Abacus Global Management, Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
ABX$8.78+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001814287-25-000044
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001628280-25-050614
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 127 previous paragraphs and 148 current paragraphs.
71 unchanged; 51 reworded; 26 added; 4 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 50 previous and 56 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (26)
Current report
The realized gain and unrealized activity is mainly due to the Company’s expanded capital base and deployment capacity following two major financing events: a $90.0 million equity raise in November 2024 and a $100.0 million debt facility acquired in December 2024. The additional capital enabled the Company to acquire a larger portfolio of life insurance policies, with a substantial portion sold during three months ended September 30, 2025 to investors seeking uncorrelated assets to invest in. The average realized gain per policy sold also improved markedly, rising from 19.0% for the three months ended September 30, 2024 to 36.6% for the three months ended September 30, 2025. This improvement reflects increased institutional demand for life settlement policies as uncorrelated assets, creating more favorable pricing conditions for the Company’s portfolio trades. In the quarter ended September 30, 2025, the Company’s discount rate was 15%, which is based on the historical and current realized gains on policies sold, risk score, duration, and current demand for uncorrelated assets. Refer to Note 4 Revenues and Note 13 Fair Value Measurements to the consolidated Interim Financial Statements for additional information.
Current report
The realized and unrealized gain activity is mainly due to the Company’s expanded capital base and deployment capacity following two major financing events: a $90.0 million equity raise in November 2024 and a $100.0 million debt facility acquired in December 2024. The additional capital enabled the Company to acquire a larger portfolio of life insurance policies, with a substantial portion sold during nine months ended September 30, 2025 to investors seeking uncorrelated assets to invest in. The average realized gain per policy sold also improved markedly, rising from 20.2% for the nine months ended September 30, 2024 to 30.2% for the nine months ended September 30, 2025. This reflects increased institutional demand for life settlement policies as uncorrelated assets, creating more favorable pricing conditions for the Company’s portfolio trades. During nine months ended September 30, 2025, the Company sold approximately 51% of the policies that were on the balance sheet as of December 31, 2024 and redeployed a majority of that capital to purchase additional policies. In the quarter ended September 30, 2025, the Company’s discount rate was 15%, which is based on the historical and current realized gains on policies sold, risk score, duration, and current demand for uncorrelated assets. Refer to Note 4 Revenues and Note 13 Fair Value Measurements to the consolidated Interim Financial Statements for additional information.
Current report
Other (expense) income increased by $619,295 or 6298.8% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The change is primarily related to the credit loss allowance recorded during the period discussed in Note 8 Available-for-Sale Securities, at Fair Value to the consolidated Interim Financial Statements.
Current report
Loss on change in fair value of warrant liability decreased by $7,685,307 or 87.7% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The change is primarily attributable to the redemption of all the Private Placement Warrants offset by the issuance of common stock. Refer to Note 13 Fair Value Measurements to the consolidated Interim Financial Statements for additional information.
Current report
The loss on change in fair value of warrant liability decreased by $6,782,847 or 79.9% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The change is primarily attributable to the redemption of all the Private Placement Warrants offset by the issuance of common stock. Refer to Note 13 Fair Value Measurementsto the consolidated Interim Financial Statements for additional information.
Current report
The change in revenue is explained above under Revenue. The composition of cost of revenue is described in Note 2 Significant Accounting Policies and Recent Accounting Standards to the consolidated Interim Financial Statements.
Current report
Assets Under Management
Current report
The Company did not have assets under management until the fourth quarter of 2024.
Current report
Longevity Funds—The change in inflows are related to new subscriptions of approximately $71.0 million. The outflows are related to redemptions of approximately $16.3 million. The change in value was approximately $50.5 million is the result of realized and unrealized gains generated by the funds, net of operating expenses.
Current report
ETF Funds—The change in inflows are related to new subscriptions of approximately $31.1 million. The outflows are related to redemptions of approximately $9.3 million. The change in value of approximately $14.8 million is the result of realized and unrealized gains generated by the funds, net of operating expenses
Current report
The change in revenue is explained above under Revenue. The composition of cost of revenue is described in Note 2 Significant Accounting Policies and Recent Accounting Standards to the consolidated Interim Financial Statements.
