Abacus Global Management, Inc.

Q2 revenue was $73 million, up 30% year over year. Life Solutions revenue grew 38.3% to $65.4 million year over year, while adjusted net income was $27.1 million, or $0.28 per diluted share, above guidance. Adjusted EBITDA was $40 million, up 27% year over year, and adjusted EBITDA margin was 55%. Capital deployed in Q2 was approximately $197.9 million, up 62% year over year, and year-to-date capital deployed was $362 million. The longevity funds raised $256.1 million in Q2 and $544.2 million in the first half, exceeding the $500 million target for that period. Fee-paying AUM was roughly $3.2 billion and total AUM was $3.5 billion. Cash ended at $23.4 million, policy assets were $383 million, and long-term debt was $290.8 million. For Q3, management guided to adjusted net income of $26 million to $28 million and adjusted EPS of $0.26 to $0.28. For full-year 2026, guidance was reiterated at adjusted net income of $100 million to $106 million and adjusted EPS of $1.00 to $1.05.

Jay Jackson framed the quarter as evidence that Abacus is building a broader platform around longevity data, LifeARC, and the $124 trillion wealth transfer opportunity. He emphasized that the company is not positioning itself as a traditional asset manager, but as infrastructure for lifespan-linked finance, with the origination platform as the commerce engine and LifeARC as a new distribution and data layer. His tone was upbeat and highly strategic, repeatedly pointing to Investor Day themes, the launch of ABXGX, tokenization work, and early traction with Manning & Napier.

Bill McCauley focused on execution and financial discipline. He highlighted close to $200 million of capital deployed in Q2, 9,314 qualified policies reviewed versus 8,786 in Q1, revenue of $73 million, adjusted net income of $27.1 million, adjusted EBITDA of $40 million, and a 55% adjusted EBITDA margin. He also noted operating expenses of $42.5 million, cash of $23.4 million, policy assets of $383 million, debt of $290.8 million, and said the effective tax rate should normalize lower over the year after a quarter that was elevated by items including 162M and interest deduction effects.

Analysts focused first on why full-year guidance was not raised more aggressively after a Q2 beat; management said they were being conservative on the annual outlook and expect to be near the top end of the range. Questions also centered on ABXGX and distribution, with management saying advisers, custodians, large RIAs, pension clients, and Manning & Napier are showing strong interest and that assets should begin coming in during Q3, with Q4 expected to be very strong. Analysts asked about capital deployment, and management said Q2 benefited from record fund inflows and that Q3 deployment could rise into a $150 million to $175 million range if securitization advances. They also pressed on LifeARC monetization, and management said the model is expected to be recurring revenue through revenue share arrangements rather than per-life pricing, with negotiations ongoing.