Abacus Global Management (ABL) 17th Annual LD Micro Main Event Conference summary

Business overview and market positioning

• Operates in the life settlements market, facilitating the sale of life insurance policies as assets between individuals and institutional investors.

• Holds licenses in 49 states, making it the largest and only public life settlements provider in the U.S.

• Went public via SPAC in July 2023 and completed an $11 million share offering in July 2024.

• Maintains a portfolio turnover of approximately every 116 days, focusing on sourcing and placing policies rather than holding them long-term.

• Generates 12,000 leads monthly, primarily from direct marketing, but only about 2,000 are viable due to strict underwriting criteria.

Growth strategy and recent developments

• Experiencing increased interest from both individuals surrendering policies and institutions seeking uncorrelated asset exposure.

• Recently announced acquisitions of Carlisle SCA FCF, a $2 billion Luxembourg-based asset manager, and FCF, an ETF provider, both expected to close in Q4 and be accretive to earnings.

• Filed an S-3 shelf registration to evaluate future capital-raising opportunities.

• Expanding into wealth management and data-driven services, leveraging proprietary mortality data for new subscription-based offerings to pension plans.

• Actively building out technology (ABL Tech) to support longevity planning and pension verification services.

Financial performance and operational highlights

• Reports mid-teen top and bottom line growth, 18% ROE, and 50% adjusted EBITDA margins.

• Q2 revenue reached $29 million, with some premium placements to underwriters.

• Business model benefits from direct sourcing, reducing intermediary costs and supporting margin stability.

• Institutional asset managers, especially European investors, represent a steady and growing revenue stream.

• Balance sheet remains constrained with limited debt, focusing new capital on acquiring additional policies.