Current report
Assets Under Management
Current report
The Company did not have assets under management until the fourth quarter of 2024.
Current report
Longevity Funds—The change in inflows are related to new subscriptions of approximately $329.1 million. The outflows are related to redemptions of approximately $31.1 million. The change in value of approximately $(69.5) million is the result of realized and unrealized gains generated by the funds, net of operating expenses.
Current report
ETF Funds—The change in inflows are related to new subscriptions of approximately $139.2 million. The outflows are related to redemptions of approximately $(124.4) million. The change in value of approximately $69.1 million is the result realized and unrealized gains generated by the funds, net of operating expenses.
Current report
The change in revenue is explained above under Revenue. The composition of cost of revenue is described in Note 2 Significant Accounting Policies and Recent Accounting Standards.
Current report
The change in revenue is explained above under Revenue. The composition of cost of revenue is described in Note 2 Significant Accounting Policies and Recent Accounting Standards to the consolidated Interim Financial Statements.
Current report
The change in revenue is explained above under Revenue. The composition of cost of revenue is described in Note 2 Significant Accounting Policies and Recent Accounting Standards to the consolidated Interim Financial Statements.
Current report
The change in revenue is explained above under Revenue. The composition of cost of revenue is described in Note 2 Significant Accounting Policies and Recent Accounting Standards to the consolidated Interim Financial Statements.
Current report
[2] The estimated tax is based on the net federal and state statutory rate.
Current report
Note: EPS totals may not add up due to rounding.
Current report
[2] The estimated tax is based on the net federal and state statutory rate.
Current report
Note: EPS totals may not add up due to rounding.
Current report
Note: Realized gains represent the difference between the sale price of life insurance policies or the net death benefit of matured life insurance policies, net of the original cost of the corresponding life settlement policy plus related lifetime continuing costs (e.g., premium costs) (together all costs associated with life insurance policies are “Lifetime Carrying Costs”). The average realized gain on policies sold represents realized gains as a percentage of related Lifetime Carrying Costs of sold life insurance policies. Refer to Note 19 Related-Party Transactions for additional information.
Current report
Note: Realized gains represent the difference between the sale price of life insurance policies or the net death benefit of matured life insurance policies, net of the original cost of the corresponding life settlement policy plus related lifetime continuing costs (e.g., premium costs) (together all costs associated with life insurance policies are “Lifetime Carrying Costs”). The average realized gain on policies sold represents realized gains as a percentage of related Lifetime Carrying Costs of sold life insurance policies.
Current report
Refer to Note 13 Fair Value Measurements and Note 15 Convertible Preferred Stock and Stockholders’ Equity for disclosures related to the Company’s conversion of all Private Placement Warrants and Public Warrants in a non-cash exchange for the Company’s common stock, respectively.
Removed paragraphs (4)
Previous report
Performance Measures
Previous report
NM = Not meaningful.
Previous report
Gain on change in fair value of warrant liability increased by $4,850,500 or (726.7)% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change is primarily attributable to the change in the price for the public warrants, which is a determining factor for measuring the fair value of the private warrants.
Previous report
(Loss) on change in fair value of warrant liability increased by $(902,460) or(322.9)% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change is primarily attributable to the change in the price for the public warrants, which is a determining factor for measuring the fair value of the private warrants.
Reworded paragraphs (51)
Previous wording
The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, hopes, intentions or strategies regarding the future. In addition to historical financial analysis, this discussion and analysis contains forward-looking statements based upon current expectations that involve risks, uncertainties, and assumptions, as described under the heading “Cautionary Note Regarding Forward-Looking Statements.” All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to: the potential impact of our business relationships, including with our employees, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; 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; and other risks detailed in the those set forth under “Risk Factors” or elsewhere in this quarterly statement and in our 2024 Annual Report on Form 10-K. Unless the context otherwise requires, references in this “Abacus Global Management, Inc. Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “we,” “us,” “our,” and “Company” are intended to mean the business and operations of Abacus Global Management, Inc.
