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Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 5:00 p.m. ET Head of Investor Relations - David Jackson Chairman and Chief Executive Officer - Jay Jackson Chief Investment Officer - Elena Plesco Chief Financial and Chief Operating Officer - William McCauley Operator: Good day, ladies and gentlemen, and welcome to the Abacus Global Management Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the call over to David Jackson, Abacus Global Management's Head of Investor Relations. Please go ahead. David Jackson: Thank you, operator, and thank you, everyone, for joining Abacus Global Management's second quarter earnings call. Here with me today are Jay Jackson, Chairman and Chief Executive Officer; Elena Plesco, Chief Investment Officer; and Bill McCauley, Chief Financial and Chief Operating Officer. This afternoon at 4:15 p.m. Eastern Time, Abacus Global Management released our second quarter 2026 results. This afternoon's call will allow participants to ask questions about our results. Before we begin, Abacus Global Management refers participants on this call to the investor web page, ir.abacusgm.com for the press release, investor information and filings with the SEC for a discussion of the risks that can affect the business. Abacus Global management more specifically refers participants to the presentation furnished today on Form 8-K with the Securities and Exchange Commission and reminds listeners that some of the comments today may contain forward-looking statements and as such, will be subject to risks and uncertainties, which, if they materialize, could materially affect results. For more information on the risks, uncertainties and assumptions relating to forward-looking statements, please refer to Abacus Global Management's public filings. During the call, we will reference certain non-GAAP financial measures. Although, we believe these measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under U.S. generally accepted accounting principles or GAAP. Please see our public filings for additional information regarding our non-GAAP financial measures, including references to comparable GAAP measures. With that, I'd now like to turn the call over to Jay Jackson, Abacus Global Management's Chairman and Chief Executive Officer. Jay Jackson: Thank you, David, and thanks to everyone for joining us. We are thrilled to see so many of you in person at the NYSE last month for our Investor Day, where we shared our vision for Abacus Global Management. We'd encourage everyone to listen to the replay available on our IR website. For those that weren't able to join, our message from Investor Day was clear. We have high conviction that traditional asset management will be revolutionized and improved via personalized longevity data. More importantly, we firmly believe Abacus is uniquely positioned as the leading data and technology platform to enable that revolution. Start with a number that is reshaping our entire industry, $124 trillion. Over the next 3 decades, that is what will pass from baby boomers to their children and grandchildren, the largest wealth transfer in history and nearly every dollar of it is being planned today on a guess. Every financial plan assumes an answer to one question, how long will the money need to last? And almost none of them actually have one. They reach for a population average on the single most important input of all, but nobody is average. The opportunity is to replace that guest with a personalized lifespan, and that is exactly what LifeARC does, turning an individual's medical, genetic, medication and biometric data into a portfolio built around the life they actually live. This is possible because we have a 20-year head start built on exactly that data, which positions Abacus to be the intelligence layer for lifespan linked finance. The clearest way to frame that is a company you all know. Amazon built AWS to run its own marketplace, and it became one of its most important profit engines. Our origination platform is our commerce engine and LifeARC is our AWS. The growth is already showing up in our results. Through the first half of 2026, we raised $544.2 million in inflows into our longevity funds, surpassing our $500 million target for the period and comparing to approximately $604 million for all of 2025. Separately, we are in the very early days of putting LifeARC to work for others, and this is where the wealth transfer opportunity comes to life. Our partnership with Manning & Napier will let their advisers apply personalized lifespan modeling across the $18 billion they manage for 3,400 clients. Manning & Napier is not the exception. It is the playbook, and that playbook points to something bigger. So when we talk about Abacus, we are not a traditional asset manager. We are building the infrastructure for lifespan-linked finance. Our mission is to own the data, products and distribution rails that let advisers build portfolios around each individual's specific lifespan drivers. So the next generation invest those $124 trillion around real lifespans rather than generic averages. That's the opportunity we're building toward. And this quarter gave us real evidence we're on the right path. Bill will take you through the specifics of the quarter in a moment, but I want to pull out 2 highlights I'm especially excited about. First, we received SEC effectiveness for and launched the ABX Longevity Growth and Income Fund, ticker ABXGX. Our first registered interval fund dedicated to the longevity asset class. For the first time, individual investors and their advisers can access this asset class through a registered vehicle, and it's a direct realization of the strategy we laid out at Investor Day. Second, in building on that same drive to open up the asset class is asset tokenization. Let me be clear about what this is and what it isn't. For Abacus, this is not a crypto strategy. It's a financial infrastructure. We're building an immutable on-chain record of each policy chain of title, liens and cash flow rights, which makes the secondary life insurance market more transparent, more transferable and more investable. This is a market that has historically been opaque and hard to transact and putting it on chain begins to change that. We've already started tokenizing in-force policies, and we see this as infrastructure that builds on the strength of our origination platform as we continue to grow our recurring fee-based revenue. Those milestones show the kind of progress we're making. Turning to the nearer term, we feel very good about the trajectory of the business as we move through the balance of the year. Alongside our results, we're providing guidance for the third quarter. The momentum we built in the first half across our origination platform and disciplined monetization gives us real confidence in where we're headed. With that, I'll turn it over to Bill to take you through the quarter in detail. William McCauley: Thank you, Jay. Today, I'll start by detailing our strong operating results for the quarter across our origination platform, fund management, profitability and continued scaling of our operating cash flow. Next, I will detail our outlook for 2026 from here, including our expectations for the third quarter and close out with an update on the Manning & Napier integration. To begin, as Jay noted, Abacus continued its momentum from the first quarter with close to $200 million in capital deployed in Q2, which brought our year-to-date capital deployed to $362 million. While maintaining discipline, our platform continued to accelerate the number of policies under review. In Q2, we have been able to review 9,314 qualified policies as compared to 8,786 qualified policies in Q1, with total policies reviewed year-to-date, including non-qualified, reaching over 50,000, a milestone we've been able to achieve by augmenting both top-of-the-funnel leads in our review time of each case with artificial intelligence. As we look to the second half of 2026, we expect inbound policies under review to continue to grow as we further penetrate and leverage distribution channels, including Manning & Napier. Now let me review our financial results for the quarter. Abacus grew revenue by 30% over last year to $73 million. Our growth was driven by Life Solutions, which grew 38.3% to $65.4 million year-over-year. This growth was partially offset by lower asset management fees, primarily due to a decline in AUM in our ETF strategies, driven by both market conditions and outflows. Those declines have been offset by robust inflows into our longevity funds totaling $256 million for the quarter. As Jay noted, we continue to see significant potential to capitalize on the power of