		97,801,477		97,801,477		97,801,477
ADJUSTED EPS - BASIC	$	0.49	$	(0.08)	$	0.41	$	0.41	$	(0.04)	$	0.37
ADJUSTED EPS - DILUTED	$	0.47	$	(0.08)	$	0.39	$	0.40	$	(0.04)	$	0.36

[1] Tax impact mainly 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.

The change in adjusted net income was primarily a result of the factors described in connection with operating revenues and operating expenses and the items listed above.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA is net income adjusted for depreciation expense, amortization, interest expense, income tax, 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 Company's 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. Adjusted EBITDA should not be determined as substitution for net income (loss), cash flows from operating, investing, and financing activities, operating income (loss), or other metrics prepared in accordance with U.S. GAAP.

We believe that Adjusted EBITDA assists investors in understanding the Company’s ongoing operating performance by presenting comparable financial results between periods. We believe that by removing the impact of depreciation and amortization and excluding certain non-cash charges, amounts spent on interest and taxes, and certain other charges that are variable from year to year. We believe that

Table of Contents

Adjusted EBITDA provides our investors with performance measures that reflect the impact to operations from trends in changes in revenue, policy values, and operating expenses that provides a perspective not immediately apparent from net income (loss) and operating income (loss). Adjusted EBITDA excludes items which we believe may cause short-term fluctuations in net income (loss) and operating income (loss) which we do not consider to be the primary drivers of the Company’s business.

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.

The following table presents a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to the most comparable GAAP financial measure, net income, on a historical basis:


	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 (expense) income, 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 loss (gain) on investments	660,511		—		(4,739,489)		—
Impairment on investments	—		—		3,050,000		—
Business acquisition and non-recurring legal 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%

The change in adjusted EBITDA was primarily a result of the factors described in connection with operating revenues and operating expenses and the items listed above.

Key Business Metrics

We monitor the following key business metrics:

•Revenue generated from life policies: (i) policies sold, matured, and bought, (ii) realized gains, (iii) revenues from maturities, (iv) net death benefit value of policies held, (v) turnover ratio, and (vi) holding period. The number of policies sold and purchased helps us measure the level of trading activity for the period that leads to realized and unrealized gains, respectively. Realized gains on sold policies and revenues from maturities is used to measure our profit optimization. The net death benefit of policies represents the maximum potential maturity revenue realization on policies held.

Table of Contents

The turnover ratio measures our capital efficiency with a higher number generally correlating to growth in realized gains. The holding period is based on the weighted average age of life settlement policies, which tracks our ability to make hold or trade decisions that enhance realized gains.

•Asset management revenue: (i) assets under management also referred to as the net asset value of funds (“AUM” or “NAV”). AUM drives management fees and performance fees generated by the Company.

•Servicing revenue: (i) number of policies serviced, (ii) face value of policies serviced, and (iii) total invested dollars. Servicing revenue involves the provision of services for maintaining the policy, managing processing of claims in the event of death of the insured, and ensuring timely payment of optimized premiums computed to derive maximum return on maturity of the policy. The number of policies and the face value of policies serviced represents the volume and dollar face value of policies over which the above services are performed. Total invested dollars represent the acquisition cost plus premiums paid for serviced policies and is used to determine servicing fees.

•Origination revenue: Origination revenues represent fees negotiated for each purchase and sale of a policy with an investor. The number of policy originations (i) represents the volume of policies over which the above origination services are performed. The number of policy originations directly correlates with origination revenues allowing management to evaluate fees earned upon each transaction.

Information regarding policies accounted for under the fair value method is as follows:


	Three Months Ended June 30,
	2026		2025		Change		% Change
Fair Value Method:
Policies bought	288		250		38		15.2%
Policies bought from related parties	8		21		(13)		(61.9)%
Policies originated for external investors [1]	44		29		15		51.7%
Policies sold	300		399		(99)		(24.8)%
Policies sold to related parties	278		354		(76)		(21.5)%
Policies matured	19		5		14		280.0%
Turnover ratio [2]	2.0		[2]		NM		NM
Holding period on existing policies (in days)	153		[2]		NM		NM
Holding period on sold policies (in days)	230		[2]		NM		NM
Weighted average realized gain on policies sold [3]	25.2%		26.3%		(1.1)%		(4.2)%
Number of external counter parties that purchased policies	6		15		(9)		(60.0)%
Total lifetime realized gains, net of lifetime premiums paid	$	62,032,077	$	58,332,682	$	3,699,395	6.3%
Total lifetime realized gains from maturities, net of lifetime premiums paid	$	19,268,981	$	3,573,344	$	15,695,637	439.2%

Table of Contents

[1] - 2026 includes 4 policies and 2025 includes 4 policies within the rescission period that are recorded in contract liabilities on the Company’s consolidated balances sheets. Refer to Note 4, Revenue for additional information.

