Abacus Global Management (ABX)
Market Price (8/9/2026): $9.51 | Market Cap: $920.3 MilSector: Financials | Industry: Life & Health Insurance
Abacus Global Management (ABX)
Market Price (8/9/2026): $9.51Market Cap: $920.3 MilSector: FinancialsIndustry: Life & Health Insurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, Dividend Yield is 2.1%, FCF Yield is 14% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 86% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. | Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -57% | Key risksABX key risks include [1] a fraud investigation into alleged asset overvaluation and accounting schemes, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, Dividend Yield is 2.1%, FCF Yield is 14% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 86% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Equity, Private Credit, and Venture Capital. |
| Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -57% |
| Key risksABX key risks include [1] a fraud investigation into alleged asset overvaluation and accounting schemes, Show more. |
Qualitative Assessment
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Abacus Global Management (ABX) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Financial Results Presented a Balanced Picture.
While Abacus Global Management reported record total revenue of $73.0 million for fiscal Q2 2026, marking a 30% year-over-year increase, its GAAP net income significantly declined to $6.6 million from $17.6 million in the prior-year period. Diluted GAAP earnings per share (EPS) also fell to $0.07 from $0.18, primarily due to increased sales, marketing, and general and administrative costs associated with growth and acquisitions, which introduced a degree of investor caution regarding profitability despite top-line expansion.
2. Strong Adjusted Metrics and Positive Guidance Offset GAAP Profitability Concerns.
The impact of lower GAAP earnings was mitigated by robust adjusted financial performance, with fiscal Q2 2026 adjusted net income reaching $27.1 million and adjusted diluted EPS at $0.28, both exceeding the high end of company guidance. Additionally, the company's longevity funds surpassed their first-half 2026 target by raising $544.2 million in new capital. Abacus Global Management also provided optimistic fiscal Q3 2026 adjusted EPS guidance of $0.26-$0.28 and reiterated full-year 2026 adjusted EPS guidance of $1.00-$1.05, which management described as conservative with an inclination towards the higher end.
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Abacus Global Management (ABX) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Financial Results Presented a Balanced Picture.
While Abacus Global Management reported record total revenue of $73.0 million for fiscal Q2 2026, marking a 30% year-over-year increase, its GAAP net income significantly declined to $6.6 million from $17.6 million in the prior-year period. Diluted GAAP earnings per share (EPS) also fell to $0.07 from $0.18, primarily due to increased sales, marketing, and general and administrative costs associated with growth and acquisitions, which introduced a degree of investor caution regarding profitability despite top-line expansion.
2. Strong Adjusted Metrics and Positive Guidance Offset GAAP Profitability Concerns.
The impact of lower GAAP earnings was mitigated by robust adjusted financial performance, with fiscal Q2 2026 adjusted net income reaching $27.1 million and adjusted diluted EPS at $0.28, both exceeding the high end of company guidance. Additionally, the company's longevity funds surpassed their first-half 2026 target by raising $544.2 million in new capital. Abacus Global Management also provided optimistic fiscal Q3 2026 adjusted EPS guidance of $0.26-$0.28 and reiterated full-year 2026 adjusted EPS guidance of $1.00-$1.05, which management described as conservative with an inclination towards the higher end.
3. Ambiguous Analyst Sentiment and Price Targets Contributed to a Holding Pattern.
Analyst ratings during the specified period were mixed, contributing to the stock's flat trend. While the consensus recommendation was a "Moderate Buy," this was an aggregation of "Strong Buy," "Buy," and "Hold" ratings. For instance, Texas Capital upgraded the stock to "strong-buy" in June 2026, but Piper Sandler, while raising its price target to $13.00 in July 2026, maintained a "neutral" rating. The average 12-month price target of $13.00 suggested a modest upside, but the lack of a strong, unified bullish or bearish sentiment kept the stock from significant movement.
4. Absence of Significant Insider Trading Above Threshold.
No insider buying or selling transactions exceeded the USD 5 million threshold during the period since April 30, 2026. While some major shareholders, including Kevin Scott Kirby and Matthew Ganovsky, executed sales totaling approximately $1.19 million over the past 90 days, these individual transactions and the aggregate did not meet the specified amount to be a core driver of substantial stock movement.