LifeARC and remain confident that both asset management and technology service fee revenue will make up a growing portion of our revenue base in the future. To that point, technology service fees year-to-date are approaching $1 million, which is in line with the continued build-out and adoption of that business. Moving to our expenses. Total operating expense totaled $42.5 million for the quarter. The year-over-year increase is largely driven by increases in strategic business expenses and other personnel costs from acquisitions and growth as we are ramping the asset management, wealth management and technology sides of the platform. Moving to profitability. Our adjusted net income, which excludes noncash stock compensation, non-recurring expenses related to business acquisitions and special projects totaled $27.1 million or $0.28 per diluted share. We are pleased to be able to say that these numbers are above our Q2 guidance provided in May of $24 million to $26 million of adjusted net income and $0.24 to $0.26 of adjusted EPS. To reiterate the point, Abacus is committed to responsible growth that maintains operating margins and mitigates consolidated profitability. Looking at our adjusted EBITDA, the second quarter was successful as we generated $40 million, which is a 27% increase compared to last year. Our adjusted EBITDA margin for the quarter was a healthy 55%. Overall, we are very pleased with the strength in the platform growth, including investments we are making for future growth. Q2 marked another quarter of very strong 30% and 27% respective revenue and EBITDA growth at similar margins. Finally, turning to our balance sheet. Our adjusted return on equity was 25% or 400 basis points higher year-over-year. Our cash balance ended the quarter at $23.4 million with policy assets totaling $383 million. Our long-term debt balance, excluding any nonrecourse liabilities, stands at $290.8 million. For the third quarter, we expect adjusted net income of $26 million to $28 million and adjusted EPS of $0.26 to $0.28 per share. For the full year, following the increase to our guidance last quarter, we are reiterating our expectation for adjusted net income of $100 million to $106 million and adjusted EPS of $1 to $1.05 per share. More broadly, we feel good about the trajectory of the business as we move through the second half. The confidence is grounded in the strength of our origination platform, discipline in monetization and the continued build-out of our fee-based and technology revenue. Let me also cover one housekeeping item on how we present guidance. Our adjusted net income guidance is provided on a gross basis, meaning that any adjustments are made before tax effects, consistent with how we have historically provided guidance and the basis on which our covering analyst model. To reduce any chance of confusion, we are now also providing the tax affected or net equivalents. Beginning with our first quarter 10-Q, we included a schedule reconciling our gross adjusted net income and EPS to their net equivalents. That reconciliation appears again in our second quarter 10-Q. The approximate tax rate bridging gross add-back items to net is 25%. Other than the tax effect, the assumptions for the gross and net figures are identical. Over time, we expect to transition towards guiding on a net basis, and we are providing both figures now to make that transition seamless. Lastly, I want to touch on some of the early success of the operational integration with Manning & Napier. Since closing the investment in May, we have established a live referral channel between the 2 firms, and we are converting Abacus' own unqualified leads into Manning & Napier wealth management clients, putting people who came to us for one need into a full advisory relationship. At the same time, we are mining the policies held on their end and working through their books of business to identify qualified policies that are candidates for settlement, surfacing value that was sitting untapped in their existing client base. And underpinning all of it, we have begun rolling out LifeARC across their adviser network, putting personalized lifespan modeling directly into the hands of people who sit across from those clients every day. Taken together, these are exactly the early proof points we had hoped to see, and they give us real confidence in how this playbook extends to the next quarter. So with that, let me turn the call to Elena to review performance of our balance sheet and investment strategy. Elena Plesco: Thanks, Bill. This quarter, I want to do 3 things: walk through how the balance sheet performed, talk about what we built on the asset management side and how we funded it and then step back and put our results in the context of what is happening in the broader alternatives market. Because the contrast this quarter is a big part of the story. Let me start with the balance sheet. For the second quarter, annualized portfolio turnover was 2x at the top end of our long-term target range of 1.5 to 2x. That level of turnover reflects continued demand for the assets we originate and our ability to recycle capital efficiently while holding our underwriting discipline. We deployed approximately $197.9 million of capital during the quarter, up 62% year-over-year, which tells you origination volume and investor appetite are both strong. Our average realized gain on policy sales was approximately 25%, comfortably above our long-term target of 20% plus. I want to underline what that number represents because it is central to how we think about the business. We turn our book roughly twice a year, which means these are not marks on the screen. They are realized transactions at real prices with real counterparties. Every turn of the book is a validation of the fair value we carry. In a market that is right now spending a great deal of energy debating whether private assets marks are real, that distinction matters. And I will come back to that. One measure of the balance sheet efficiency worth noting is holding period. Policies we sold this quarter were held on average for approximately 230 days versus approximately 153 days for policies still on the balance sheet. That 77-day gap shows we're monetizing more seasoned positions while keeping the newer high conviction assets working for us as they season. Now let me turn to asset management because this is where the strategy really advanced this quarter. The headline is the launch of the ABX Longevity Growth and Income Fund, which received SEC effectiveness right after the quarter end. This is the first registered interval fund dedicated to the longevity asset class, and it opens our strategies to individual investors and their advisers for the first time. That is a structural expansion of who can access this asset class, not just another product. On fundraising, our longevity funds collectively raised $544.2 million in the first half of the year, surpassing the $500 million target we set for the period. Capital inflows into those funds in the second quarter alone were approximately $256.1 million and management and servicing fees across the longevity funds were $6.5 million for the quarter. Total fee-paying AUM across the platform now sits at roughly $3.2 billion and total AUM at $3.5 billion. It is worth stepping back to see how the 2 sides of the house rate because we manage capital in 2 places and they run off one engine. The balance sheet originates the assets. The funds are distinct vehicles, but they draw on the same origination platform, the same underwriting discipline and the same servicing infrastructure, structured for recurring distributions and long-dated capital appreciation. That is the point of the whole model, and it is the proof the flywheel works. The balance sheet demonstrates in cash that these assets perform as underwritten. The funds let outside investors participate in that at scale. As we grow fee-paying AUM, we grow management fee revenue without a proportional increase in balance sheet capital, which improves both returns and capital efficiency over time. Share of fee-related revenue is still in the teens of our mix today, and our target is 70% by 2030. Let me now put all of this in the context of the wider market because I think it frames why our results look the way they do. The dominant story across alternatives right now is private credit and specifically the pressure it is under. Over the last 2 quarters, we have seen meaningful redemption activity in non-traded credit vehicles, slowing fundraising in parts of that market and rating agencies openly watching liquidity cushions at credit-focused funds. Sales of non-listed BDCs fell sharply in the first quarter. The debate has shifted from how fast private