[2] - The Company will report the turnover ratio and holding periods on a prospective basis.

[3] - The weighted average realized gain percentage on policies sold is not annualized and can vary materially from an annualized return depending on the holding period. Two transactions with the same realized gain percentage may reflect materially different annualized returns due to differences in time held.

Note 1: Policy count reconciliations may not add up due to a small number of policy rescissions.

Note 2: Realized gains represent the difference between the sale price of life insurance policies or the net death benefit of matured life insurance policies, net of the original cost of the corresponding life settlement policy plus related lifetime continuing costs (e.g., premium costs) (together all costs associated with life insurance policies are “Lifetime Carrying Costs”). There were no significant differences in the weighted average realized gains from life settlement policies sold to external- versus related-parties for the three months ended June 30, 2026 and 2025. Refer to Note 19, Related-Party Transactions for additional information.

The increase in total lifetime realized gains is mainly due to the increase in total policies sold compared to the same period in 2025.


	Six Months Ended June 30,
	2026	2025	Change		% Change
Fair Value Method:
Policies bought	489	421	68		16.2%
Policies bought from related parties	10	21	(11)		(52.4)%
Policies originated for external investors [1]	78	59	19		32.2%
Policies sold	631	517	114		22.1%
Policies sold to related parties	583	394	189		48.0%
Policies matured	35	20	15		75.0%
Turnover ratio [2]	2.0	[2]	NM		NM
Holding period on existing policies (in days)	153	[2]	NM		NM
Holding period on sold policies (in days)	262	[2]	NM		NM
Weighted average realized gain on policies sold [3]	25.8%	34.1%	(8.3)%		(24.3)%
Number of external counter parties that purchased policies	11	23	(12)		(52.2)%
Total lifetime realized gains, net of lifetime premiums paid	$122,802,425	$72,207,798	$	50,594,627	70.1%
Total lifetime realized gains from maturities, net of lifetime premiums paid	$22,578,301	$10,480,671	$	12,097,630	115.4%

Table of Contents

[2] - The Company will report the turnover ratio and holding periods on a prospective basis.

Note 1: Policy count reconciliations may not add up due to a small number of policy rescissions.

Note 2: Realized gains represent the difference between the sale price of life insurance policies or the net death benefit of matured life insurance policies, net of the original cost of the corresponding life settlement policy plus related lifetime continuing costs (e.g., premium costs) (together all costs associated with life insurance policies are “Lifetime Carrying Costs”). There were no significant differences in the weighted average realized gains from life settlement policies sold to external- versus related-parties for the six months ended June 30, 2026 and 2025. Refer to Note 19, Related-Party Transactions for additional information.

The increase in total lifetime realized gains is mainly due to the increase in total policies sold compared to the same period in 2025.

Information regarding policies accounted for under the investment method is as follows:


	Three Months Ended June 30,
	2026			2025			Change		% Change
Investment Method:
Policies bought	—			—			—		NM
Policies sold	3			—			3		NM
Policies sold to related parties	3			—			3		NM
Policies matured	—			—			—		NM
Weighted average realized gain on policies sold [1]	17.7		%	—		%	17.7%		NM
Number of external counter parties that purchased policies	—			—			—		NM
Total lifetime realized gains, net of lifetime premiums paid	$	167,330		$	—		$	167,330	NM
Total lifetime realized gains from maturities, net of lifetime premiums paid	$	—		$	—		$	—	NM

Table of Contents

. Sales to related parties resulted in average realized gains of 17.7% (ranging from 4% to 31%) during the six months ended June 30, 2026. There were no sales to external parties during the three months ended June 30, 2026. There were no sales of policies valued using the investment method for the three months ended June 30, 2025. Refer to Note 19, Related-Party Transactions for additional information.


