Abacus Global Management, Inc.

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 2025 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.

Current wording

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; political instability both in the U.S. and abroad, to include political violence, terrorism, and war; 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 2025 Annual Report on Form 10-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. You should not place undue reliance on forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. 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

Results of Operations for the Three Months Ended March 31, 2026 and March 31, 2025

Current wording

Results of Operations for the Three and Six Months Ended June 30, 2026 and June 30, 2025

Previous wording

Asset management revenue increased by $686,067, or 8.8%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase is mainly due to an increase in servicing revenue driven by increases in policies in LP Funds. The Company did not record significant performance fees duringthe three months ended March 31, 2026. Refer to the Assets Under Management section below for the change in total assets managed and refer to the Key Business Metrics below for the average management fees charged.

Current wording

Asset management revenue decreased by $1,546,223, or 17.6%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease is mainly due to a decrease in management fee revenue driven by decreases in the assets under management in the Carlisle Funds and ETF Funds, partially offset by the increase in assets under management in the LP Funds. The Company did not record significant performance fees duringthe three months ended June 30, 2026. Refer to the Assets Under Management section below for the change in total assets managed and refer to the Key Business Metrics below for the average management fees charged.

Previous wording

Total life solutions revenue incre ased by $14,268,631 or 39.3% for thethree months ended March 31, 2026 compared to thethree months ended March 31, 2025. The increase is mainly due toan increase in the number of policies sold and realized gain recognized on policies sold. The higher sales generated $77,763,948 in total realized gains on sold life policies, partially offset bya decrease of $62,217,803 in total unrealized gains, anda decrease of $1,368,674 in total premiums paid.

Current wording

Total life solutions revenue incre ased by $18,124,216 or 38.3% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is mainly due to an increase in total gains recognized on life settlement policies. Life settlement policy sales and maturities generated an increase of $12,987,480 in total realized gains on sold and matured life settlement policies, coupled with an increase of $2,392,406 in total unrealized gains, an increase in insurance commissions of $1,881,126 and a decrease of $409,850 in total premiums paid. Refer to the Key Business Metrics section for the corresponding life settlement policy statistics.

Previous wording

The realized and unrealized gain activity is mainly due to the Company’s expanded available capital in 2026 compared to early 2025 and deployment capacity following the launching of Abacus managed funds in March 2025 and the $50 million delayed draw financing in September 2025. The average realized gain per policy sold also improved, rising from 21.0% for the three months ended March 31, 2025 to 26.4% for the three months ended March 31, 2026. This reflects increased institutional demand for life settlement policies as uncorrelated assets, creating more favorable pricing conditions for the Company’s portfolio trades. During the three months ended March 31, 2026, the Company sold approximately 41% of the policies that were on the balance sheet as of December 31, 2025 and redeployed a majority of that capital to purchase additional policies. In the quarter ended March 31, 2026, the Company’s weighted average discount rate was 10%, which is based on risk score and is directly calibrated to observed transaction prices for policies in the same risk score category. Refer to Note 4, Revenues and Note 13, Fair Value Measurements for additional information on the composition of revenue from life insurance policies. The combination of realized gains (loss) (sale price less purchase price) less premiums paid on sold/matured policies during the corresponding period and the reversal of the prior period unrealized gain on sold/matured policies represents the incremental gain (loss) on policies held using the fair value method for the corresponding reporting period from sales or maturities to related and unrelated parties (maturity gains are part of unrelated revenues).

Current wording

The realized and unrealized gain activity is mainly due to the Company’s expanded available capital in 2026 compared to early 2025 and deployment capacity following the launching of Abacus managed funds in March 2025 and the $50 million delayed draw financing in September 2025. Refer to Note 4, Revenues and Note 13, Fair Value Measurements for additional information on the composition of revenue from life insurance policies. The combination of realized gains (loss) (sale price or maturity less purchase price) less premiums paid on sold/matured policies during the corresponding period and the reversal of the prior period unrealized gain on sold/matured policies represents the incremental gain (loss) on policies held using the fair value method for the corresponding reporting period from sales or maturities to related and unrelated parties (maturity gains are part of unrelated revenues).

Previous wording

The decrease to origination revenue is primarily due to the Company originating policies for LMA and LMAIS II, rather than for third parties, and origination fees associated with LMA and LMAIS II are eliminated in consolidation.

Current wording

The decrease to origination revenue is primarily due to the Company’s focus on originating policies for LMA and LMAIS II, rather than for third parties. Origination fees charged to LMA and LMAIS II are eliminated in consolidation.

Previous wording

Technology services revenue increased by $296,244 for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase is due to increases in the number of lives tracked.

Current wording

Technology services revenue increased by $217,377 for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is due to increases in the number of lives tracked.

