Abacus Global Management, Inc. (ABX) Stock Analysis and Metrics

Abacus Global Management

NYSE: ABX

$10.39 ▲ +0.34 (+3.33%)

At close: Jul 24, 2026 · 3:59 PM UTC

Financial Ratios

Market Cap970.66 Mn

P/E24.77

P/S3.88

Div. Yield0.00

ROIC (Qtr)0.00

Total Debt (Qtr)39.66 Mn

Revenue Growth (1y) (Qtr)34.55

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About

Abacus Global Management, Inc. is a financial services company that focuses on alternative asset management data driven wealth solutions technology innovations and institutional services. The company’s core activities revolve around longevity based assets and the life settlement market where it purchases manages and trades life insurance policies. In addition to its life settlement operations Abacus manages alternative investment funds exchange traded funds and an asset based finance strategy that draws on its insurance analytics. The firm also provides proprietary technology products that use health and longevity data sets to support pension funds government agencies and insurance related businesses. As of the end of 2025 Abacus reported assets under management of approximately three point three three billion dollars and its shares trade on the New York Stock Exchange under the ticker ABX.

The company generates revenue through several interconnected streams. Origination fees are earned as a percentage of the face value or net death benefit of each life insurance policy acquired through its three channels of financial advisors direct to consumer and traditional life settlement intermediaries. Active management produces returns from trade spreads when policies are sold to third party institutional investors and from realized returns on policies held to maturity. Third party portfolio servicing brings in fee based revenue calculated as a percentage of the total asset value serviced for outside investors. Asset management fees consist of a base charge on assets under management plus performance fees that apply when returns exceed preset hurdle rates for its alternative investment funds and exchange traded funds. Technology service revenue is derived from fixed annual contracts for its proprietary risk rating heat map policy value calculator and Abacusmarketplace platform that enables tertiary trading servicing and valuation of life settlement policies.

The company operates through the following segments: Abacus Life Solutions Abacus Asset Group Abacus Intel Abacus Wealth Advisors.

• Abacus Life Solutions originates life settlement policies by purchasing existing life insurance contracts from policyholders. The origination process uses three channels a network of approximately thirty thousand financial advisors and agents a direct to consumer outreach that includes radio television advertisements and an online policy value calculator and traditional life settlement intermediaries that submit policies on behalf of advisors or clients. After acquisition Abacus evaluates each policy using its proprietary risk rating heat map which scores risk on a scale from one to five based on factors such as age gender health policy face value carrier rating and life expectancy estimates. The company then decides whether to trade the policy to a third party institutional investor to capture a spread or to hold the policy on its balance sheet paying premiums and receiving the eventual death benefit. In addition to its own portfolio Abacus services life insurance policies for third party institutions earning fees based on a percentage of the assets serviced. The division also offers retirement products and institutional solutions that help insurance carriers and reinsurers optimize legacy liabilities and create innovative consumer facing products. The acquisition of AccuQuote in October 2025 added a digital life insurance origination platform that lets consumers compare quotes from multiple carriers through a single user friendly interface.

• Abacus Asset Group provides investment management services to institutional investors and select private clients. The division manages alternative investment funds that primarily invest in insurance policy settlement contracts offering investors exposure to an uncorrelated asset class with low correlation to traditional markets. It also sponsors exchange traded funds that follow a suite of core and thematic free cash flow equity strategies covering eight global equity allocation categories and provides access to more than fifty customizable free cash flow index strategies through separately managed accounts. In January 2026 the division launched an asset based finance strategy that deploys capital into asset backed investments such as consumer credit equipment finance receivables small business loans intellectual property rights and contractual cash flows targeting approximately sixty five percent of investments with investment grade like characteristics. Asset management fees are based on a percentage of total assets under management and performance fees are applied when returns exceed specified hurdle rates for the alternative investment funds.

• Abacus Intel develops and sells technology products that rely on proprietary health and longevity data sets. Its offerings include a risk rating heat map that measures the risk of life insurance contracts on a one to five scale a policy value calculator that instantly estimates policy value using gender age face value and policy type and the Abacusmarketplace platform which facilitates tertiary trading servicing and valuation for the life settlement industry. These technologies are used to provide real time mortality verification missing participant location and secondary life insurance market services to pension funds government agencies and insurance related businesses. Revenue from this segment comes from fixed annual contracts for access to these technology services. The division began recognizing technology service revenue in the fourth quarter of 2024 after rebranding its earlier ABL Tech operation as Abacus Intel.