	Six Months Ended June 30,
	2026	2025	Change		% Change
Investment Method:
Policies bought	—	—	—		NM
Policies sold	3	—	3		NM
Policies sold to related parties	3	—	3		NM
Policies matured	—	—	—		NM
Weighted average realized gain on policies sold [1]	17.7%	—%	17.7%		NM
Number of external counter parties that purchased policies	—	—	—		NM
Total lifetime realized gains, net of lifetime premiums paid	$167,330	$—	$	167,330	NM
Total lifetime realized gains from maturities, net of lifetime premiums paid	$—	$—	$	—	NM

[1] - The weighted average realized gain percentage on policies sold is not annualized and can vary materially from an annualized return depending on the holding period. Two transactions with the same realized gain percentage may reflect materially different annualized returns due to differences in time held.

Note: Realized gains represent the difference between the sale price of life insurance policies or the net death benefit of matured life insurance policies, net of the original cost of the corresponding life settlement policy plus related lifetime continuing costs (e.g., premium costs) (together all costs associated with life insurance policies are “Lifetime Carrying Costs”). The average realized gain on policies sold represents realized gains as a percentage of related Lifetime Carrying Costs of sold life insurance policies. Sales to related parties resulted in average realized gains of 17.7% (ranging from 4% to 31%) during the six months ended June 30, 2026. There were no sales to external parties during the six months ended June 30, 2026. There were no sales of policies valued using the investment method for the six months ended June 30, 2025. Refer to Note 19, Related-Party Transactions for additional information.

Information regarding originations revenue, management fees, and servicing revenue is as follows:

Table of Contents


	Three Months Ended June 30,
	2026		2025		Change		% Change
Average management fee on Longevity Funds	1.05	%	1.45	%	(0.40)	%	(27.6)%
Average management fee on ETF Funds	0.45	%	0.81	%	(0.36)	%	(44.4)%
Number of policy originations to external parties	44		30		14		46.7%
Number of policy originations to subsidiaries eliminated in consolidation [2]	138		161		(23)		(14.3)%


	Six Months Ended June 30,
	2026			2025			Change			% Change
Assets under management (external fee paying)	$	3,154,219,813		$	2,865,633,717		$	288,586,096		10.1%
Average management fee on Longevity Funds	1.17		%	1.47		%	(0.30)		%	(20.4)%
Average management fee on ETF Funds	0.48		%	0.59		%	(0.11)		%	(18.6)%
Number of policies serviced [1]	3,807			3,101			706			22.8%
Face value of policies serviced [1]	$	7,909,948,500		$	7,383,844,908		$	526,103,592		7.1%
Total invested dollars [1]	$	3,426,590,895		$	2,931,575,304		$	495,015,591		16.9%
Number of policies serviced, related party	2,837			2,110			727			34.5%
Face value of policies serviced, related party	$	6,084,231,867		$	5,061,822,707		$	1,022,409,160		20.2%
Total invested dollars, related party	$	2,670,064,157		$	2,166,497,801		$	503,566,356		23.2%
Number of policy originations to external parties	78			61			17			27.9%
Number of policy originations to subsidiaries eliminated in consolidation [2]	259			312			(53)			(17.0)%

[1] For the six months ended June 30, 2026, LMA and LMA subsidiaries comprised 600 of the policies serviced, $664,310,843 face value of the policies serviced, and $312,846,859 of the total invested dollars. For the six months ended June 30, 2025, LMA and LMA subsidiaries comprised 627 of the policies serviced, $1,027,006,147 face value of the policies serviced, and $292,823,428 of the total invested dollars. All servicing revenues related to LMA or LMA subsidiaries are eliminated in consolidation. Total invested dollars represent the acquisition cost plus premiums paid for serviced policies and is used to determine servicing fees.

[2] Number of policy originations to subsidiaries eliminated in consolidation shows the level of policies acquired by the Company in the secondary market. Refer to Note 13, Fair Value Measurements for definition of the secondary market.

Table of Contents

Refer to the Results of Operations—Segment Results—Asset Management section above for the change related to change in assets under management (external fee paying).

Liquidity and Capital Resources

Sources of Liquidity - The Company finances its operations through cash generated from operating activities and net proceeds from debt or equity financings. The Company’s principal source of liquidity is cash and cash equivalents, which totaled $23,388,190 and $38,112,332 as of June 30, 2026 and December 31, 2025, respectively.