Previous wording

Cost of revenues (including stock-based compensation) decreased by $801,022, or 11.3%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The decrease in cost of revenues is primarily due to a decrease of $1,054,331 in origination commissions due to a decrease in amount of policies originated to subsidiaries eliminated in consolidation (refer to the Key Business Metrics section below for the the comparison of the number of policy originations to subsidiaries eliminated in consolidation), and $246,342 asset management retrocession fees mainly due to a decrease in the AUM of the ETF Funds (refer to the Results of Operations—Segment Results—Asset Management section below) partially offset by an increase of $368,541 related to compensation expenses due to increase in employees in connection with the Company’s 2025 business acquisitions.

Current wording

Cost of revenues (including stock-based compensation) increased by $2,208,785, or 16.8%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase in cost of revenues is due to increase of $3,950,691 related to compensation expenses due to an increase in total employees partially offset by a decrease of $772,848 in asset management retrocession fees mainly due to a decrease in the AUM of the Carlisle and ETF Funds.

Previous wording

Sales and marketing expenses increased by $2,331,910 or 89.1%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. 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 $2,290,745 or 70.1%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. 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 $13,608,339, or 111.0%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase is primarily related to increases in payroll expense of $4,507,070 mainly due to increase in staffing due to acquisitions, an increase in non-cash stock-based compensation expense of $3,801,656, and increase in legal and professional fees of $3,095,461 incurred in connection with various projects, and other general and administrative expenses of $1,590,159.

Current wording

General and administrative (including stock-based compensation) increased by $14,029,745, or 74.1%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase is primarily related to increases in legal and professional fees of $8,461,035 incurred in connection with various projects, increases in payroll expense of $2,357,717 mainly due to increase in staffing due to acquisitions, an increase in non-cash stock-based compensation expense of $2,892,265, and other general and administrative expenses of $318,728.

Previous wording

Unrealized gain on investments decreased by $272,254 or 100.0% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The Company no longer invests in S&P 500 options.

Current wording

Gain on equity securities, at fair value decreased by $272,254 or 100.0% for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The Company no longer invests in S&P 500 options. There was no gain on equity securities, at fair value for the three months ended June 30, 2026.

Previous wording

The decrease of $824,460, or 17.3%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 in depreciation and amortization expense is primarily related to certain intangible assets reaching the end of their estimated useful lives.

Current wording

Depreciation and amortization expense decreased by $1,221,638, or 23.6%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily related to certain intangible assets reaching the end of their estimated useful lives.

Previous wording

Gain on change in fair value of debt decreased by $3,362,103 or 100.0% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The Company paid off its market-indexed notes in 2025.

Current wording

Gain on change in fair value of debt decreased by $3,362,103 or 100.0% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The Company paid off its market-indexed notes in 2025. There was no gain on change in fair value of debt for the six months ended June 30, 2026.

Previous wording

Interest expense increased by$835,262 or 8.7%for thethree months ended March 31, 2026 compared to thethree months ended March 31, 2025. The increase in interest expense is primarily related to the $50,000,000 delayed draw borrowed in September 2025 that was available under the Senior Secured Credit Facility.

Current wording

Interest expense decreased by$440,241 or 5.0%for thethree months ended June 30, 2026 compared to thethree months ended June 30, 2025. The decrease in interest expense is primarily related to the reduction in the balance of LMA Income Series II, LP offset by the $50,000,000 delayed draw borrowed in September 2025 that was available under the Senior Secured Credit Facility.

Previous wording

The loss on change in fair value of warrant liability decreased by $4,806,000 or 100.0% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The change is primarily attributable to the redemption of all the Private Placement Warrants offset by the issuance of common stock in 2025.

Current wording

The loss on change in fair value of warrant liability decreased by $4,183,000 or 100.0% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The change is primarily attributable to the redemption of all the Private Placement Warrants offset by the issuance of common stock in 2025.

Previous wording

Other income increased by $2,563,117 or 5,756.7%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The change is primarily related to an unrealized gain of $5,400,000 on one equity investment, partially offset by a $3,050,000 impairment on a separate equity investment. See Note 9, Other Investments and Other Assets.

Current wording

Other income decreased by $3,016,602 or 112.8%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The change is primarily related to a unrealized gains of $4,739,489 on equity investments, partially offset by a $3,050,000 impairment on a separate equity investment and non-cash stock consideration $2,205,337 issued during the six months ended June 30, 2026 (see Note 3, Business Combinations) compared to paid in kind lender fees of $1,500,000 charged in 2025, which did not recur in 2026. See Note 9, Other Investments and Other Assets.

Previous wording

Interest income decreased by $511,778 or 43.6% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The decrease in interest income is related to interest earned on our bank deposits.

Current wording

Interest income decreased by $853,273 or 39.0% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease in interest income is related to interest earned on our bank deposits.