credit can grow to whether the marks are on us and whether the liquidity terms hold up under stress. Most of the large managers have argued reasonably that the stress is idiosyncratic rather than systemic. I'm not here to mitigate that. What I want to point out is why it is largely not our problem. Our assets are not corporate credit. Their performance is tied to mortality, not to interest rates, spreads, borrower profitability or the economic cycle. That is the definition of an uncorrelated return, and it is exactly what institutional allocators say they are looking for when they diversify away from crowded corporate credit exposure. When the concern in the market is whether an asset can be sold at its carried value, we have a book that turns twice a year and tells us the answer in cash. And when the concern is liquidity mismatch, our interval fund is purpose-built to align investor liquidity with the underlying assets rather than promise daily liquidity against illiquid holdings. So the environment that is creating stress elsewhere is for us, a demonstration of why this asset class exists, uncorrelated, cash validated and structurally matched. That is the pitch. And this quarter, the results supported it. Stepping back, the story remains straightforward. We run differentiated origination platform, supported by disciplined underwriting and consistent monetization. And we're scaling an asset management platform on top of it that is designed to generate a growing base of fee-related earnings. Those priorities are exactly the ones we laid out at Investor Day, and the second quarter was real progress against that road map. With that, let me turn it back to Jay for some closing thoughts. Jay Jackson: Thank you, Elena. Before we turn to your questions, I'd like to emphasize one important takeaway for our investors and analysts. Clearly, you can hear our excitement for and confidence in how Abacus will change the asset management industry. To say it again, the opportunity in front of us is generationally massive, and we believe Abacus' platform powered by LifeARC will capture an increasing share of the value our data delivers to asset managers and their investors. So let me end by saying you've heard me speak to our stock price and market cap in the past. Let me add this. We believe Abacus will become substantially larger based on our current business lines alone. And best of all, we have considerable visibility into that growth. This is the primary reason why we continue to repurchase our shares. We're excited to execute and deliver the entire opportunity for our shareholders. With that, let's turn it back to the operator for your questions. Operator: [Operator Instructions] We'll take our first question from Patrick Davitt with Autonomous Research. Patrick Davitt: My first question is on the guidance. So you just beat the high end of your guided range for 2Q, beat consensus significantly and now guiding to a number above consensus in 3Q, but keeping the full year guide at $1 to 105. So through that lens, is there something you see in the pipeline that suggests a lower 4Q for some reason? Or are you just staying conservative? Jay Jackson: Yes. Thank you for the question, Patrick. We were just staying conservative on the annual guide. We are looking towards the top end of that guide, which would put us in a really good position for Q4. Just when we were targeting our guidance, we wanted to keep it closer to near term in Q3. And then as we looked at Q4, we were just looking more towards the top end of that guidance. So we've got a lot of growth in front of us. And I think that was indicative in Q2 and of course, raising in Q3, and we expect to see those same types of results that we would have in Q4, which would put us at the top end of the annual. Patrick Davitt: Okay. Fair enough. And then my follow-up is on the interval fund, finally got it launched, which was great to see. So I'd be curious to get your kind of updated thoughts on early take-up from advisers you already are close to either at Dynasty or Manning. And to what extent there is a pipeline of more distribution platforms coming online in the future that you're in discussions with? Jay Jackson: Yes. Interval Fund is one of a kind. It took a significant amount of time to work through the SEC process, but we're incredibly proud to have the product that we have out now. We're working with very closely with custodians. We've held our Board meetings, and we've engaged with a number of very large distribution, i.e., RIA firms. Dynasty and Manning and others were certainly the top of our list, but we've also got firms outside of those relationships that have been anxiously enthusiastically awaiting for the arrival of this product. It's essentially an uncorrelated yielding product in a time period where I think investors across the board are seeking these kinds of uncorrelated assets. And what's great about the interval fund is that it's not just for retail. This is we've been showing it to all of our pension fund clients that we already work with specifically through our mortality verification. And that's generated a significant amount of interest, too. So not just RIAs, but we're seeing this institutionally gather a lot of attention. And we expect to be taking assets in during Q3. And certainly, Q4, I think, will be a very good quarter of new assets into the interval fund. Operator: We'll turn now to Crispin Love with Piper Sandler. Crispin Love: First, capital deployed, very strong, I think nearly $200 million in the quarter. Can you share some of the drivers there of this quarter's deployment? And then just expectations going forward over the near term? I believe you've discussed a range of $130 million to $150 million in the past. Does that still make sense? Or could you see elevated quarters similar to the one that you saw this quarter? Jay Jackson: Sure. Thank you, Crispin. When we look at Q2, we always try to match capital deployed and origination to new capital in. And so we had another record Q2 in new capital into the longevity funds. And so we wanted to make sure we put that money to work, and we had plenty of opportunity. One of the things that we're finding is that we still have excess demand for the underlying asset. And I'll also highlight, we've spoken a lot about this over the last certainly few quarters in relation to a securitization. We think we're moving further down that process. And if we are able to move forward to the securitization in Q3 or even early Q4, but targeting Q3, as we had said on the prior call, I think that we could comfortably see that capital deployed number increase above our initial target goal of $130 million of $150 million to that $150 million to $175 million range. And Q3, though, historically has been a little bit seasonal in the sense of capital deployed and acquisitions and then ramping up stronger in Q4. So we believe we're in a really good spot. I think that we'll see those numbers increase from what we were anticipating $130 million to $150 million, closer to $150 million to $175 million. We had an exceptional Q2. What I like to point out there is that, if we have the capital that matches the demand, and we certainly have the origination and the inventory to match that. So very, very compelling and takes us into what I think is going to finish out to be a pretty strong year. Crispin Love: Great. And then during the Investor Day also during this call, a lot of talk about LifeARC. I know the platform is new, but can you share just the latest there beyond using it internally and with Manning & Napier, I'd assume kind of financial advisers, insurers are the key customers for the product. Have you been able to start selling that yet? And then also curious just what the revenue model could look like? I assume it's subscription-based cost, but just any color on pricing targets there would be helpful. Jay Jackson: Thank you. LifeARC is a program that we've worked on for multiple years, and it is gaining significant traction. We were on Fox Business Mornings with Maria this week actually talking about that program. And we received a pretty incredible response from individuals who wanted to kind of work through that program with a calculator online that they can utilize at abacuslifearc.com. And what we have found is that there is a significant amount of direct outreach and then able to partner with Manning in real time. We have also had a significant amount of outreach from large RIA firms across the country that would like to utilize this platform. And so the way that we are looking to monetize the platform is in more of a rev share model versus an individual life model. And in that process, we are in negotiations with some firms as to kind of what