Current wording
The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, hopes, intentions or strategies regarding the future. In addition to historical financial analysis, this discussion and analysis contains forward-looking statements based upon current expectations that involve risks, uncertainties, and assumptions, as described under the heading “Cautionary Note Regarding Forward-Looking Statements.” All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to: the potential impact of our business relationships, including with our employees, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; 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; and other risks detailed in the those set forth under “Risk Factors” or elsewhere in this quarterly statement and in our 2024 Annual Report on Form 10-K. Unless the context otherwise requires, references in this “Abacus Global Management, Inc. Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “we,” “us,” “our,” , “Abacus”, and “Company” are intended to mean the business and operations of Abacus Global Management, Inc.
Previous wording
Asset management revenue increased by $8,556,988, or 4176.4%, for thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024. The increase is mainly due to the Carlisle Acquisition and FCF Acquisition with their corresponding revenue activity having commenced in December 2024.
Current wording
Asset management revenue increased by $8,517,417, or 7318.2%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase is mainly due to the Carlisle Acquisition and FCF Acquisition with their corresponding revenue activity having commenced in December 2024. The Company did not record significant performance fees duringthe three months ended September 30, 2025.
Previous wording
Asset management revenue increased by $16,112,130, or 3810.6%, for thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024. The increase is mainly due to the Carlisle Acquisition and FCF Acquisition with their corresponding revenue activity having commenced in December 2024.
Current wording
Asset management revenue increased by $24,629,547, or 4567.7%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase is mainly due to the Carlisle Acquisition and FCF Acquisition with their corresponding revenue activity having commenced in December 2024. The Company did not record significant performance fees duringthe nine months ended September 30, 2025.
Previous wording
Life solutions revenue incre ased by $18,429,630 or 63.8% for thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024. The increase is mainly due to an increase of $49,641,418 in realized gains, partially offset by $(25,197,161) in unrealized gains and $(5,664,385) in premiums paid related to policies accounted for under the fair value method.
Current wording
Life solutions revenue incre ased by $26,090,472 or 93.1% for thethree months ended September 30, 2025 compared to thethree months ended September 30, 2024. The increase is mainly due to an increase of $31,460,434 in realized gains, partially offset by $(1,063,870) in unrealized gains and $(4,604,497) in premiums paid related to policies accounted for under the fair value method.
Previous wording
Life solutions revenue incre ased by $33,459,038 or 66.7% for thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024. The increase is mainly due to an increase of $55,293,970 in realized gains, partially offset by $(3,475,198) in unrealized gains, $(11,541,418) in premiums paid, and $(6,620,486) fee-based revenue that did not recur related to policies accounted for under the fair value method.
Current wording
Life solutions revenue incre ased by $59,549,510 or 76.2% for thenine months ended September 30, 2025 compared to thenine months ended September 30, 2024. The increase is mainly due to an increase of $86,754,404 in realized gains, partially offset by $(4,539,068) in unrealized gains, $(16,145,915) in premiums paid, and $(6,959,273) fee-based revenue that did not recur related to policies accounted for under the fair value method. Fee-based revenue includes a) commissions earned from the sale of insurance policies, both in the first year the policy is sold and, when applicable, when the underlying policyholder renews their policy in subsequent years; and b) one-time consulting fees that can vary widely on a quarterly basis by identifying policies available for sale, valuing these policies, and negotiating terms with sellers and buyers.
Previous wording
Technology services revenue increased by$161,900 for thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024. The increase is mainly due technology service revenue activity having commenced in December 2024.
Current wording
Technology services revenue increased by$218,776 for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase is mainly due technology service revenue activity having commenced in December 2024.
Previous wording
Technology services revenue increased by $229,512 for thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024. The increase is mainly due technology service revenue activity having commenced in December 2024.
Current wording
Technology services revenue increased by $448,288 for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase is mainly due technology service revenue activity having commenced in December 2024.