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Stock Movement Drivers
Fundamental Drivers
The 0.1% change in ABX stock from 4/30/2026 to 8/9/2026 was primarily driven by a 6.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.50 | 9.51 | 0.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 235 | 250 | 6.5% |
| Net Income Margin (%) | 15.5% | 15.6% | 0.7% |
| P/E Multiple | 25.4 | 23.5 | -7.5% |
| Shares Outstanding (Mil) | 98 | 97 | 1.0% |
| Cumulative Contribution | 0.1% |
Market Drivers
4/30/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| ABX | 0.2% | |
| Market (SPY) | 7.6% | 23.2% |
| Sector (XLF) | 10.5% | 58.0% |
Fundamental Drivers
The 27.7% change in ABX stock from 1/31/2026 to 8/9/2026 was primarily driven by a 178.2% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.45 | 9.51 | 27.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 197 | 250 | 27.4% |
| Net Income Margin (%) | 5.6% | 15.6% | 178.2% |
| P/E Multiple | 64.7 | 23.5 | -63.7% |
| Shares Outstanding (Mil) | 96 | 97 | -0.8% |
| Cumulative Contribution | 27.7% |
Market Drivers
1/31/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| ABX | 27.8% | |
| Market (SPY) | 12.1% | 28.3% |
| Sector (XLF) | 8.3% | 45.6% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 8/9/2026| Return | Correlation | |
|---|---|---|
| ABX | ||
| Market (SPY) | 23.4% | 24.8% |
| Sector (XLF) | 11.3% | 43.0% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2023 to 8/9/2026| Return | Correlation | |
|---|---|---|
| ABX | ||
| Market (SPY) | 74.9% | 24.8% |
| Sector (XLF) | 70.4% | 43.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ABX Return | - | - | - | - | 3% | 22% | 25% |
| Peers Return | 81% | -22% | 68% | 57% | -8% | -10% | 209% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| ABX Win Rate | - | - | - | - | 100% | 50% | |
| Peers Win Rate | 71% | 33% | 72% | 77% | 47% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ABX Max Drawdown | - | - | - | - | - | -25% | |
| Peers Max Drawdown | -16% | -40% | -20% | -15% | -37% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: APO, BX, KKR, ARES, BAM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
ABX has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.5% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.1% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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ABX has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.4% | -12.2% |
| % Gain to Breakeven | 27.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.3% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 359.8% | 114.4% |
| Time to Breakeven | 2329 days | 1085 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Abacus Global Management (ABX)
Abacus Life, Inc. (trading under the symbol ABX) operates as an alternative asset manager with a unique specialization in life insurance products. The company's core business involves acquiring existing life insurance policies from individual consumers. These consumers typically seek liquidity, opting to sell their policies for immediate cash rather than surrendering them to an insurer for a potentially lower value or continuing to pay premiums.
Once acquired, Abacus Life manages these policies as assets, employing strategies that include holding them until maturity, trading them within a secondary market, or actively servicing them over time. The primary customers for Abacus Life are individuals looking to monetize their life insurance policies for liquidity, as well as investors interested in exposure to life settlements as an alternative asset class. The company effectively creates a secondary market for life insurance policies, transforming illiquid assets into managed financial products.
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Here are 1-2 brief analogies for Abacus Global Management (ABX):
- Carvana for life insurance policies.
- Like a real estate investment firm, but for life insurance policies.
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- Life Settlement Acquisition: The company purchases existing life insurance policies from policyholders seeking immediate liquidity.
- Life Settlement Portfolio Management: Abacus Life actively manages a portfolio of acquired life insurance policies, encompassing their holding, trading, and servicing.
- Alternative Asset Management (Life Insurance): The company provides investment management services that allow institutional and accredited investors to participate in the life insurance-backed asset market.
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- Institutional Investors: This broad category includes pension funds, endowments, sovereign wealth funds, and other financial institutions that allocate capital to alternative investments to diversify portfolios and generate specific risk-adjusted returns.
- Family Offices: Private wealth management entities that serve ultra-high-net-worth families, often seeking specialized and uncorrelated investment opportunities like life settlements.
- High-Net-Worth Individuals: Affluent individuals with sophisticated investment strategies who may directly invest in alternative assets or participate in funds managed by companies like Abacus Life.
