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Here are 1-2 brief analogies to describe Abacus Global Management (ABL):

• KKR for SPACs.
• Blackstone, but primarily focused on sponsoring and investing in SPACs.

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• Asset Management: Manages investment portfolios for institutional clients and high-net-worth individuals, aiming to achieve specific financial goals.
• Wealth Management: Provides comprehensive financial planning, investment management, and other financial services to affluent individuals and families.
• Investment Funds: Operates and manages a range of pooled investment vehicles, such as mutual funds, hedge funds, and private equity funds, for various investor types.
• Corporate Advisory: Offers strategic financial advice to corporations on activities like mergers and acquisitions, capital structure, and restructuring.

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Abacus Global Management (symbol: ABL) does not appear to be a publicly traded company with this exact name and ticker symbol. Assuming, however, that a company named "Abacus Global Management" would operate in the financial services, asset management, or consulting sectors, its primary customers would most likely be other companies and institutional clients.

Given this operational profile, the company would primarily sell its services to other entities rather than directly to individuals. Due to the hypothetical nature of the company and the typical confidentiality agreements in the financial and consulting industries, specific major customer names are not publicly disclosed, even for real companies in this sector. However, its major customer categories would typically include:

• Institutional Investors: This category would encompass large organizations such as pension funds, endowment funds, sovereign wealth funds, and insurance companies seeking investment management, advisory, or strategic consulting services.
• Corporate Clients: Public and private corporations requiring financial advisory, strategic management consulting, risk management solutions, or capital markets services.
• Family Offices: While serving high-net-worth individuals indirectly, family offices are structured entities that manage the wealth and financial affairs of affluent families, operating more akin to an institutional client from a service provider's perspective.

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• The Goldman Sachs Group, Inc. (Symbol: GS)
• Deutsche Bank AG (Symbol: DB)
• China International Capital Corporation Limited (Symbol: 3908)

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Jay Jackson, Chief Executive Officer, President & Chairman

Jay Jackson was appointed CEO of Abacus Global Management, Inc. (formerly Abacus Life, Inc.) in July 2023 and also serves as its President and Chairman. He is recognized as a Co-Founder of Abacus, which was established over 20 years ago, and has been instrumental in guiding its evolution into an alternative asset manager. Under his leadership, Abacus Global Management has achieved 20 consecutive years of positive net income and has recently expanded its global footprint through strategic acquisitions and market development. He has overseen the company's focus on transforming life insurance policies into investable assets and leveraging AI and machine learning for financial planning and pension management. Mr. Jackson has emphasized the company's strong financial position, leading to the introduction of an annual dividend and a share repurchase program in November 2025.

William Hugh McCauley Jr., Chief Financial Officer & Principal Accounting Officer

William Hugh McCauley Jr. serves as the Chief Financial Officer and Principal Accounting Officer of Abacus Global Management, Inc. He recently acquired 33,000 shares of common stock in the company on June 4, 2025, for approximately $192,155, increasing his total ownership to 87,000 shares. Mr. McCauley participates in the company's earnings calls, discussing financial results and growth.

Todd McNealy, Co-Founder & Director

Todd McNealy is a Co-Founder of Abacus Global Management, Inc., and also serves as a Director. He is noted as one of the founders when the company was established in 2020, as Abacus Life, Inc., before its rebranding to Abacus Global Management in February 2025. He is currently the largest individual shareholder in Abacus Global Management, owning 12.46 million shares, representing 12.87% of the company. In the past six months, he purchased 86,207 shares of the company's stock for an estimated $497,759.

Matthew A. Ganovsky, Co-Founder, President & Managing Partner

Matthew A. Ganovsky is a Co-Founder, President, and Managing Partner of Abacus Global Management, Inc. He was one of the founders of the company in 2020.

Kevin Scott Kirby, Co-Founder, President & Managing Partner

Kevin Scott Kirby is a Co-Founder, President, and Managing Partner of Abacus Global Management, Inc. He was one of the founders of the company in 2020. In the past six months, Mr. Kirby purchased 86,207 shares of the company's stock for an estimated $497,759.