Material Cash Obligations and Maturities - The Company's outstanding long-term debt and the related interest rates, maturity dates, and scheduled maturities are presented in Note 14, Long-Term Debt to the Interim Financial Statements. The Company has a material near-term debt maturity in 2027, when the secured borrowing of LMA Income Series II, LP matures on June 30, 2027. The Company expects to satisfy this obligation through the cash flows generated by the LMA Income Series II, LP collateral pool and intends to evaluate refinancing alternatives in advance of the maturity date. The Company also has material long-term debt maturities in 2028, when the Sponsor PIK Note and the Fixed Rate Senior Unsecured Notes mature. The Company evaluates refinancing and capital allocation alternatives on an ongoing basis. The Company's ability to refinance or repay its outstanding indebtedness depends on a number of factors, including general capital markets conditions, the Company's results of operations and financial position, and the level of interest rates at the time of any refinancing.

Financial Covenants - The SSCF requires the Company to maintain financial maintenance covenants, as described in Note 14, Long-Term Debt. The Company monitors covenant headroom each quarter and does not currently expect non-compliance with any covenant in the foreseeable future.

Twelve-Month Sufficiency Assessment - Based on the Company's cash and cash equivalents on hand, expected cash flows from operating activities, and other available sources of liquidity, the Company believes that its existing sources of liquidity will be sufficient to fund its operating, debt service, and capital requirements for the twelve-month period following the filing date of the Interim Financial Statements.

Cash Flows from our Operations

The following table summarizes our cash flows for the periods presented:


	Six Months Ended June 30, 2026
	2026		2025		Change
Net cash provided by operating activities	$	130,946,310	$	14,511,602	$	116,434,708
Net cash used in investing activities	(41,723,685)		(13,743,342)		(27,980,343)
Net cash used in financing activities	(103,946,767)		(57,875,671)		(46,071,096)
Net change in cash and cash equivalents	$	(14,724,142)	$	(57,107,411)	$	42,383,269

Operating Activities

During the six months ended June 30, 2026, net cash provided by operating activities was $130,946,310 compared to $14,511,602 for the six months ended June 30, 2025. The increase of $116,434,708 in net cash provided from operating activities was primarily due to an increase in net life policy settlement sales by $42,667,696, a decrease in the fair value of held life policy settlements of $59,836,371, and increase in the related party payable of $21,473,912.

Investing Activities

During the six months ended June 30, 2026, net cash used in investing activities was $41,723,685 compared to $13,743,342 for the six months ended June 30, 2025. The increase of $27,980,343 in net

Table of Contents

cash used in investing activities was primarily related to an increase of $35,689,750 for purchases of investments that did not occur in the prior comparable period.

Financing Activities

During the six months ended June 30, 2026, net cash used in financing activities was $103,946,767 compared to $57,875,671 for the six months ended June 30, 2025. The increase of $46,071,096 in net cash used by financing activities is primarily due to an increase in debt repayments of $31,626,141 and a decrease in proceeds from issued debt of $23,739,866, offset by a decrease in share repurchases of $10,692,408.

Contractual Obligations and Commitments

Refer to Note 12, Commitments and Contingencies, Note 14, Long-Term Debt, Note 20, Leases, to the Interim Financial Statements for additional information regarding the Company’s material commitments and contingencies, outstanding debt and related maturity dates, and lease obligations, respectively.

Critical Accounting Policies and Estimates

The Company prepared its consolidated financial statements in accordance with GAAP. Our preparation of these financial statements requires us to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities and related disclosures at the date of the financial statements, as well as revenue and expense recorded during the reporting periods. The Company evaluates its estimates and judgments on an ongoing basis. The Company bases its estimates on historical experience and or other relevant assumptions that the Company believes to be reasonable under the circumstances. Actual results may differ materially from management’s estimates. Refer to Note 2, Summary of Significant Accounting Policies, within the 2025 Annual Report.

The Company adopted the Historical Return Method to determine the fair value of life settlement policies as a change in valuation technique resulting in a measurement that is equally or more representative of fair value. This change is accounted for prospectively as a change in accounting estimate. Refer to Note 13, Fair Value Measurements, for our current period change in valuation technique.

Recent Accounting Pronouncements

See Note 2, Summary of Significant Accounting Policies, to the Interim Financial Statements and within the 2025 Annual Report for a discussion of recently issued accounting pronouncements, including information on new accounting standards and the future adoption of such standards.