• Abacus Wealth Advisors delivers wealth management services that are driven by data and algorithms. The division helps financial advisors create customized financial plans for clients that incorporate health longevity and overall financial wellbeing considerations moving beyond generic one size fits all advice. It leverages more than two decades of proprietary data and analytical models to tailor investment strategies retirement plans and risk management solutions to individual client profiles. The service is designed to be transparent and data driven enabling advisors to offer personalized solutions that aim to optimize financial outcomes across different stages of life.

Abacus Global Management holds a leading position in the life settlements industry with an estimated twenty six percent market share based on 2023 capital invested relative to total industry capital invested according to The Deal and Life Settlements Report. The company operates in forty nine states which is a significant advantage given the high regulatory barriers to entry that limit many competitors to fewer jurisdictions. Its counterparties in life settlement transactions are predominantly high quality insurance carriers with greater than ninety percent holding an A rating or better and the underlying policies are cash backed by those carriers which reduces payout risk. Life settlement assets exhibit low correlation to traditional equity and bond markets and are often described as mortality driven zero coupon bonds because their value tends to increase as the insured ages. Competitive advantages stem from the firm’s proprietary analytics its extensive network of financial advisors its direct to consumer channels and its long standing management team with an average of over twenty years of industry experience.

The company serves a diverse customer base that includes institutional investors such as pension funds asset managers and insurance companies seeking alternative returns and liability management solutions. Financial advisors and independent brokers rely on Abacus for life settlement origination services and data driven wealth planning tools to better serve their clients. Individual policyholders primarily seniors looking to unlock the value of their life insurance policies use the company’s origination channels to receive immediate cash proceeds. Insurance carriers and reinsurers engage Abacus to help optimize legacy liabilities and to develop innovative consumer facing products. Government agencies and pension funds utilize the firm’s health and longevity technology for mortality verification missing participant tracking and secondary market oversight. While the filing does not disclose specific customer names the described groups represent the primary users of Abacus Global Management’s products and services.

Investment Thesis

▲ Bull case

The company generated $91,700,000 in operating cash flow in Q1 FY26 compared to negative $61,600,000 in the prior year period representing a swing of over $153,000,000 year over year. This turnaround underscores the underlying operating leverage of the platform as revenue scales without a commensurate increase in cash costs. The cash conversion demonstrates that the core Life Solutions business is self funding and capable of supporting growth initiatives internally. Such robust cash generation provides a reliable foundation for reinvestment in M&A technology platforms and shareholder returns without relying on external financing.
Fundraising into longevity funds reached $288,000,000 in Q1 FY26 exceeding the $275,000,000 raised in Q4 FY25 and nearly matching the total $630,000,000 raised for the full year 2025. This strong inflow trend indicates growing investor appetite for mortality driven uncorrelated returns and validates the company’s positioning as an alternative to traditional private credit. Simultaneously the company reviewed nearly 9,000 qualified policies in the quarter which is a substantial increase relative to the under 11,000 policies reviewed throughout all of 2025. The expanding policy pipeline coupled with rising capital inflows creates a self reinforcing flywheel that can sustain higher origination volumes and fee generation going forward.
Management is actively pursuing a strategic alliance and distribution agreement with Manning & Napier which is expected to yield early results in Q2 FY26 and materially expand the reach of its products to a broader base of financial advisers and their clients. In parallel the company is targeting a second significant securitization in late Q2 or early Q3 FY26 to further capitalize funding flexibility and prove asset credibility to institutional markets. These initiatives were not heavily highlighted in the prepared remarks but represent hidden catalysts that could accelerate both distribution scale and funding diversification. Successful execution would reduce reliance on traditional debt financing and enhance the company’s ability to deploy capital at attractive returns.
The balance sheet shows $37,200,000 in cash and $392,800,000 in policy assets with outstanding long term debt of approximately $330,000,000 after the LMA Income II Fund term conclusion removed about $76,700,000 in fund level obligations. The recourse debt to EBITDA ratio stands near 2x while management indicates capacity up to 4x providing significant headroom for additional borrowing without dilution. Furthermore the company has deployed approximately 50% of the last $20,000,000 Board approved buyback authorization leaving substantial capacity for future repurchases. This combination of liquidity low leverage and shareholder return flexibility creates multiple avenues to enhance intrinsic value.
Investor confidence is evident from the LMA Income II Fund term close where approximately one third of investors chose to extend their investment and another one third reinvested their capital into new products after capital was returned. This behavior reflects a strong endorsement of the company’s asset management capabilities and suggests a sticky investor base that can support future fund launches. Management also projects that contributions from wealth advisers will reach 25% of revenue over the next few years supported by both organic growth and inorganic opportunities such as the Manning & Napier partnership. Achieving this target would diversify revenue streams and increase the proportion of higher margin fee related earnings.