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The key risks to Abacus Global Management (symbol: ABL) are primarily centered around allegations of financial misrepresentation, leading to significant legal and financial consequences.

• Allegations of Accounting Fraud and Asset Overvaluation: Abacus Global Management faces accusations of manufacturing "fake revenue" through an "accounting scheme" involving its life settlements portfolio. Morpheus Research reports allege that the company systematically underestimates life expectancies and overvalues its assets using a "mark-to-model" accounting strategy, heavily relying on a single life expectancy provider, Lapetus Solutions, whose estimates are reportedly 50% higher than industry peers. This raises concerns about a significant write-down risk on Abacus's $446 million life settlements portfolio and $145 million in goodwill from its Carlisle acquisition.
• Litigation Risk and Regulatory Scrutiny: As a direct consequence of the alleged accounting fraud and asset overvaluation, Abacus is exposed to substantial litigation risk, including potential legal actions from Carlisle's investors. Several law firms have initiated investigations into possible violations of U.S. federal securities laws, scrutinizing whether Abacus made false or misleading statements to investors. As a publicly traded entity in a highly regulated sector, the company is also under heightened regulatory scrutiny.
• High-Interest Debt and Negative Operating Cash Flow: Abacus recorded a negative operating cash flow of $61.6 million in the first quarter of 2025. The company is also burdened with $356 million in high-interest debt, with approximately $117 million maturing within the next nine months. This financial strain, exacerbated by the potential for substantial asset write-downs, could severely impact its capacity to manage and service its debt obligations.

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1. Disaggregation of the ERP suite by best-of-breed SaaS solutions: Businesses are increasingly adopting specialized, cloud-native Software-as-a-Service (SaaS) applications for specific functions (e.g., HR, CRM, procurement) from vendors like Workday, Salesforce, Coupa, or Shopify. These solutions often provide deeper functionality, superior user experiences, and faster innovation in their particular domain compared to the broad, monolithic ERP suites offered by Abacus Global Management. This trend allows organizations to integrate these specialized tools, thereby diminishing the perceived need for a single, all-encompassing ERP system and directly threatening ABL's market share and revenue from its integrated modules.

2. The emergence of AI-first and highly autonomous enterprise software platforms: A new generation of enterprise software is being developed with artificial intelligence (AI) and machine learning (ML) embedded from its core, enabling greater automation, predictive analytics, and proactive insights across business processes. While Abacus Global Management will likely integrate AI capabilities into its offerings, the clear emerging threat comes from platforms that are architected with AI as a foundational layer. These competitors can offer significantly more autonomous and intelligent operations out-of-the-box in areas like financial forecasting, supply chain optimization, or HR management, potentially making ABL's current offerings appear less advanced and efficient, and driving customers towards more modern, AI-centric platforms.

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Abacus Global Management (ABL) operates in several distinct, yet interconnected, addressable markets, primarily focusing on alternative asset management with a specialization in longevity-based financial products and related technology services.

The key addressable markets for Abacus Global Management's main products and services are:

• Secondary Life Insurance Market (Life Settlements): This market involves the buying, selling, and trading of existing life insurance policies. The total face value of life insurance policies purchased in the secondary market globally was approximately $4.6 billion in 2020 and $4.5 billion in 2022. Projections indicate significant growth, with market volume potentially reaching $60 billion by 2025. The annual gross market potential for life settlements is estimated at $212 billion from 2019 to 2028. This market is primarily concentrated in the U.S., where regulations allow for such activity.
• Longevity-Based Investments: As an integrated alternative asset manager specializing in investing in force life insurance products, ABL taps into the broader "longevity economy" and "longevity market". The global longevity market was estimated at $21.3 billion in 2024 and is projected to grow to $63 billion by 2035, at a compound annual growth rate (CAGR) of 10.37% from 2025 to 2035. Global investment in longevity companies saw a substantial increase, reaching $8.49 billion in 2024, a 220% growth from the previous year. The market capitalization of publicly traded longevity-focused companies was $5.26 trillion as of Q3 2021. North America, particularly the U.S., is a leading region in longevity innovation and investment.
• Alternative Asset Management: Abacus Global Management operates as an alternative asset manager. The global alternative investment funds (AIFs) market was valued at $12.8 trillion in 2023 and is projected to reach $25.8 trillion by 2032, growing at a CAGR of 7.9% from 2024 to 2032. Another report indicates the global alternatives industry is poised to exceed $30 trillion in assets under management by 2030, up from $16.8 trillion at the end of 2023. North America was the largest regional market for Alternative Investment Funds in 2023.
• Technology Services for the Life Insurance Market (Insurtech): ABL's ABL Tech division provides technology solutions for mortality verification and pension fund management. The global life insurance software market size was estimated at $92.39 billion in 2024 and is predicted to grow to $382.30 billion by 2035. The global Insurtech market size, which includes technology for the insurance industry, was valued at $5.3 billion in 2024 and is estimated to grow at a CAGR of 36% between 2025 and 2034. North America dominates the global Insurtech market, with the U.S. being a significant contributor.