Previous wording
Cost of revenues (including stock-based compensation) increased by $7,698,620, or 140.9%, for thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024. The increase in cost of revenues is primarily due to $4,460,600 asset management retrocession fees, $1,478,036 increase of commissions for origination activity, and increase in payroll expense related to growth in life policy acquisition and sale activity.
Current wording
Cost of revenues (including stock-based compensation) increased by $5,467,717, or 249.9%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase in cost of revenues is primarily due to $3,259,327 asset management retrocession fees with the balance of the increase related to compensation expense due to the growth in life policy acquisition and sale activity. Refer to Note 2 Significant Accounting Policies and Recent Accounting Standards to the consolidated Interim Financial Statements for the composition of cost of revenues.
Previous wording
Cost of revenues (including stock-based compensation) increased by $3,311,110, or 120.7%, for thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024. The increase in cost of revenues is primarily due to $2,343,251 asset management retrocession fees and increase in payroll expense related to growth in life policy acquisition and sale activity.
Current wording
Cost of revenues (including stock-based compensation) increased by $13,166,337, or 172.1%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in cost of revenues is primarily due to $7,719,927 asset management retrocession fees, $2,230,487 increase related to compensation expenses due to the growth in life policy acquisition and sale activity. Refer to Note 2 Significant Accounting Policies and Recent Accounting Standards for the composition of cost of revenues.
Previous wording
Gross profit increased by $23,837,408, or 90.5%, for thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024. The increase in gross profit is primarily due to an increase in asset management revenue and life solutions revenue driven by an increase in policies purchased.
Current wording
Gross profit increased by $29,358,948, or 113.1%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase in gross profit is primarily due to an increase in asset management revenue and life solutions revenue driven by an increase in policies purchased.
Previous wording
Gross profit increased by $42,102,060, or 93.4%, for thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024. The increase in gross profit is primarily due to the increase in asset management revenue and life solutions revenue driven by an increase in policies purchased.
Current wording
Gross profit increased by $71,461,008, or 100.6%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in gross profit is primarily due to the increase in asset management revenue and life solutions revenue driven by an increase in policies purchased.
Previous wording
Sales and marketing expenses increased by $714,914 or 28.0%, for thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024. The increase was primarily related to an increase in advertising costs to support our life solutions growth strategy.
Current wording
Sales and marketing expenses increased by $1,630,687 or 75.2%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was primarily related to an increase in advertising costs to support our life solutions growth strategy.
Previous wording
Sales and marketing expenses increased by $1,400,970 or 31.3%, for thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024. The increase was primarily related to an increase in advertising costs to support our life solutions growth strategy.
Current wording
Sales and marketing expenses increased by $3,031,657 or 45.6%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was primarily related to an increase in advertising costs to support our life solutions growth strategy.
Previous wording
General and administrative (including stock-based compensation) increased by $5,283,272, or 20.4%, for thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024. The increase is primarily related to increases in payroll expense of $5,319,132 mainly due to acquisitions, legal and professional fees of $5,149,792, and other expenses general and administrative expenses of $2,971,460, partially offset by decreases in non-cash stock-based compensation expense of $(6,742,032) and accounting and auditing fees of $(1,415,080).
Current wording
General and administrative (including stock-based compensation) increased by $9,216,811, or 59.5%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase is primarily related to increases in legal and professional fees of $4,528,470, payroll expense of $3,738,314 mainly due to acquisitions, other general and administrative expenses of $1,953,424, and accounting and auditing fees of $1,048,335, partially offset by decreases in non-cash stock-based compensation expense of $2,051,732.
Previous wording
General and administrative (including stock-based compensation) increased by $4,372,985, or 30.0%, for thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024. The increase is primarily related to increases in legal and professional fees of $3,672,671, payroll expense of $2,735,246 mainly due to acquisitions, and other expenses general and administrative expenses of $1,725,146, partially offset by decreases in non-cash stock-based compensation expense of $(2,841,344) and accounting and auditing fees of $(918,734).