The company generated $91,700,000 in operating cash flow in Q1 FY26 compared to negative $61,600,000 in the prior year period representing a swing of over $153,000,000 year over year. This turnaround underscores the underlying operating leverage of the platform as revenue scales without a commensurate increase in cash costs. The cash conversion demonstrates that the core Life Solutions business is self funding and capable of supporting growth initiatives internally. Such robust cash generation provides a reliable foundation for reinvestment in M&A technology platforms and shareholder returns without relying on external financing.
Fundraising into longevity funds reached $288,000,000 in Q1 FY26 exceeding the $275,000,000 raised in Q4 FY25 and nearly matching the total $630,000,000 raised for the full year 2025. This strong inflow trend indicates growing investor appetite for mortality driven uncorrelated returns and validates the company’s positioning as an alternative to traditional private credit. Simultaneously the company reviewed nearly 9,000 qualified policies in the quarter which is a substantial increase relative to the under 11,000 policies reviewed throughout all of 2025. The expanding policy pipeline coupled with rising capital inflows creates a self reinforcing flywheel that can sustain higher origination volumes and fee generation going forward.
Management is actively pursuing a strategic alliance and distribution agreement with Manning & Napier which is expected to yield early results in Q2 FY26 and materially expand the reach of its products to a broader base of financial advisers and their clients. In parallel the company is targeting a second significant securitization in late Q2 or early Q3 FY26 to further capitalize funding flexibility and prove asset credibility to institutional markets. These initiatives were not heavily highlighted in the prepared remarks but represent hidden catalysts that could accelerate both distribution scale and funding diversification. Successful execution would reduce reliance on traditional debt financing and enhance the company’s ability to deploy capital at attractive returns.
The balance sheet shows $37,200,000 in cash and $392,800,000 in policy assets with outstanding long term debt of approximately $330,000,000 after the LMA Income II Fund term conclusion removed about $76,700,000 in fund level obligations. The recourse debt to EBITDA ratio stands near 2x while management indicates capacity up to 4x providing significant headroom for additional borrowing without dilution. Furthermore the company has deployed approximately 50% of the last $20,000,000 Board approved buyback authorization leaving substantial capacity for future repurchases. This combination of liquidity low leverage and shareholder return flexibility creates multiple avenues to enhance intrinsic value.
Investor confidence is evident from the LMA Income II Fund term close where approximately one third of investors chose to extend their investment and another one third reinvested their capital into new products after capital was returned. This behavior reflects a strong endorsement of the company’s asset management capabilities and suggests a sticky investor base that can support future fund launches. Management also projects that contributions from wealth advisers will reach 25% of revenue over the next few years supported by both organic growth and inorganic opportunities such as the Manning & Napier partnership. Achieving this target would diversify revenue streams and increase the proportion of higher margin fee related earnings.

▼ Bear case

While management frames a lower purchase discount rate as a positive outcome reflecting rising asset values and expanded long term spreads the company did not elaborate on the potential downside if interest rates rise or if market competition compresses spreads more rapidly than anticipated. A reversal in the discount rate trend could erode the realized gains on existing policies and reduce the profitability of new originations. The business model’s sensitivity to macroeconomic shifts in funding costs remains an unspoken risk that may not be fully priced into current valuations. Investors should consider that the current favorable spread environment could be temporary rather than structural.
The fundraising surge seen in Q1 FY26 is heavily dependent on a relatively narrow base of institutional investors seeking uncorrelated returns and a slowdown in capital inflows could quickly impact origination capacity. The company disclosed that it reviewed nearly 9,000 qualified policies in the quarter but did not provide details on the concentration of its investor base or the proportion of capital coming from top tier funds. Should a few large investors decide to redeploy capital elsewhere the longevity fund raising momentum could falter and put pressure on the deployment targets of $130,000,000 to $150,000,000 per quarter. This concentration risk represents a hidden vulnerability that was not addressed in the Q&A session.
The Manning & Napier alliance and the planned second securitization are presented as near term catalysts yet management offered limited detail on integration timelines regulatory approvals and potential costs associated with these initiatives. Delays in finalizing the strategic alliance agreement or challenges in securing SEC clearance for the interval fund could postpone the anticipated distribution expansion. Similarly a deterioration in the securitization market or unfavorable pricing for the second transaction could undermine the expected funding flexibility benefits. Execution risk remains a material factor that could cause the projected upside to fail to materialize.
Operating expenses increased to $34,800,000 in Q1 FY26 from $19,600,000 in the prior year period driven by higher sales and marketing spend higher G&A expenses and costs related to acquisitions and special projects. While these investments are described as deliberate they also raise the operating leverage threshold that the business must sustain to maintain margins. If revenue growth slows or if the anticipated fee related earnings from asset management take longer to materialize the elevated cost base could pressure profitability and erode the adjusted EBITDA margin which already slipped slightly from 56% to 55%. The company did not provide a clear timeline for when these incremental investments will start to generate commensurate returns.
The longevity fund and securitization activities operate within a complex regulatory framework that includes oversight from state insurance regulators the SEC and potentially other federal agencies. Management did not discuss any upcoming regulatory changes or compliance costs that could affect the structuring of new funds or the eligibility of policies for securitization. Increased scrutiny or new reporting requirements could raise operational costs limit the ability to innovate and potentially lead to restrictions on capital raising activities. Regulatory risk remains an underappreciated factor that could constrain growth prospects.