*****

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are a smaller reporting company, as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended, and are not required to provide the information required under this item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(e) or Rule 15d-15(e) promulgated by the SEC under the Securities Exchange Act of 1934, we carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on the foregoing, our principal executive officer and principal financial officer

Table of Contents

concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting during the three and six months ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Part II

Item 1. Legal Proceedings

From time to time, the Company is involved in various civil actions as part of its normal course of business. In view of the inherent difficulty of predicting the outcome of such matters, the Company cannot state what the eventual outcome of these matters will be. However, the Company believes, based on current knowledge and after consultation with counsel, that the Company is not a party to any litigation that is material to ongoing operations as defined in Item 103 of Regulation S-K as of the end of the period to which this Report relates.

Item 1A. Risk Factors

Factors that could cause our actual results to differ materially from those in this report include the risk factors described in our 2025 Annual Report on Form 10-K filed with the SEC on March 13, 2026. As of the date of this Report, there have been no material changes to the risk factors disclosed in our 2025 Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of equity securities by the issuer

Refer to Note 15, Convertible Preferred Stock and Stockholders’ Equity to the consolidated financial statements for further discussion of our stock repurchase program.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Director and Executive Officer Trading

A portion of our directors’ and officers’ compensation is in the form of equity awards and, from time to time, they may engage in open-market transactions with respect to their Company securities for diversification or other personal reasons. All such transactions in Company securities by directors and officers must comply with the Company’s Insider Trading Policy, which requires that transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables directors and officers to prearrange transactions in the Company’s securities in a manner that avoids concerns about initiating transactions while in possession of material nonpublic information.

On June 1, 2026, Jay Jackson, Chairman and Chief Executive Officer, and William McCauley, Chief Financial Officer and Chief Operating Officer, adopted a Rule 10b5-1 sell-to-cover instruction plan that provides for the sale of shares of common stock necessary to satisfy tax withholding obligations arising exclusively from the vesting of shares of restricted stock held by Messrs. Jackson and McCauley as of the date of the adoption of

Table of Contents

the Plan. The total number of shares of common stock that may be sold pursuant to the sell-to-cover instruction plan is not determinable as it will depend on the number of shares that vest and the applicable tax withholding requirements. The sell-to-cover instruction plan will remain in place for twelve months from the date of adoption unless earlier terminated. The 10b5-1 Plan is intended to satisfy the affirmative defense Rule of 10b5-1(c). Trades under the 10b5-1 Plan will not commence until at least 90 days following the date on which such plan was entered.

Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.


Exhibit Number									Description
2.1									Agreement and Plan of Merger, dated as of August 30, 2022, by and among East Resources Acquisition Company, LMA Merger Sub, LLC, Abacus Merger Sub, LLC, Longevity Market Assets, LLC and Abacus Settlements, LLC, incorporated by reference to Exhibit 2.1 from the Company’s Form 8-K filed on August 30, 2022.
2.2									First Amendment to Agreement and Plan of Merger, dated as of October 14, 2022, by and among East Resources Acquisition Company, LMA Merger Sub, LLC, Abacus Merger Sub, LLC, Longevity Market Assets, LLC and Abacus Settlements, LLC, incorporated by reference to Exhibit 2.1 from the Company’s Form 8-K filed on October 14, 2022.
2.3									Second Amendment to Agreement and Plan of Merger, dated as of April 20, 2023, by and among East Resources Acquisition Company, LMA Merger Sub, LLC, Abacus Merger Sub, LLC, Longevity Market Assets, LLC and Abacus Settlements, LLC (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 001-39403) filed with the SEC on April 20, 2023), incorporated by reference to Exhibit 2.1 from the Company’s Form 8-K filed on April 20, 2023.
2.4									Share Purchase Agreement, by and among Abacus Life, Inc., Carlisle Management Company S.C.A., Carlisle Investment Group S.A.R.L., the Sellers party thereto, Jose Eseteban Casares Garcia, Manorhaven Holdings, LLC, Pacific Current Group Limited, certain equityholders of CMC Vehicle, LLC and Pillo Portsmouth Holding Company, LLC, in its capacity as the Sellers’ Representative thereunder, dated as of July 18, 2024, incorporated by reference to Exhibit 2.1 from the Company’s Form 8-K filed on July 18, 2024.
3.1									Second Amended and Restated Certificate of Incorporation of Abacus Life, Inc., incorporated by reference from to Exhibit 3.1 of the Company’s Form 8-K filed on July 6, 2023.
3.2									Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of Abacus Life, Inc., dated February 27, 2025, incorporated by reference to Exhibit 3.1 from the Company’s Form 8-K filed on March, 5, 2025.
3.3									Amended and Restated Bylaws of the Company, dated February 27, 2025, incorporated by reference to Exhibit 3.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed on May 8, 2025.
4.1									Specimen Common Share Certificate, incorporated by reference to Exhibit 4.1 from the Company’s Form 8-A/A filed on December 29, 2025.
4.2									Unsecured Promissory Note, dated as of June 30, 2023, issued to Sponsor, incorporated by reference to Exhibit 4.4 from the Company’s Form 8-K filed on July 6, 2023.
4.3									Amended and Restated Unsecured Promissory Note, dated as of July 5, 2023, issued to East Asset Management, LLC, incorporated by reference to Exhibit 4.5 from the Company’s Form 8-K filed on July 6, 2023.
4.4									Base Indenture, dated November 10, 2023, between the Company and U.S. Bank Trust Company, National Association, as Trustee, incorporated by reference to Exhibit 4.1 from the Company’s Form 8-K filed on November 13, 2023.
4.5									First Supplemental Indenture, dated November 10, 2023, between the Company and U.S. Bank Trust Company, National Association, as Trustee, including the form of 9.875% Fixed Rate Senior Note due 2028 existing notes, incorporated by reference to Exhibit 4.2 from the Company’s Form 8-K filed on November 13, 2023.