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- Legacy Benefits and Insurance Services, LLC
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Jay Jackson, Chairman & Chief Executive Officer
Jay Jackson has served as Chairman and Chief Executive Officer of Abacus Life since November 2016 and has also held the role of CEO of Longevity Market Assets since June 2019. Prior to joining Abacus, he co-founded and managed the Fayerweather Street Life Fund and the Cambridge Life Management origination platform for FDO Partners, a $3 billion quantitative investment firm. He began his career at Franklin Templeton Investments, where he served as Vice President for over a decade. Mr. Jackson pioneered the four distinct divisions of Abacus Global Management: Abacus Life Solutions, Abacus Asset Group, ABL Tech, and ABL Wealth.
Bill McCauley, Chief Financial Officer
Bill McCauley has been the Chief Financial Officer at Abacus Life since 2020. Before his tenure at Abacus, he held the CFO position at Independent Financial Partners (IFP) from 2018 to 2020. His career also includes serving as Director of New Ventures Finance at McKinsey & Company (2017-2018) and as Vice President and Chief Financial Officer at Transamerica Financial Advisors, Inc. (2012-2017). He also served as CFO and Assistant Vice President & Controller at MML Investors Services, Inc. and held various finance roles at John Hancock.
Sean McNealy, Co-Founder, President and Director
Sean McNealy co-founded Abacus Life Settlements, LLC in 2004. He has been a leader in the life settlements industry for over 16 years, bringing extensive experience in marketing and capital markets. He is actively involved with Abacus, serving as a managing partner.
Adam Gusky, Chief Investment Officer and Director
Adam Gusky serves as the Chief Investment Officer for Abacus Global Management. He has also been the Chief Investment Officer of East Management Services, an affiliate of Abacus' sponsor, since its inception in 2010. At East Resources, Inc., Mr. Gusky was responsible for financial due diligence for acquisitions, managed the reserve-based lending facility, and developed corporate hedging strategies.
Elena Plesco, Chief Capital Officer
Elena Plesco joined Abacus as Chief Capital Officer in April 2024. She previously served as Co-Head of Specialty Finance within the asset-based finance business at KKR, where she focused on debt and equity investments in consumer and esoteric finance companies. Prior to KKR, Ms. Plesco worked in the investment banking division of J.P. Morgan, engaging in mergers, acquisitions, and other advisory transactions.
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The key risks to Abacus Global Management (ABX) are primarily related to allegations of asset overvaluation, increasing competitive pressure, and the challenges associated with integrating acquired businesses.
- Allegations of Asset Overvaluation and Accounting Scheme: Abacus Life is facing a fraud investigation following a short seller report from Morpheus Research on June 4, 2025. The report alleges that the company systematically overvalues its life settlement assets through a "mark to model" accounting approach and uses unusual methodologies to calculate life expectancy estimates, questioning the legitimacy of its business model and suggesting its attractive returns are "too good to be true."
- Competitive Pressure: While Abacus currently benefits from favorable spreads and low competitive pressure in the largely underpenetrated life settlement market, these characteristics also make the industry attractive to larger, well-capitalized players. Increased competition from established insurers or asset managers could lead to pressure on Abacus's margins over time.
- Integration Challenges from Acquisitions: Abacus Life faces significant risks in successfully integrating acquired companies, such as the FCF Acquisition and AccuQuote. The integration process can be fraught with potential delays, leading to revenue declines, increased expenses, operational disruptions, and the potential loss of key employees and customers.
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Abacus Global Management (NYSE: ABX) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
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Growth in Fee-Paying Assets Under Management (AUM) and Shift to Recurring Revenue Model: Abacus Global Management is actively expanding its asset management capabilities, aiming to attract more institutional investors to its longevity-focused investment products. The company has a stated goal of increasing fee-paying assets and shifting towards a higher percentage of revenue from recurring, fee-based businesses. Management anticipates expanding its fee-paying assets to $5 billion by year-end 2026. This strategic shift is further supported by the acquisition of a minority stake in Manning & Napier, a wealth and asset manager, which is intended to expand distribution and unlock fee-based recurring revenue streams.
