CONSOLIDATION OF VARIABLE INTEREST ENTITIES	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATION OF VARIABLE INTEREST ENTITIES	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 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.

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

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.