Previous wording

Income tax expense increased by $1,456,729, or 62.4% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The change was primarily driven by the increase in net income and the impact of permanent differences due to compensation related expenses. Our effective income tax rate for the three months ended March 31, 2026 and for the three months ended March 31, 2025, was 34.3% and 30.2%, respectively.

Current wording

Income tax expense increased by $278,879, or 6.9% for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The change was primarily driven by the impact of various permanent differences with the larger of these permanent differences being related to compensation related expenses partially offset by decrease in statutory tax provision due to an increase in taxable income. Our effective income tax rate for the three months ended June 30, 2026 and for the three months ended June 30, 2025, was 39.6% and 18.8%, respectively.

Previous wording

Cost of revenue from our asset management segment decreased by $146,040, or 5.3%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to a decrease in the ETF Funds’ AUM.

Current wording

Cost of revenue from our asset management segment increased by $316,846, or 10.4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to increases in compensation related expenses.

Previous wording

Cost of revenue from our life solutions segment decreased by $815,178, or 20.9%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, mainly due to a decrease in compensation related expenses.

Current wording

Cost of revenue from our life solutions segment increased by $2,522,693, or 100.5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, mainly due to increases in compensation related expenses.

Previous wording

Cost of revenue from our technology services segment increased by $160,196, or 34.4%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, mainly due to an increase in compensation related expenses.

Current wording

Cost of revenue from our technology services segment increased by $170,268, or 34.3%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, mainly due to an increase in compensation related expenses.

Previous wording

Adjusted Net Income is presented for the purpose of calculating Adjusted EPS. The Company defines Adjusted Net Income as net income (loss) attributable to common stockholders adjusted for non-controlling interest income, amortization, change in fair value of warrants, business acquisition costs and special legal costs, and non-cash stock-based compensation and the related stock-based limitation tax effect before the estimated tax effect. The estimated tax effect to adjusted net income is based on the Company’s U.S. based federal and state statutory tax rates. We believe that Adjusted Net Income provides an additional measure of operating performance that eliminates the impact of expenses that do not relate to business performance.

Current wording

Adjusted Net Income is presented for the purpose of calculating Adjusted EPS. The Company defines Adjusted Net Income as net income (loss) attributable to common stockholders adjusted for non-controlling interest income, amortization, change in fair value of warrants, business acquisition costs and non-recurring legal costs, and non-cash stock-based compensation and the related stock-based limitation tax effect before the estimated tax effect. The estimated tax effect to adjusted net income is based on the Company’s U.S. based federal and state statutory tax rates. We believe that Adjusted Net Income provides an additional measure of operating performance that eliminates the impact of expenses that do not relate to business performance.

Previous wording

Adjusted EBITDA is net income adjusted for depreciation expense, amortization, interest expense, income tax, business acquisition costs and special legal 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.

Current wording

Adjusted EBITDA is net income adjusted for depreciation expense, amortization, interest expense, income tax, business acquisition costs and non-recurring legal 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

We believe that Adjusted EBITDA assists investors in understanding the Company’s ongoing operating performance by presenting comparable financial results between periods. We believe that by removing the impact of depreciation and amortization and excluding certain non-cash charges, amounts spent on interest and taxes, and certain other charges that are variable from year to year. We believe that Adjusted EBITDA provides our investors with performance measures that reflect the impact to operations from trends in changes in revenue, policy values, and operating expenses that provides a perspective not immediately apparent from net income (loss) and operating income (loss). Adjusted EBITDA excludes items which we believe may cause short-term fluctuations in net income (loss) and operating income (loss) which we do not consider to be the primary drivers of the Company’s business.

Current wording

Adjusted EBITDA provides our investors with performance measures that reflect the impact to operations from trends in changes in revenue, policy values, and operating expenses that provides a perspective not immediately apparent from net income (loss) and operating income (loss). Adjusted EBITDA excludes items which we believe may cause short-term fluctuations in net income (loss) and operating income (loss) which we do not consider to be the primary drivers of the Company’s business.

Previous wording

holding period. The number of policies sold and purchased helps us measure the level of trading activity for the period that leads to realized and unrealized gains, respectively. Realized gains on sold policies and revenues from maturities is used to measure our profit optimization. The net death benefit of policies represents the maximum potential maturity revenue realization on policies held. The turnover ratio measures our capital efficiency with a higher number generally correlating to growth in realized gains. The holding period is based on the weighted average age of life settlement policies, which tracks our ability to make hold or trade decisions that enhance realized gains.

Current wording

•Revenue generated from life policies: (i) policies sold, matured, and bought, (ii) realized gains, (iii) revenues from maturities, (iv) net death benefit value of policies held, (v) turnover ratio, and (vi) holding period. The number of policies sold and purchased helps us measure the level of trading activity for the period that leads to realized and unrealized gains, respectively. Realized gains on sold policies and revenues from maturities is used to measure our profit optimization. The net death benefit of policies represents the maximum potential maturity revenue realization on policies held.