that rev share model might look like. With that said, our primary focus with LifeARC is rolling this out within the Manning & Napier platform, and we're having a significant amount of success there. What we're finding is it's not just, as you might imagine, some smaller accounts here, we're talking about multimillion dollar accounts where people really want to understand this data better because the results are improving the amount of income that they're taking during retirement plus the amount that they're leading to their legacy. And I've spoken a lot about this, but this is a $124 trillion market of generational wealth transfer. And what it's really leading to is conversations with that next generation. So stay tuned, more to come. It's actually happening and moving very, very quickly. We received a significant amount of outreach from very large firms and the model that we look at pricing this at would be a recurring revenue model in a rev share. Crispin Love: Great. Did Treasury Secretary Bessent reach out? Jay Jackson: That's a great question. At this point, I don't know if I can talk about potential contacts. But I will tell you that we have been in contact with a variety of government agencies in relationship to what we're doing with LifeARC and mortality verification. And I think it's just a matter of time before that program rolls out. I'll just touch on one thing. Hopefully, you noticed this in the deck, we went from 4 million lives track to over 6 million quarter-over-quarter. I mean, just a massive quarter-over-quarter increase from pension funds, insurance companies, et cetera. So that program is really gaining traction. Operator: We'll turn now to Andrew Kligerman with TD Cowen. Andrew Kligerman: It's an interesting slide with the average realized gains coming in at 25% in the quarter. And it kind of made me think about where should we frame that? I mean it's been as high as 37%, as low as 21%. And then the second part to that question is around the landscape, the demand for your policies. It seems pretty high. And then on the flip side, just the competition to buy policies. So maybe you could talk about those pieces and then ultimately, what kind of gains to frame. Jay Jackson: Sure. When we think about ROE realized gains, and that's a gross realized gains number. I think that -- we did have an outlier Q3 last year at 37%. And I think we identified that. I think historically, we've typically tracked in this 20% to -- top end 25% range. And we don't see any reason why that would change in the near term. I think we've put together a very long track record of what those realized gains kind of look like. And as we look into Q3 and Q4, one impact to that as we move along into '27 that I would look at is that what's going to maintain those realized gains and maybe even expand them as we continue to have lower cost of capital. And this touches your other question, Andrew, is that there's a couple of things that can impact that. If we see more success in securitizations or other lower cost of capital formats, then yes, you would see that realized gain maybe move up some. And then we could take a second look at maybe what our historical average has been, but we're still maintaining that historical average. And I think what's interesting is that then that ties into supply. And as we have potentially more competition driving interest in acquiring the contracts, I think what this really comes down to, though, is that we are the only publicly traded company in our entire industry. We are a large national institutional company that has a broad reach. And so what we're really talking about is what's the addressable market. If you think about it, this is -- we've spoken about this, $14 trillion of individual life insurance in force, 90% of that of which typically lapses. If you just break that down into what we think our addressable market is of the $14 trillion on an annual basis, annual, about $250 billion. I think as an industry, we're barely scratching 1.5% of that. So even if you do see some additional competition come in, we're just not anywhere near the lack of supply that we might find. It's just a matter of then investing and expanding your resources and continuing to grow your origination footprint. And I'm less concerned about competition kind of coming in because there's so many policies for all of us still to acquire and gather. So increased demand is here, here to stay as others have -- we've kind of become the alternative to some private credit options and people are looking and seeking for uncorrelated or less correlated yielding products now more than ever. And Abacus is just in a great position to provide those products, provide those investments for people to invest in and participate in. And we have supply to fill that demand. So we're just in a really good spot that's going to continue for not just a few quarters here for the next several years. Andrew Kligerman: That sounds very attractive. Manning & Napier, so it feels like very early innings still, right, because it was a May of '26 deal. So it sounds like the runway is on the come. But from your prepared remarks, you seem very excited. And then you talked a little bit about partnerships. But is it more beneficial to kind of take these equity stakes like you did with Manning & Napier as opposed to just doing a pure revenue share as you were discussing? And with this, are there more Manning & Napiers out there? Jay Jackson: Yes. Manning & Napier is a great firm, and we think incredibly highly of them. We spent the last few months working through integrations of our strategic alliance, and that has proven to be successful and growing. And before we take a look at other firms, we wanted to ensure that the investment that we have in this one is something that is going to generate revenue and the synergies that we're talking about exist and that we can grow and then replicate in other areas of the country. And what we have found, at least initially here is that all those things hold true. And we are incredibly excited about Manning & Napier as a firm, as a company. Their people are incredible. And that is the type of business that we think that we can even be very additive to in growth with Legion, LifeARC and investment products. And so logically, as we look across the country, yes, there are additional opportunities that if we can find similar synergies with, I think it's going to have a massive impact on the RIA industry in general. But when we think about our distribution channel and how we continue to distribute our own products, source policies, those Manning & Appear firms like them are incredibly appealing. Operator: We'll turn next to Timothy D'Agostino with B. Riley Securities. Timothy D'Agostino: On the path to $5 billion plus of AUM by year-end '26, I guess, could you kind of help bridge the gap of where you are today to getting to that goal? And kind of is a lot of that coming through the longevity fund? Jay Jackson: Sure. Thank you. Fair question. And it is coming through longevity funds. It's also coming through, as we've talked about some new products. The interval fund will be, I think, a significant contributor to that asset growth. I think that as we look at our $5 billion target and then you compare that to where we sit with earnings, we're tracking and in both areas. And I think that's really the compelling part of the story is we're diversifying a lot of our revenue, but we're not taking away from the other. And this is really what I want to hit home here. is that when you look at the Life Solutions business, that Life Solutions business continues to grow every single year. And then the asset management business is additive to that. And so when we think about things like our consensus for year-end, our guidance for year-end, we certainly want to be and believe we'll be at the top end of all those numbers, driven by the fact that we're adding $5 billion potentially -- or sorry, a total target of $5 billion in AUM. But even without that, we're still doing quite well in Life Solutions and the other parts of our business because for me, it's not only about growing ANI and EBITDA, but beyond that, it's about multiple expansion. And that's really what we're talking about here is that people -- investors will look at this story and say, "Oh, wow, okay, look at this recurring revenue story driven by additional assets under management, we shouldn't be trading at single-digit or low double-digit multiples. We should be trading closer to our peer group in the mid-teens. Timothy D'Agostino: All right. Great. And then just another one that's on that same slide regarding the $3 million for technology revenue. Obviously, about like $0.8 million for the first half. Just