East Resources Acquisition Company

Q2 revenue was $73 million, up 30% year over year. Adjusted net income was $27.1 million, or $0.28 per diluted share, above guidance of $24 million to $26 million and $0.24 to $0.26 per share. Adjusted EBITDA was $40 million, up 27% year over year, with a 55% margin; adjusted ROE was 25%, up 400 basis points year over year. Total operating expense was $42.5 million, 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, it reiterated adjusted net income of $100 million to $106 million and adjusted EPS of $1.00 to $1.05.

Jay Jackson framed the quarter around a broader long-term strategy: building an infrastructure for “lifespan-linked finance” using LifeARC, the company’s longevity data platform. He emphasized the $124 trillion wealth transfer opportunity, said Abacus is positioned to be the “intelligence layer” for lifespan-linked finance, and highlighted the launch of the ABX interval fund and early tokenization work as signs the strategy is moving from concept to execution. His tone was highly confident and expansionary, with repeated comments that the company has visibility into growth and is still early in a much larger opportunity.

Bill McCauley focused on operating execution and financial discipline. He said capital deployed was close to $200 million in Q2, bringing year-to-date deployment to $362 million, and noted revenue of $73 million, adjusted net income of $27.1 million, adjusted EBITDA of $40 million, and a 55% margin. He also highlighted $256.1 million of second-quarter inflows into longevity funds, $6.5 million of management and servicing fees across those funds, cash of $23.4 million, policy assets of $383 million, and debt of $290.8 million. On guidance, he reiterated the full-year targets and explained that adjusted net income guidance is still presented on a gross basis, with an approximate 25% tax bridge to net equivalents.

Analysts pressed management on why full-year guidance was unchanged after a Q2 beat and a higher Q3 outlook; Jay Jackson said the company is simply being conservative and still expects to land near the top end of the annual range, implying a stronger Q4. Questions also focused on the new interval fund, where management said it has already engaged custodians, large RIAs, pension clients, and other distribution partners, and expects assets to come in during Q3 with a potentially strong Q4. Analysts asked about capital deployment, LifeARC monetization, the lower-than-expected asset management revenue, and the dividend; management attributed the revenue softness to ETF outflows, said LifeARC will likely be monetized via a recurring rev-share model, and said the annual dividend should increase in 2026 if current trends hold.