While management frames a lower purchase discount rate as a positive outcome reflecting rising asset values and expanded long term spreads the company did not elaborate on the potential downside if interest rates rise or if market competition compresses spreads more rapidly than anticipated. A reversal in the discount rate trend could erode the realized gains on existing policies and reduce the profitability of new originations. The business model’s sensitivity to macroeconomic shifts in funding costs remains an unspoken risk that may not be fully priced into current valuations. Investors should consider that the current favorable spread environment could be temporary rather than structural.
The fundraising surge seen in Q1 FY26 is heavily dependent on a relatively narrow base of institutional investors seeking uncorrelated returns and a slowdown in capital inflows could quickly impact origination capacity. The company disclosed that it reviewed nearly 9,000 qualified policies in the quarter but did not provide details on the concentration of its investor base or the proportion of capital coming from top tier funds. Should a few large investors decide to redeploy capital elsewhere the longevity fund raising momentum could falter and put pressure on the deployment targets of $130,000,000 to $150,000,000 per quarter. This concentration risk represents a hidden vulnerability that was not addressed in the Q&A session.
The Manning & Napier alliance and the planned second securitization are presented as near term catalysts yet management offered limited detail on integration timelines regulatory approvals and potential costs associated with these initiatives. Delays in finalizing the strategic alliance agreement or challenges in securing SEC clearance for the interval fund could postpone the anticipated distribution expansion. Similarly a deterioration in the securitization market or unfavorable pricing for the second transaction could undermine the expected funding flexibility benefits. Execution risk remains a material factor that could cause the projected upside to fail to materialize.
Operating expenses increased to $34,800,000 in Q1 FY26 from $19,600,000 in the prior year period driven by higher sales and marketing spend higher G&A expenses and costs related to acquisitions and special projects. While these investments are described as deliberate they also raise the operating leverage threshold that the business must sustain to maintain margins. If revenue growth slows or if the anticipated fee related earnings from asset management take longer to materialize the elevated cost base could pressure profitability and erode the adjusted EBITDA margin which already slipped slightly from 56% to 55%. The company did not provide a clear timeline for when these incremental investments will start to generate commensurate returns.
The longevity fund and securitization activities operate within a complex regulatory framework that includes oversight from state insurance regulators the SEC and potentially other federal agencies. Management did not discuss any upcoming regulatory changes or compliance costs that could affect the structuring of new funds or the eligibility of policies for securitization. Increased scrutiny or new reporting requirements could raise operational costs limit the ability to innovate and potentially lead to restrictions on capital raising activities. Regulatory risk remains an underappreciated factor that could constrain growth prospects.

Segments Breakdown of Revenue (2025)

Peer Comparison

Companies in the Insurance - Life

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	PUK	Prudential Plc	75.05 Bn	13.61	6.53	4.46 Bn
2	AFL	Aflac Inc	63.80 Bn	13.76	3.85	-
3	MET	Metlife Inc	60.34 Bn	17.57	0.85	0.70 Bn
4	MFC	Manulife Financial Corp	52.65 Bn	16.01	-	4.69 Bn
5	UNM	Unum Group	14.19 Bn	18.64	1.24	3.76 Bn
6	PRI	Primerica, Inc.	9.76 Bn	51.35	5.47	0.60 Bn
7	JXN	Jackson Financial Inc.	8.17 Bn	-19.44	0.75	2.08 Bn
8	LNC	Lincoln National Corp	7.81 Bn	4.79	0.41	6.37 Bn

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Investment Thesis

Geographical Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer Comparison

Research Tools

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Investment Thesis

Geographical Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer Comparison

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