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Expected Drivers of Future Revenue Growth for Abacus Global Management (ABL)

Over the next 2-3 years, Abacus Global Management (ABL) is expected to drive future revenue growth through several key initiatives and market trends:

1. Expansion of Life Solutions and Longevity Funds Segments: ABL has consistently demonstrated robust growth in its Life Solutions and Longevity Funds segments, which are anticipated to remain primary revenue drivers. The company's unique value proposition in longevity-based assets, which are uncorrelated to traditional markets, continues to attract strong demand.
2. Growth in Asset Management Fees through Acquisitions and Capital Inflows: Increased asset management fees, particularly from recent acquisitions and significant capital inflows into its asset group division, are expected to fuel revenue growth. For instance, the Asset Group division recorded $71.3 million in capital inflows in Q3 2025.
3. Strategic Acquisitions and Diversification of Financial Services Platform: ABL's strategic acquisitions, such as AccuQuote, are anticipated to reinforce its financial services platform, expand client lifecycle coverage, and support accelerated growth in policy origination and asset acquisition volumes. The company is also diversifying into wealth advisory and technology verticals.
4. Advancements and Expansion in Technology Services (ABL Tech): The Technology Services business, ABL Tech, has shown remarkable growth, with a 21x year-over-year increase in lives tracked, now monitoring over 2.6 million lives. Continued expansion and innovation in this vertical are expected to contribute significantly to future revenue.
5. Development of Scalable Funding Mechanisms and Institutional Distribution Channels: The establishment of new institutional distribution channels, such as the $50 million securitization of life insurance assets, provides a scalable and recurring funding mechanism and validates strong institutional demand for longevity-linked assets. This strategy allows ABL to access a broader universe of capital providers.

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Share Repurchases

• Abacus Global Management's Board of Directors authorized a $10 million share repurchase program, effective November 6, 2025.
• On June 5, 2025, the Board authorized a $20 million share repurchase program to be executed over 18 months.

Share Issuance

• The company went public in July 2023 through a SPAC deal.
• In December 2024, 9,213,735 common shares were issued as part of the consideration for the acquisition of Carlisle Asset Management.
• As of July 28, 2025, Abacus was offering up to 4,743,381 common shares in exchange for outstanding public and private placement warrants.

Outbound Investments

• In December 2024, Abacus acquired Luxembourg-based Carlisle Asset Management for $145.7 million, partly paid with 9,213,735 newly issued common shares and $72,727,075 in notes.
• Also in December 2024, the company acquired FCF Advisors, LLC, an asset manager with approximately $800 million in assets under management, in exchange for cash and common shares.
• Abacus acquired AccuQuote, an online life insurance brokerage, which was described as strategically and financially accretive, adding a new digital origination funnel.

Capital Expenditures

• Capital expenditures were approximately -$1.08 million for the trailing twelve months ended June 30, 2025, and -$0.79 million for the full year 2024.
• Origination capital deployment, a key aspect of Abacus's business, was $124.9 million in Q1 2025 and $327.8 million for the full year 2024, representing a 50% increase from the prior year.
• The primary focus of capital deployment is on policy origination and asset acquisition, balancing these with investments in technology and other strategic acquisitions.