Current wording
General and administrative (including stock-based compensation) increased by $14,500,083, or 35.0%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase is primarily related to increases in payroll expense of $9,057,445 mainly due to acquisitions, legal and professional fees of $9,678,261, and other general and administrative expenses of $4,924,886, partially offset by decreases in non-cash stock-based compensation expense of $8,793,764 and accounting and auditing fees of $366,745.
Previous wording
The increase of $3,433,631, or 196.2%, for thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024 in depreciation and amortization expense is primarily related to the amortization of acquired businesses intangible assets.
Current wording
The increase of $2,654,803, or 152.1%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 in depreciation and amortization expense is primarily related to the amortization of acquired businesses intangible assets.
Previous wording
The increase of $6,510,123, or 189.7%, for thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024 in depreciation and amortization expense is primarily related to the amortization of acquired businesses intangible assets.
Current wording
The increase of $9,164,926, or 177.0%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 in depreciation and amortization expense is primarily related to the amortization of acquired businesses intangible assets.
Previous wording
Unrealized loss on investments decreased by $(90,228) or (24.9)% for thethree months ended June 30, 2025, compared to thethree months ended June 30, 2024. The change is mainly due to investments in S&P 500 options sold in 2024.
Current wording
Unrealized loss on investments decreased by $417,677 or 100.0% for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The change is mainly due to investments in S&P 500 options sold in 2024.
Previous wording
Unrealized gain on investments decreased by $802,484 or (100.0)% for thesix months ended June 30, 2025, compared to thesix months ended June 30, 2024. The change is mainly due to investments in S&P 500 options sold in 2024.
Current wording
Unrealized gain on investments decreased by $1,220,161 or 100.0% for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The change is mainly due to investments in S&P 500 options sold in 2024.
Previous wording
Realized gain on investments increased by $856,744 or (100.0)% for thesix months ended June 30, 2025, compared to thesix months ended June 30, 2024. The change is mainly due to the sale of investments in S&P 500 options in June and December 2024 used to pay off the market-indexed notes between July 2024 and January 2025.
Current wording
Realized gain on investments increased by $— for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The change is mainly due to the sale of investments in S&P 500 options in June and December 2024 used to pay off the market-indexed notes between July 2024 and January 2025.
Previous wording
Realized gain on investments increased by $856,744 or (100.0)% for thethree months ended June 30, 2025, compared to thethree months ended June 30, 2024. The change is mainly due to the sale of investments in S&P 500 options in June and December 2024 used to pay off the market-indexed notes between July 2024 and January 2025.
Current wording
Realized gain on investments increased by $856,744 or 100.0% for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The change is mainly due to the sale of investments in S&P 500 options in June and December 2024 used to pay off the market-indexed notes between July 2024 and January 2025.
Previous wording
Loss on change in fair value of debt decreased by $(1,199,463) or (100.0)% for thethree months ended June 30, 2025 compared to thethree months ended June 30, 2024. The change is primarily attributable to the payoff of the market-indexed notes between July 2024 and January 2025.
Current wording
Loss on change in fair value of debt decreased by $124,237 or 100.0% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The change is primarily attributable to the payoff of the market-indexed notes between July 2024 and January 2025. Please refer to Note 14 Long-Term Debt for further information.
Previous wording
Gain on change in fair value of debt increased by $(7,274,193) or (185.9)% for thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024. The change is primarily attributable to the payoff of the market-indexed notes.
Current wording
Gain on change in fair value of debt increased by $7,398,430 or 183.3% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The change is primarily attributable to the payoff of the market-indexed notes. The Company’s final paid amount to the debt holders was less than the fair value amount reported, resulting in the reported gain. The Company had the contractual right to pay off the debt at par value, and the fair value of the debt at retirement was different from its par value (due to the prevailing interest rate at the end of each reporting period, amongst other factors). Please refer to Note 14 Long-Term Debt for further information.
Previous wording
Interest expense increased by $(4,222,958) or 93.2% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase in interest expense is primarily related to the $72,727,075 increase in the Fixed Rate Senior Unsecured Notes in connection with the Carlisle Acquisition and to the $100,000,000 issuance of the Senior Secured Credit Facility in December 2024.