trying to understand how you get to $3 million. Is there -- is anything of LifeARC involved in that? Just trying to put that together. Jay Jackson: Yes. We will be adding LifeARC revenue here in the near term. This program we just rolled out a month ago. But what we're seeing on the tech revenue and the subscription revenue in relationship to our mortality verification, the way those contracts are structured is that they increase in revenue as time goes. So year 2 revenue is higher and then year 1 and then year 3 grows and a lot of these are 3- and 5-year contracts. So you'll see that revenue continue to grow just where the underlying contracts and how they're scheduled. Initially, when you bring on a new client, you're at a lower cost and then you step into higher revenue as you get into 2, 3, 4 and 5. So that's where that's projected out. And so we have I would say, forecasted embedded revenue in those in contracts that we already have signed. And it does not necessarily include yet the revenue that we believe we'll see from LifeARC. And what's amazing about the LifeARC revenue is that, that's going to be super interesting because it's also going to help us in our private wealth channel. So as we're increasing our assets under management in relationship to private wealth, LifeARC is a driver for that because it's providing a service and platform that are bringing people into our private wealth business and driving more recurring revenue. Operator: We'll go next to Randy Binner with Texas Capital. Randy Binner: I have a couple here. So on the asset management results for the quarter, I think they came in below Street expectations. And from the balance of the commentary in the Q&A here, it sounds like that's going to snap back to good growth. But can you explain a little bit more kind of what drove the lower-than-expected revenue in the quarter? And in that, was the fee rate on AUM also a little bit lower than expected this quarter? Jay Jackson: Yes. I think the impact there was just driven by ETFs. And there's -- an ETF business in itself isn't a wide margin business. But you've seen some rotation out of those ETFs, which is what impacted some of the asset management revenue. But on the Life Solutions -- or excuse me, the longevity asset side, that revenue was doing quite well. So in any given quarter, we might see some rotation of that asset management revenue as we continue to increase and shift this into more fee-related earnings. But there wasn't anything -- from our perspective, we looked at it and we're like, yes, okay, it makes sense that the ETFs saw some shifts just in different types of assets. And that would have impacted slightly the overall asset management revenue. But when you look at the longer-term revenue in relationship to this, specifically some of our private funds and now rolling into our interval fund and other products, I think that reconciles very, very quickly and also kind of shifts more towards consistent growth of revenue there. Randy Binner: Okay. And so the fees on AUM for related parties should normalize a little bit higher maybe than what we saw this quarter as we look forward in the model? Jay Jackson: Yes, that's correct. Randy Binner: Okay. Great. And then just one, I think, housekeeping item, but the tax rate was a little bit higher this quarter. It's not outside of the range you see kind of looking back a few quarters, but was that unusual? And does that have any implication on kind of the tax rate for the rest of the year? William McCauley: Yes. Randy, you'll see that normalize on an annual basis. But in the quarter, agreed, it was higher than what we typically see, and that was driven by a couple of items, specifically around 162M and then interest deduction. So -- but you'll see that normalize towards our historical rate for the year. Randy Binner: Okay. And Bill, is that -- because it was a little higher in the first quarter, I think, too. So is it for the full year, it's around 30%? Or is it lower than that? William McCauley: It should be a little bit lower than that. Operator: [Operator Instructions] We'll hear next from Dmitrii Primashov with Freedom Broker. Dmitrii Primashov: So I just wanted to clarify regarding the dividends. Should we expect the continued dividends at the current level going further? Jay Jackson: I apologize, I didn't catch part of your question. Were you asking about the dividends? Dmitrii Primashov: Yes. Should we expect the dividends at current levels going forward? Jay Jackson: Yes. So we pay an annual dividend. And the way that if you look at kind of how we measure our dividend numbers, which is held up against as a percent of our fee-related earnings and then as a percent of our adjusted net income, if we use a similar path or a similar calculation in 2026, what that would mean is that, yes, you would see an increase in the dividend for 2026. We don't have that final calculation number yet. But based upon what we're seeing here, yes, you would see a percentage increase in relationship to the dividend this year. Operator: And as there appear to be no additional questions at this time, I'd like to turn the floor back over to Jay Jackson for any additional or closing comments. Jay Jackson: Thank you, everyone, once again, and really appreciate everyone joining the call. We had a very successful Investor Day. And again, I want to thank everybody who made that trip out. And one of the highlights we spoke about is that Abacus is utilizing our data in a way to address what we believe to be one of the largest and most significant generational wealth transfers that will ever be seen. And that $124 trillion and using our data to capitalize on that, when you -- when we look back on where we are today to where we're going, I truly believe that we are the leader in this specific piece of this generational wealth transfer. And as we continue to monetize it, Abacus is growing into the ability to be able to put a commodity and a price on time. And there's nothing more valuable than that. And we are excited for you to see how we continue to grow our journey and be additive to our entire flywheel. So thank you, and we look forward to Q3. Operator: Ladies and gentlemen, that will conclude today's event. Thank you for your participation. You may disconnect at this time, and have a wonderful rest of your day. Before you buy stock in Abacus Global Management, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Abacus Global Management wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* Now, it’s worth noting Stock Advisor’s total average return is 964% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 14, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Abacus (ABX) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Abacus Global Management, Inc. (ABX) came out with quarterly earnings of $0.28 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.22 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +12.00%. A quarter ago, it was expected that this company would post earnings of $0.21 per share when it actually produced earnings of $0.2, delivering a surprise of -4.76%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Abacus Global Management, Inc., which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $73.02 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 11.68%. This compares to year-ago revenues of $56.22 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Abacus Global Management, Inc. shares have added about 23.5% since the beginning of the year versus the S&P 500's gain of 12.8%. While Abacus Global Management, Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Abacus Global Management, Inc. was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.27 on $71.69 million in revenues for the coming quarter and $1.02 on $272.9 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Jefferson Capital, Inc. (JCAP), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 13. This company is expected to post quarterly earnings of $0.63 per share in its upcoming report, which represents a year-over-year change of -22.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Jefferson Capital, Inc.'s revenues are expected to be $173.6 million, up 13.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Abacus Global Management, Inc. (ABX) : Free Stock Analysis Report Jefferson Capital, Inc. (JCAP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