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Increased Origination and Deployment of Capital into Life Insurance Policies: The company's core "Life Solutions" segment focuses on purchasing life insurance policies. A significant driver of revenue growth is the continued increase in capital deployed to originate new policies. Abacus reported that capital deployment for originations rose to $580.8 million for the full year 2025, and policy originations increased by 26% to 1,310 policies in the same period. This growth in policy acquisition directly contributes to an expanding base of managed assets and future revenue streams.
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Leveraging Technology and Data Analytics for Operational Efficiency and Market Expansion: Abacus utilizes proprietary data analytics, AI-driven risk pricing, and digital underwriting to enhance its operational efficiency and expand market access. This technological edge is expected to improve the company's ability to source, price, and manage life insurance policies, leading to structural cost efficiencies and access to diverse capital sources, thereby supporting overall revenue growth.
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Strategic Partnerships and Market Expansion: Strategic alliances, such as the agreement to acquire a minority stake in Manning & Napier, are aimed at broadening product distribution and client referrals. Additionally, the company is focused on expanding into new markets, leveraging technology integration and alternative assets to drive higher profitability and stable, diversified, high-margin revenue streams.
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Share Repurchases
- Abacus Global Management authorized a $10 million share repurchase program effective November 6, 2025.
- The Board of Directors authorized a $20 million share repurchase program, effective January 30, 2026, as part of the company's capital allocation strategy.
Share Issuance
- In November 2024, Abacus Life, Inc. announced an underwritten public offering of 10,000,000 shares of its common stock, generating approximately $74,750,000 in net proceeds after deducting discounts and expenses.
- The net proceeds from the November 2024 offering were intended for operations, including the purchase of life settlement policies, supporting overall business strategy, working capital, potential acquisitions, and debt repayment or refinancing.
- As of March 2026, Abacus's CEO stated that the company does not intend to issue more equity for policy purchases, as capital needs are met through organic growth and fund flows.
Inbound Investments
- Abacus completed a $50 million investment-grade securitized note backed by life insurance assets in October 2025, establishing a scalable and recurring funding mechanism.
- The company is planning a larger securitization, potentially $100 million or more, driven by increased institutional demand for its underlying assets amid market volatility.
- Longevity funds managed by Abacus attracted $630 million in capital inflows during the fiscal year 2025.
Outbound Investments
- In December 2024, Abacus grew through the acquisitions of Carlisle and FCF Advisors.
- The company acquired AccuQuote in October 2025.
- Abacus agreed to acquire an approximately $53 million minority equity stake in Manning & Napier, a wealth and asset manager, in March 2026, which includes a strategic alliance for product distribution, referrals, and joint product development.
Capital Expenditures
- For the full year 2025, capital deployed for policy purchases was $580.8 million, marking a 53% increase from the prior year.
- Abacus deployed a record $230.7 million in capital during the fourth quarter of 2025.
- In the first quarter of 2025, capital deployed for policy purchases increased by 128% to $124.9 million compared to $54.6 million in the prior year.
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 115.32 |
| Mkt Cap | 79.9 |
| Rev LTM | 9,800 |
| Op Inc LTM | 1,652 |
| FCF LTM | 2,337 |
| FCF 3Y Avg | 3,055 |
| CFO LTM | 2,412 |
| CFO 3Y Avg | 3,155 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 26.1% |
| Rev Chg 3Y Avg | 37.3% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 41.7% |
| Op Inc Chg 3Y Avg | 360.6% |
| Op Mgn LTM | 23.8% |
| Op Mgn 3Y Avg | 24.2% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 33.0% |
| CFO/Rev 3Y Avg | 31.4% |
| FCF/Rev LTM | 32.6% |
| FCF/Rev 3Y Avg | 31.0% |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.20 | 0.87 | 0.88 | 1.10 | 0.10 | 0.25 |