Current wording
Interest expense increased by $5,520,158 or 130.9% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase in interest expense is primarily related to he $100,000,000 issuance of the Senior Secured Credit Facility and the $72,727,075 increase in the Fixed Rate Senior Unsecured Notes in connection with the Carlisle Acquisition b in December 2024.
Previous wording
Interest income increased by $372,372 or 58.2% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase in interest income is related to interest earned on our bank deposits.
Current wording
Interest income increased by $194,152 or 31.9% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase in interest income is related to interest earned on our bank deposits.
Previous wording
Other income increased by $2,522,702 or 1290.6% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change is primarily related to lending fees discussed in Note 9 Other Investments and Other Assets.
Current wording
Other (expense) income increased by $1,911,911 or 1441.8%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The change is primarily related to lending fees discussed in Note 9 Other Investments and Other Assets.
Previous wording
Interest expense increased by$(10,170,843) or 124.0% for thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024. The increase in interest expense is primarily related to the $72,727,075 increase in the Fixed Rate Senior Unsecured Notes in connection with the Carlisle Acquisition and to the $100,000,000 issuance of the Senior Secured Credit Facility in December 2024.
Current wording
Interest expense increased by$15,691,001 or 126.4%for thenine months ended September 30, 2025 compared to thenine months ended September 30, 2024. The increase in interest expense is primarily related to the $100,000,000 issuance of the Senior Secured Credit Facility and the $72,727,075 increase in the Fixed Rate Senior Unsecured Notes in connection with the Carlisle Acquisition borrowed in December 2024.
Previous wording
Interest income increased by $1,125,947 or 106.1% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase in interest income is related to interest earned on our bank deposits.
Current wording
Interest income increased by $1,320,099 or 79.0% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase in interest income is related to interest earned on our bank deposits.
Previous wording
Income tax expense increased by $2,312,261, or 131.5% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase was primarily driven by the increase in net income. Our effective income tax rate for the three months ended June 30, 2025 and three months June 30, 2024, was 18.8% and 73.0%, respectively.
Current wording
Income tax expense (benefit) increased by $4,943,054, or (1974.3)% for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was primarily driven by the increase in net income. Our effective income tax rate for the three months ended September 30, 2025 and three months September 30, 2024, was 39.9% and 4.5%, respectively.
Previous wording
Income tax expense increased by $3,472,833, or 118.5% for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase was primarily driven by the increase in net income. Our effective income tax rate for the six months ended June 30, 2025 and for the six months June 30, 2024, was 21.8% and 127.0%, respectively.
Current wording
Income tax expense (benefit) increased by $8,415,887, or 313.9% for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase was primarily driven by the increase in net income. Our effective income tax rate for the nine months ended September 30, 2025 and for the nine months September 30, 2024, was 26.9% and (83.1)%, respectively.
Previous wording
Cost of revenue from our asset management segment increased by $2,878,422, or 1706.5%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to the Carlisle Acquisition and FCF Acquisition with their corresponding revenue and related cost of revenue activity that commenced in December 2024.
Current wording
Cost of revenue from our asset management segment increased by $3,941,426, or 981.7%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to retrocession fees related to the Longevity and ETF Funds.
Previous wording
Cost of revenue from our asset management segment increased by $5,258,048, or 990.1%, for thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024, primarily due to the Carlisle Acquisition and FCF Acquisition with their corresponding revenue and related cost of revenue activity that commenced in December 2024.
Current wording
Cost of revenue from our asset management segment increased by $9,199,474, or 986.5%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to retrocession fees related to the Longevity and ETF Funds.
Previous wording
Cost of revenue from our life solutions segment decreased by$(64,318), or (2.5)% for thethree months ended June 30, 2025, compared to thethree months ended June 30, 2024, mainly due to a decrease in origination related services.
Current wording
Cost of revenue from our life solutions segment increased by $752,451, or 42.1% for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, mainly due to an increase in compensation related expenses.