~ Reports Record Second Quarter 2026 Total Revenue of $73.0 Million ~ ~ Adjusted Net Income1 of $27.1 Million and Adjusted EPS1 of $0.28 Exceed High End of Guidance Ranges; Adjusted EBITDA1 Grows to Record $39.9 Million ~ ~ Surpasses First-Half 2026 Longevity Funds Target, Raising $544.2 Million in New Capital, Exceeding $500 Million Goal ~ ~ Projects Continued Growth with Third Quarter 2026 Adjusted EPS1 of $0.26–$0.28, Up to 17% Year-Over-Year ~ ORLANDO, Fla., August 06, 2026--(BUSINESS WIRE)--Abacus Global Management, Inc. ("Abacus" or the "Company") (NYSE: ABX), a financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services with a focus on longevity-based assets and personalized financial planning, today reported results for the second quarter ended June 30, 2026. Jay Jackson, Chief Executive Officer of Abacus, remarked, "Abacus continues to build the intelligence layer for lifespan-linked finance. We're building a new category in financial planning and infrastructure: longevity and LifeARC as the foundation for how families plan and transfer wealth across generations, grounded in the liquidity and data only Abacus can provide." Mr. Jackson continued, "This was a record quarter for Abacus, and our results reflect that momentum. Revenue grew 30% year-over-year to $73.0 million, and our longevity funds raised $544.2 million in the first half, surpassing our $500 million target. We also launched the ABX Longevity Growth and Income Fund, our first registered vehicle open to individual investors, and began tokenizing in-force policies to bring transparency to the secondary market. Our early results with Manning & Napier confirm the playbook. Each of these moves reinforces the same flywheel, and we've never had more confidence in where this business is headed." Second Quarter 2026 Highlights Second Quarter 2026 Non-GAAP Highlights Second Quarter 2026 Efficiency Movers Other Second Quarter 2026 Highlights For the first half of 2026, Abacus surpassed its $500 million longevity funds inflow target, raising $544.2 million in new capital, compared to $604 million raised during all of 2025. Capital inflows in the second quarter alone totaled approximately $256.1 million. Following the quarter's end, Abacus received SEC effectiveness for and launched the ABX Longevity Growth and Income Fund (ticker: ABXGX), the Company's first registered interval fund dedicated to the longevity asset class, providing individual investors and their advisors direct access to the strategy for the first time. During the quarter, Abacus began tokenizing in-force life insurance policies, building an on-chain record of each policy's chain of title, liens and cash-flow rights to bring greater transparency and liquidity to the secondary life insurance market. In May 2026, Abacus completed its previously announced $53 million minority equity investment in Manning & Napier, Inc., a diversified wealth and asset management firm with approximately $18 billion in total AUM and 3,400 clients. In connection with the closing, the parties entered into a Strategic Alliance Agreement and have since established a live referral channel between the two firms and begun rolling out Abacus's LifeARC platform across Manning & Napier's advisor network. Liquidity and Capital As of June 30, 2026, the Company had cash and cash equivalents of $23.4 million, balance sheet policy assets held at fair value of $383.0 million, and total outstanding debt, net of deferred issuance costs and discounts, of $330.6 million. The Company generated $130.9 million in operating cash flow during the six months ended June 30, 2026, compared to $14.5 million in the prior-year period, reflecting the increasing cash generation capacity of the platform as longevity fund AUM scales. Outlook Webcast and Conference Call A webcast and conference call to discuss the Company’s results will be held today, August 6, 2026, beginning at 5:00 p.m. (Eastern Time). A live webcast of the conference call will be available on Abacus’ investor relations website at ir.abacusgm.com. The dial-in number for the conference call is (833) 419-0865 (toll-free) or (785) 838-9333 (International) and participants must enter Conference ID "ABACUS" when joining. Please dial the number 10 minutes prior to the scheduled start time. A webcast replay of the call will be available at ir.abacusgm.com for one year following the call. Non-GAAP Financial Information Adjusted Net Income, a non-GAAP financial measure, is defined as net income (loss) attributable to Abacus adjusted for non-controlling interest income, amortization, change in fair value of warrants, business acquisition costs and non-recurring legal costs, and non-cash stock-based compensation and the related stock-based limitation tax effect before the estimated tax effect. The estimated tax effect to adjusted net income is based on the Company’s U.S. based federal and state statutory tax rates. Management believes that Adjusted Net Income is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. A reconciliation of Adjusted Net Income to Net income attributable to Abacus, the most directly comparable GAAP measure, appears below. Adjusted EPS measures per share earnings and is calculated as Adjusted Net Income divided by adjusted weighted-average shares outstanding. Management believes that Adjusted EPS may be useful to investors because it enables them to better evaluate per share operating performance across reporting periods by eliminating the impact of expenses that do not relate to the Company’s business performance. The Company is unable to provide a comparable FY 2026 outlook for, or a reconciliation to net income because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to do so is due to the inherent difficulty in forecasting the timing of items that have not yet occurred and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities, and other one-time or exceptional items. Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to Abacus adjusted for depreciation expense, amortization, interest expense, income , business acquisition costs and non-recurring legal costs, non-cash expenses, and certain other items that in our judgment significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within the Abacus’ control. These items may include payments made as part of the Company's expense support commitment, change in fair value of debt, change in fair value of warrant liability, S&P 500 options that were entered into as an economic hedge related to the debt (described as the realized and unrealized gain on equity securities, at fair value), non-cash stock based compensation, and other items. A reconciliation of Adjusted EBITDA to Net income attributable to Abacus, the most directly comparable GAAP measure, appears below. Adjusted EBITDA margin, a non-GAAP financial measure, is defined as Adjusted EBITDA divided by Total revenues. A reconciliation of Adjusted EBITDA margin to Net income margin, the most directly comparable GAAP measure, appears below. Annualized return on invested capital ("ROIC"), a non-GAAP financial measure, is defined as Adjusted Net Income for the quarter divided by the result of Total Assets less Intangible assets, net, Goodwill and Current Liabilities, multiplied by four. ROIC is not a measure of financial performance under GAAP. We believe ROIC should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP. Annualized return on equity ("ROE"), a non-GAAP financial measure, is defined as Adjusted Net Income divided by total shareholder equity, multiplied by four. ROE is not a measure of financial performance under GAAP. We believe ROE should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP. The below table presents our calculation of ROE. Forward-Looking Statements All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding: Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof; Abacus’s ability to successfully effect those strategies, and the expected results therefrom; projections of future earnings and expected capital; Abacus’ ability to generate future cash flows; securitization schedules and timing; future demand for Abacus’ products and services; and the reliability of the Company’s fund structures and corresponding market confidence and expectations. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "expect," ‎‎"intend," "anticipate," "goals," "prospects," "will," "would," "will continue," "will likely result," and similar expressions (including the negative versions of such words or expressions). While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the potential impact of our business relationships, including with our employees, customers and competitors; changes in general economic and business and conditions, including changes in the financial markets; political instability both in the U.S. and abroad, to include political violence, terrorism, and war; weakness or adverse changes in the level of activity in our sector or the sectors of our affiliated companies, which may be caused by, among other things, high or increasing interest rates, or a weak U.S. economy; significant competition that our operating subsidiaries face; compliance with extensive government regulation; the failure to meet Abacus’s investment ‎objectives; the inability to raise capital on favorable terms or at all; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with ‎the U.S. Securities and Exchange Commission from time to time, including the Annual ‎Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent ‎periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the ‎forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations. Risk disclosure: All securities investing and trading activities risk the loss of capital. Investors should carefully review the offering documents and consult with their own legal, tax, and financial advisors regarding the suitability of investments. About Abacus Abacus Global Management (NYSE: ABX) is a financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide. For more information, please visit www.abacusgm.com View source version on businesswire.com: https://www.businesswire.com/news/home/20260806840808/en/ Contacts Investor Relations David Jackson – Head of Investor [email protected] (321) 299-0716 Public Relations [email protected]