Table of Contents


Exhibit Number									Description
4.6									Form of 9.875% Fixed Rate Senior Notes due 2028, incorporated by reference to Exhibit A of Exhibit 4.2 from the Company’s Form 8-K filed on November 13, 2023.
4.7									Second Supplemental Indenture, dated as of December 2, 2024, between the Company and U.S. Bank Trust Company, National Association, as Trustee, including the form of the notes, incorporated by reference to Exhibit 4.3 from the Company’s Form 8-K filed on December 2, 2024.
4.8									Third Supplemental Indenture, dated as of July 18, 2025, between the Company and U.S. Bank Trust Company, National Association, as Trustee, incorporated by reference to Exhibit 4.7 of the Company’s Form S-3 filed November 25, 2025.
4.9									Description of registrant’s securities.
4.10									Certificate of Designations of Abacus Global Management, Inc., designating the Company’s Series A Convertible Preferred Stock, par value $0.0001 per share, incorporated by reference to Exhibit 3.1 from the Company’s Form 8-K filed on March 24, 2025.
10.1									Form of Indemnification Agreement, incorporated by reference to Exhibit 10.6 from the Company’s Form 8-K filed on July 6, 2023.
10.2									Abacus Life, Inc. Amended and Restated 2024 Long-Term Equity Compensation Incentive Plan, incorporated by reference from Appendix A to the Company’s Proxy Statement filed on April 29, 2024.
10.3									Form of Restricted Stock Unit Award granted under the Abacus Life, Inc. Amended and Restated 2024 Long-Term Equity Compensation Incentive Plan, incorporated by reference to Exhibit 10.1 from the Company’s Form 8-K filed on December 16, 2024.
10.4									Abacus Life, Inc. 2023 Long-Term Equity Incentive Plan, incorporated by reference to Exhibit 10.7 from the Company’s Form 8-K filed on July 6, 2023.
10.5									Form of Restricted Stock Unit Award granted under the Abacus Life, Inc. 2023 Long-Term Equity Incentive Plan, incorporated by reference to Exhibit 10.8 from the Company’s Form 8-K filed on July 6, 2023.
10.6									Form of Option Award granted under the Abacus Life, Inc. 2023 Long-Term Equity Incentive Plan, incorporated by reference to Exhibit 10.9 from the Company’s Form 8-K filed on July 6, 2023.
10.7									Credit Agreement, dated as of December 10, 2024, by and among Abacus Life, Inc. as the Borrower, GLAS USA LLC, as the Administrative Agent, GLAS AMERICAS LLC, as the Collateral Agent and the Lenders from time to time party thereto, incorporated by reference to Exhibit 10.1 from the Company’s Form 8-K filed on December 10, 2024.
10.8									Security Agreement, dated as of December 10, 2024, by and among the Grantors party thereto and GLAS USA LLC as Collateral Agent, incorporated by reference to Exhibit 10.2 from the Company’s Form 8-K filed on December 10, 2024.
10.9									Guaranty, dated as of December 10, 2024 among Abacus Life, Inc. the Guarantors party thereto, and GLAS USA LLC as Administrative Agent, incorporated by reference to Exhibit 10.3 from the Company’s Form 8-K filed on December 10, 2024.
10.10									Form of Employment Agreement, incorporated by reference to Exhibit 10.10 from the Company’s Form S-1 filed on July 25, 2023.
10.11									Sponsor Support Agreement, dated as of August 30, 2022, by and among the East Resources Acquisition Company, Sponsor, LMA and Legacy Abacus, incorporated by reference from the Company’s Form 8-K filed August 30, 2022.
10.12									Amendment No. 1 to the Sponsor Support Agreement, dated as of December 20, 2023, by and among Abacus Life, Inc., Longevity Market Assets, LLC, Abacus Settlements, LLC and East Sponsor, LLC, incorporated by reference from the Company’s 8-K filed December 29, 2023.
10.13									Company Support Agreement, dated as of August 30, 2022, by and among East Resources Acquisition Company, LMA, Legacy Abacus and the other parties signatory thereto, incorporated by reference from the Company’s Form 8-K filed August 30, 2022.
10.14									Amendment No. 1 to the Company Support Agreement, dated as of December 20, 2023, by and among Abacus Life, Inc., Longevity Market Assets, LLC, Abacus Settlements, LLC, T. Sean McNealy, K. Scott Kirby, Matthew A, Ganovsky incorporated by reference from the Company’s 8-K filed December 29, 2023.