| Up Beta | 0.84 | 1.93 | 1.74 | 0.81 | -1.40 | -0.31 |
| Down Beta | 3.40 | 0.98 | 0.84 | 1.17 | -0.96 | -0.40 |
| Up Capture | 30% | 101% | 76% | 152% | 51% | 5% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 22 | 31 | 65 | 74 | 74 |
| Down Capture | 91% | 7% | 53% | 102% | 54% | 30% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 21 | 32 | 59 | 70 | 70 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABX | |
|---|---|---|---|---|
| ABX | 14.9% | 53.3% | 0.62 | - |
| Sector ETF (XLF) | 12.3% | 14.6% | 0.57 | 43.0% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 24.8% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | 7.1% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -17.3% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 27.9% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | 18.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABX | |
|---|---|---|---|---|
| ABX | 2.8% | 53.3% | 0.62 | - |
| Sector ETF (XLF) | 11.4% | 18.4% | 0.48 | 43.0% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 24.8% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 7.1% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | -17.3% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 27.9% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | 18.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABX | |
|---|---|---|---|---|
| ABX | 1.4% | 53.3% | 0.62 | - |
| Sector ETF (XLF) | 13.6% | 22.1% | 0.56 | 43.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 24.8% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 7.1% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | -17.3% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 27.9% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | 18.3% |
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SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 09/18/2023 | S-1 |
| 03/31/2023 | 07/25/2023 | S-1 |
| 06/30/2022 | 10/14/2022 | PREM14A |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 09/18/2023 | S-1 |
| 03/31/2023 | 07/25/2023 | S-1 |
| 06/30/2022 | 10/14/2022 | PREM14A |
Recent Forward Guidance
Updated 7/27/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Adjusted Net Income | 24.00 Mil | 25.00 Mil | 26.00 Mil | ||||
| Q2 2026 Adjusted EPS | 0.24 | 0.25 | 0.26 | ||||
| 2026 Adjusted Net Income | 100.00 Mil | 103.00 Mil | 106.00 Mil | 3.0% | Raised | Guidance: 100.00 Mil for 2026 | |
| 2026 Adjusted EPS | 1 | 1.02 | 1.05 | ||||
Prior: Q4 2025 Earnings Reported 3/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Net Income | 96.00 Mil | 100.00 Mil | 104.00 Mil | 16.7% | Higher New | Actual: 85.70 Mil for 2025 | |
| 2026 Adjusted Net Income Growth | 22.0% | -54.5% | Lower New | Actual: 76.5% for 2025 | |||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted Net Income | 80.00 Mil | 82.00 Mil | 84.00 Mil | Raised | Guidance: 77.00 Mil for 2025 | ||
| 2025 Adjusted Net Income Growth | 72.0% | 76.5% | 81.0% | 11.0% | Raised | Guidance: 65.5% for 2025 | |
Insider Activity
Updated 8/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McNealy, Sean | Direct | Sell | 8052026 | 10.31 | 38,333 | 395,213 | 130,015,348 | Form | |
| 2 | Kirby, Kevin Scott | Direct | Sell | 8052026 | 10.31 | 38,334 | 395,224 | 130,012,245 | Form | |
| 3 | Ganovsky, Matthew | Direct | Sell | 8052026 | 10.31 | 38,333 | 395,213 | 90,266,731 | Form | |
| 4 | Ganovsky, Matthew | Co-Founder and President | Direct | Sell | 2182026 | 8.38 | 2,386 | 20,002 | 72,174,478 | Form |
| 5 | Kirby, Kevin Scott | Co-Founder and President | Direct | Sell | 2182026 | 8.38 | 2,386 | 20,002 | 104,491,329 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McNealy, Sean | Direct | Sell | 8052026 | 10.31 | 38,333 | 395,213 | 130,015,348 | Form | |
| 2 | Kirby, Kevin Scott | Direct | Sell | 8052026 | 10.31 | 38,334 | 395,224 | 130,012,245 | Form | |
| 3 | Ganovsky, Matthew | Direct | Sell | 8052026 | 10.31 | 38,333 | 395,213 | 90,266,731 | Form | |
| 4 | Ganovsky, Matthew | Co-Founder and President | Direct | Sell | 2182026 | 8.38 | 2,386 | 20,002 | 72,174,478 | Form |
| 5 | Kirby, Kevin Scott | Co-Founder and President | Direct | Sell | 2182026 | 8.38 | 2,386 | 20,002 | 104,491,329 | Form |
| 6 | McNealy, Sean | Co-Founder and President | Direct | Sell | 2182026 | 8.38 | 2,386 | 20,002 | 104,493,844 | Form |
Investor Activity (13F)
Updated Aug 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Abacus Global Management — Investor Video Playlist
Industry Resources
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External Quote Links
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