TFS Financial (TFSL) came out with quarterly earnings of $0.11 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +37.50%. A quarter ago, it was expected that this holding company for Third Federal Savings and Loan would post earnings of $0.08 per share when it actually produced earnings of $0.08, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates just once. TFS Financial, which belongs to the Zacks Financial - Savings and Loan industry, posted revenues of $89.27 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.26%. This compares to year-ago revenues of $82.04 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. TFS Financial shares have added about 36.1% since the beginning of the year versus the S&P 500's gain of 6.9%. While TFS Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for TFS Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.09 on $89.8 million in revenues for the coming quarter and $0.34 on $346.1 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Savings and Loan is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the broader Zacks Finance sector, Abacus Global Management, Inc. (ABX), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This company is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of +13.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Abacus Global Management, Inc.'s revenues are expected to be $65.38 million, up 16.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TFS Financial Corporation (TFSL) : Free Stock Analysis Report Abacus Global Management, Inc. (ABX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

It's shaping up to be a tough period for Abacus Global Management, Inc. (NYSE:ABX), which a week ago released some disappointing quarterly results that could have a notable impact on how the market views the stock. It wasn't a great result overall - while revenue fell marginally short of analyst estimates at US$59m, statutory earnings missed forecasts by an incredible 36%, coming in at just US$0.07 per share. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. Readers will be glad to know we've aggregated the latest statutory forecasts to see whether the analysts have changed their mind on Abacus Global Management after the latest results. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. Taking into account the latest results, the current consensus from Abacus Global Management's four analysts is for revenues of US$277.4m in 2026. This would reflect a decent 11% increase on its revenue over the past 12 months. Statutory earnings per share are predicted to surge 37% to US$0.55. Before this earnings report, the analysts had been forecasting revenues of US$286.2m and earnings per share (EPS) of US$0.58 in 2026. The analysts are less bullish than they were before these results, given the reduced revenue forecasts and the small dip in earnings per share expectations. Check out our latest analysis for Abacus Global Management The analysts made no major changes to their price target of US$13.42, suggesting the downgrades are not expected to have a long-term impact on Abacus Global Management's valuation. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. The most optimistic Abacus Global Management analyst has a price target of US$15.00 per share, while the most pessimistic values it at US$10.00. Analysts definitely have varying views on the business, but the spread of estimates is not wide enough in our view to suggest that extreme outcomes could await Abacus Global Management shareholders. Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. We would highlight that Abacus Global Management's revenue growth is expected to slow, with the forecast 15% annualised growth rate until the end of 2026 being well below the historical 57% p.a. growth over the last three years. By way of comparison, the other companies in this industry with analyst coverage are forecast to grow their revenue at 2.6% annually. So it's pretty clear that, while Abacus Global Management's revenue growth is expected to slow, it's still expected to grow faster than the industry itself. The biggest concern is that the analysts reduced their earnings per share estimates, suggesting business headwinds could lay ahead for Abacus Global Management. They also downgraded Abacus Global Management's revenue estimates, but industry data suggests that it is expected to grow faster than the wider industry. The consensus price target held steady at US$13.42, with the latest estimates not enough to have an impact on their price targets. Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. At Simply Wall St, we have a full range of analyst estimates for Abacus Global Management going out to 2028, and you can see them free on our platform here.. Even so, be aware that Abacus Global Management is showing 2 warning signs in our investment analysis , and 1 of those is a bit unpleasant... Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Abacus Global Management, Inc. (ABX) came out with quarterly earnings of $0.2 per share, missing the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -2.44%. A quarter ago, it was expected that this company would post earnings of $0.2 per share when it actually produced earnings of $0.23, delivering a surprise of +15%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Abacus Global Management, Inc., which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $59.39 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 6.84%. This compares to year-ago revenues of $44.14 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Abacus Global Management, Inc. shares have added about 10.4% since the beginning of the year versus the S&P 500's gain of 7.6%. While Abacus Global Management, Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Abacus Global Management, Inc. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.24 on $70.77 million in revenues for the coming quarter and $0.98 on $285.29 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Webull Corporation (BULL), has yet to report results for the quarter ended March 2026. The results are expected to be released on May 21. This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of +150%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Webull Corporation's revenues are expected to be $160.09 million, up 36.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Abacus Global Management, Inc. (ABX) : Free Stock Analysis Report Webull Corporation (BULL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