Table of Contents

Exhibit
Number

Description

10.15

Share Lock-Up and Standstill Agreement, dated as of December 2, 2024, by and among the Company and the Stockholders party thereto, incorporated by reference from the Company’s Form 8-K filed December 2, 2024.

10.16

Notes Registration Rights Agreement, dated as of December 2, 2024, by and among the Company and the Holders of the New Notes named therein, incorporated by reference from the Company’s Form 8-K filed December 2, 2024.

10.17

Equity Registration Rights Agreement, dated as of December 2, 2024, by and among the Company and the Holders of the common stock of the Company named therein, incorporated by reference from the Company’s Form 8-K filed December 2, 2024.

10.18

Form of Abacus Option Agreement 2024 Plan, incorporated by reference to Exhibit 10.21 of the Company’s Annual Report for the year ended December 31, 2024 on Form 10-K, filed on March 28, 2025.

10.19

Form of Abacus RSU Agreement 2024 Plan, incorporated by reference to Exhibit 10.22 of the Company’s Annual Report for the year ended December 31, 2024 on Form 10-K, filed on March 28, 2025.

10.20

First Amendment to Credit Agreement, dated June 29, 2026, by and among Abacus Global Management , Inc. as the Borrower, GLAS USA LLC, as the Administrative Agent, GLAS AMERICAS LLC, as the Collateral Agent and the Lenders from time to time party thereto, incorporated by reference to Exhibit 10.1 from the Company’s Form 8-K filed on July 2 , 202 6 .

14.1

Code of Business Conduct and Ethics of Abacus Life, Inc., incorporated by reference from the Company’s Form 8-K filed July 6, 2023.

19.1

Insider Trading Policy, incorporated by reference to Exhibit 97.1 of the Company’s Annual Report for the year ended December 31, 2023 on Form 10-K, filed on March 21, 2024.

21.1

Subsidiaries of the Company.

31.1*

Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*

Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

97.1

Clawback policy, incorporated by reference to Exhibit 97.1 of the Company’s Annual Report for the year ended December 31, 2023 on Form 10-K, filed on March 21, 2024.

101.INS*

XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*

XBRL Taxonomy Extension Schema Document.

101.CAL*

XBRL Taxonomy Calculation Linkbase Document.

101.DEF*

XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB*

XBRL Taxonomy Label Linkbase Document.

101.PRE*

XBRL Taxonomy Presentation Linkbase Document.

104*

Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith

** Furnished herewith

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


ABACUS GLOBAL MANAGEMENT, INC.

Date: August 10, 2026

By:			/s/ Jay Jackson
			Jay Jackson
			Chairman of the Board,
			President and Chief Executive Officer
			(Principal Executive Officer)