Previous wording
Cost of revenue from our life solutions segment increased by$1,478,036, or 30.0% for thesix months ended June 30, 2025, compared to thesix months ended June 30, 2024, mainly due to an increase in policy acquisition activity, policy trading activity, and compensation related expenses, including an increase related to origination related services.
Current wording
Cost of revenue from our life solutions segment increased by $2,230,487, or 33.2% for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, mainly due to an increase in compensation related expenses.
Previous wording
Cost of revenue from our technology services segment increased by $497,006, for thethree months ended June 30, 2025, compared to thethree months ended June 30, 2024, mainly due to compensation expenses. Our technology service revenue and related cost of revenue activity commenced in December 2024.
Current wording
Cost of revenue from our technology services segment increased by $773,840, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, mainly due to compensation related expenses. Our technology service revenue and related cost of revenue activity commenced in December 2024.
Previous wording
Cost of revenue from our technology services segment increased by $962,536, for thesix months ended June 30, 2025, compared to thesix months ended June 30, 2024, mainly due to compensation expenses. Our technology service revenue and related cost of revenue activity commenced in December 2024.
Current wording
Cost of revenue from our technology services segment increased by $1,736,376, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, mainly due to compensation related expenses. Our technology service revenue and related cost of revenue activity commenced in December 2024.
Previous wording
Adjusted EBITDA is net income adjusted for depreciation expense, amortization, interest expense, income tax, business acquisition costs, non-cash expenses, and certain other items that in our judgment significantly impact the period-over-period assessment of performance and operating results thatdo not directly relate to business performance within the Company's 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 loss on investments), non-cash stock based compensation, and other items. Adjusted EBITDA should not be determined as substitution for net income (loss), cash flows from operating, investing, and financing activities, operating income (loss), or other metrics prepared in accordance with U.S. GAAP.
Current wording
Adjusted EBITDA is net income adjusted for depreciation expense, amortization, interest expense, income tax, business acquisition 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 Company's 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. Adjusted EBITDA should not be determined as substitution for net income (loss), cash flows from operating, investing, and financing activities, operating income (loss), or other metrics prepared in accordance with U.S. GAAP.
Previous wording
Refer to the Adjusted Net Income and Adjusted EPS section for the description of this measure and comparable GAAP measures. The three and six months ended June 30, 2025 includes Carlisle’s historical information prior the Carlisle Acquisition.
Current wording
Refer to the Adjusted Net Income and Adjusted EPS section for the description of this measure and comparable GAAP measures. The three and nine months ended September 30, 2024 includes Carlisle’s historical information prior to the Carlisle Acquisition.
Previous wording
The following table presents a reconciliation of Pro Forma Adjusted Net Income to the most comparable GAAP financial measure, net income (loss) attributable to common stockholders and Pro Forma Adjusted EPS to the most comparable GAAP financial measure, earnings (loss) per share combined with Carlisle on a historical basis for the three and six months ended June 30, 2025:
Current wording
The following table presents a reconciliation of Pro Forma Adjusted Net Income to the most comparable GAAP financial measure, net income (loss) attributable to the Company and Pro Forma Adjusted EPS to the most comparable GAAP financial measure, earnings (loss) per share combined with Carlisle on a historical basis for the three and nine months ended September 30, 2024:
Previous wording
The pro forma change in adjusted net Income was primarily a result of the factors described in connection with non-pro forma operating revenues and operating expenses adjusted for $2,304,875 and $4,338,905 pro forma Carlisle net income for the three and six months ended June 30, 2024, respectively.
Current wording
The pro forma change in adjusted net Income was primarily a result of the factors described in connection with non-pro forma operating revenues and operating expenses adjusted for $(760,792) and $3,578,113 pro forma Carlisle net income for the three and nine months ended September 30, 2024, respectively.
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Previous report — wording carried elsewhere
Other income increased by $2,531,206 or 1777.0%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change is primarily related to lending fees discussed in Note 9 Other Investments and Other Assets.