~ Raises Full-Year 2026 Adjusted Net Income1 Guidance to $100–$106 Million, Up to 24% Increase Year-Over-Year; Issues Q2 Adjusted Net Income Guidance of $24–$26 Million ~ ~ Issues Full-Year 2026 Adjusted EPS1 Guidance of $1.00–$1.05; Q2 Adjusted EPS Guidance of $0.24–$0.26 ~ ~ Generates $91.7 Million in Operating Cash Flow, an Increase of More Than $153 Million Year-Over-Year ~ ~ Longevity Income Funds AUM Grows Nearly 4x Year-Over-Year to Approximately $1 Billion ~ ~ Adjusted Net Income1 Increases 17% Year-Over-Year to $20.1 Million; Adjusted EBITDA1 Grows 33.3% to $32.7 Million ~ ORLANDO, Fla., May 07, 2026 (GLOBE NEWSWIRE) -- Abacus Global Management, Inc. (“Abacus” or the “Company”) (NYSE: ABX), a financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services with a focus on longevity-based assets and personalized financial planning, today reported results for the first quarter ended March 31, 2026. Jay Jackson, Chief Executive Officer of Abacus commented, “This quarter, the results reflect both the execution of our platform and the moment this asset class is having. Gross AUM reached approximately $3.6 billion on $378 million of gross capital inflows, longevity income fund AUM has grown nearly 4x year-over-year approaching $1 billion, and we deployed $163.6 million in origination capital. At the same time, we returned 100% of investor capital in our LMA Income II Fund at term, on time, as promised, with two-thirds of those investors choosing to recommit or extend their investment. That is not a capital return event. That is a validation. Our assets are mortality-driven, structurally uncorrelated to credit and equity cycles, and in this macro environment, that distinction is driving institutional demand. We increased our 2026 guidance, and our strategic initiatives including our investment in Manning & Napier and a second securitization are advancing on schedule. Quarter after quarter, we do what we say we will do.” First Quarter 2026 Highlights First Quarter 2026 Non-GAAP Highlights First Quarter 2026 Efficiency Movers First Quarter 2026 Capital Return Update Other First Quarter 2026 Highlights On March 12, 2026, Abacus entered into a definitive agreement to acquire an approximately $53 million minority equity stake in Manning & Napier, Inc., a diversified wealth and asset management firm with approximately $18 billion in total AUM. In connection with the investment, the parties will enter into a Strategic Alliance Agreement designed to drive product distribution, lead generation and referrals, and joint product development across the two platforms. The transaction is expected to close in Q2 2026, subject to customary closing conditions including regulatory approvals. During Q1 2026, Abacus returned 100% of investor capital in its LMA Income II Fund at term, on time, and as promised, with approximately two-thirds of investors electing to re-commit or extend their investment. The successful capital return underscores the reliability of the Company’s fund structures and the growing institutional confidence in longevity-based investment products. Following the quarter’s end, on April 17, 2026, Abacus announced several key leadership appointments: Alexei Solomon, CPA, Abacus’ Treasurer was elevated to also serve as our Chief Accounting Officer. Elena Plesco was named Abacus’ Chief Investment Officer. Samantha Butcher, President of Abacus Life Solutions, was elevated to an Executive Officer of Abacus. Bill McCauley, Abacus’ Chief Financial Officer was also appointed as Chief Operating Officer. Additionally, with the appointment of Mr. Solomon to the role of Chief Accounting Officer, Mr. McCauley stepped down from that role. Liquidity and Capital As of March 31, 2026, the Company had cash and cash equivalents of $37.2 million, balance sheet policy assets held at fair value of $392.8 million, and total outstanding debt, net of deferred issuance costs and discounts, of $330.0 million. The Company generated $91.7 million in operating cash flow during Q1 2026, compared to negative $61.6 million in the prior-year period, reflecting the increasing cash generation capacity of the platform as longevity fund AUM scales. Outlook Webcast and Conference Call A webcast and conference call to discuss the Company’s results will be held today, May 7, 2026, beginning at 5:00 p.m. (Eastern Time). A live webcast of the conference call will be available on Abacus’ investor relations website at ir.abacusgm.com. The dial-in number for the conference call is (833) 316-2483 (toll-free) or (785) 838-9284 (international) and participants must enter Conference ID “ABACUS” when joining. Please dial the number 10 minutes prior to the scheduled start time. A webcast replay of the call will be available at ir.abacusgm.com for one year following the call. Non-GAAP Financial Information Adjusted Net Income, a non-GAAP financial measure, is defined as net income (loss) attributable to Abacus adjusted for non-controlling interest income, amortization, change in fair value of warrants and non-cash stock-based compensation and the related tax effect of those adjustments. Management believes that Adjusted Net Income is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. A reconciliation of Adjusted Net Income to Net income attributable to Abacus, the most directly comparable GAAP measure, appears below. The Company is unable to provide a comparable FY 2026 outlook for, or a reconciliation to net income because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to do so is due to the inherent difficulty in forecasting the timing of items that have not yet occurred and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities, and other one-time or exceptional items. Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to Abacus adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and certain non-recurring items that in our judgement significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Abacus’ control. A reconciliation of Adjusted EBITDA to Net income attributable to Abacus, the most directly comparable GAAP measure, appears below. Adjusted EBITDA margin, a non-GAAP financial measure, is defined as Adjusted EBITDA divided by Total revenues. A reconciliation of Adjusted EBITDA margin to Net income margin, the most directly comparable GAAP measure, appears below. Annualized return on invested capital (“ROIC”), a non-GAAP financial measure, is defined as Adjusted Net Income for the quarter divided by the result of Total Assets less Intangible assets, net, Goodwill and Current Liabilities, multiplied by four. ROIC is not a measure of financial performance under GAAP. We believe ROIC should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP. Annualized return on equity (“ROE”), a non-GAAP financial measure, is defined as Adjusted Net Income divided by total shareholder equity, multiplied by four. ROE is not a measure of financial performance under GAAP. We believe ROE should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP. The below table presents our calculation of ROE. Forward-Looking Statements All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding: Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof; Abacus’s ability to successfully effect those strategies, and the expected results therefrom; projections of future earnings and expected capital; Abacus’ ability to generate future cash flows; securitization schedules and timing; future demand for Abacus’ products and services; and the reliability of the Company’s fund structures and corresponding market confidence and expectations. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ‎‎”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions). While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the potential impact of our business relationships, including with our employees, customers and competitors; changes in general economic and business and conditions, including changes in the financial markets; political instability both in the U.S. and abroad, to include political violence, terrorism, and war; weakness or adverse changes in the level of activity in our sector or the sectors of our affiliated companies, which may be caused by, among other things, high or increasing interest rates, or a weak U.S. economy; significant competition that our operating subsidiaries face; compliance with extensive government regulation; the failure to meet Abacus’s investment ‎objectives; the inability to raise capital on favorable terms or at all; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with ‎the U.S. Securities and Exchange Commission from time to time, including the Annual ‎Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent ‎periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the ‎forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations. Risk disclosure: All securities investing and trading activities risk the loss of capital. Investors should carefully review the offering documents and consult with their own legal, tax, and financial advisors regarding the suitability of investments. About Abacus Abacus Global Management (NYSE: ABX) is a financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide. For more information, please visit www.abacusgm.com Contacts: Investor Relations Robert F. Phillips – SVP Investor Relations and Corporate Affairs [email protected] (321) 290-1198 David Jackson – Managing Director of Investor Relations [email protected] (321) 299-0716 Abacus Global Management Public Relations [email protected] ABACUS GLOBAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEET ABACUS GLOBAL MANAGEMENT, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME ABACUS GLOBAL MANAGEMENT, INC. ADJUSTED NET INCOME ABACUS GLOBAL MANAGEMENT, INC. ADJUSTED EBITDA ABACUS GLOBAL MANAGEMENT, INC. RETURN ON INVESTED CAPITAL