Previous wording

[1] -2026 includes 8 policies and 2025 includes 6 policies within the rescission period that are recorded in contract liabilities on the Company’s consolidated balances sheets. Refer to Note 4, Revenue for additional information.

Current wording

[1] -2026 includes 4 policies and 2025 includes 4 policies within the rescission period that are recorded in contract liabilities on the Company’s consolidated balances sheets. Refer to Note 4, Revenue for additional information.

Previous wording

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. Sales to related parties resulted in average realized gains of 26.4% (ranging from 22% to 41%) compared to average realized gains of 10% from sales to external parties ranging from (3% to 40%) during thethree months ended March 31, 2026. There were no significant differences in the weighted average realized gains from life settlement policies sold to external- versus related-parties for thethree months ended March 31, 2025. Refer to Note 19, Related-Party Transactions for additional information.

Current wording

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. Sales to related parties resulted in average realized gains of 17.7% (ranging from 4% to 31%) during thesix months ended June 30, 2026. There were no sales to external parties during thesix months ended June 30, 2026. There were no sales of policies valued using the investment method for thesix months ended June 30, 2025. Refer to Note 19, Related-Party Transactions for additional information.

Previous wording

[1] For the three months ended March 31, 2026, LMA and LMA subsidiaries comprised 704 of the policies serviced, $837,144,010 face value of the policies serviced, and $355,200,597 of the total invested dollars. For the three months ended March 31, 2025, LMA and LMA subsidiaries comprised 736 of the policies serviced, $1,379,845,928 face value of the policies serviced, and $334,557,381 of the total invested dollars. All servicing revenues related to LMA or LMA subsidiaries are eliminated in consolidation. Total invested dollars represent the acquisition cost plus premiums paid for serviced policies and is used to determine servicing fees.

Current wording

[1] For the six months ended June 30, 2026, LMA and LMA subsidiaries comprised 600 of the policies serviced, $664,310,843 face value of the policies serviced, and $312,846,859 of the total invested dollars. For the six months ended June 30, 2025, LMA and LMA subsidiaries comprised 627 of the policies serviced, $1,027,006,147 face value of the policies serviced, and $292,823,428 of the total invested dollars. All servicing revenues related to LMA or LMA subsidiaries are eliminated in consolidation. Total invested dollars represent the acquisition cost plus premiums paid for serviced policies and is used to determine servicing fees.

Previous wording

The Company finances its operations primarily through cash generated from operations and net proceeds from debt or equity financing. The Company actively manages its working capital and the associated cash requirements when servicing and originating policies while also effectively utilizing cash and other sources of liquidity to purchase additional life settlement policies. As of March 31, 2026 and December 31, 2025, our principal source of liquidity was cash and cash equivalents totaling $37,209,747 and $38,112,332, respectively.

Current wording

Sources of Liquidity - The Company finances its operations through cash generated from operating activities and net proceeds from debt or equity financings. The Company’s principal source of liquidity is cash and cash equivalents, which totaled $23,388,190 and $38,112,332 as of June 30, 2026 and December 31, 2025, respectively.

Previous wording

During thethree months ended March 31, 2026, our operating activities provided $91,686,413 of net cash compared to $61,590,694 of net cash used from operating activities during thethree months ended March 31, 2025. Theincrease of $153,277,107 in net cash provided from operating activities was primarily due to $89,678,620 increase in net life policy settlement sales and $62,217,803 decrease in the fair value of held life policy settlements.

Current wording

During thesix months ended June 30, 2026, net cash provided by operating activities was $130,946,310 compared to $14,511,602 for thesix months ended June 30, 2025. Theincrease of $116,434,708 in net cash provided from operating activities was primarily due to an increase in net life policy settlement sales by $42,667,696, a decrease in the fair value of held life policy settlements of $59,836,371, and increase in the related party payable of $21,473,912.

Previous wording

During the three months ended March 31, 2026, investing activities used$931,742 of net cash compared to$3,739,403 net cash used during the three months ended March 31, 2025. The decrease of $2,807,661 in net cash used in investing activities was primarily related to $3,450,000 purchases of investments that did not recur.

Current wording

During the six months ended June 30, 2026, net cash used in investing activities was$41,723,685 compared to$13,743,342 for the six months ended June 30, 2025. The increase of$27,980,343 in net cash used in investing activities was primarily related to an increase of$35,689,750 for purchases of investments that did not occur in the prior comparable period.

Previous wording

During thethree months ended March 31, 2026, financing activities used $91,657,256 of net cash compared to $22,852,454 of net cash used during thethree months ended March 31, 2025. The increase of$68,804,802 in net cash usedby financing activitiesis primarily due to $39,437,739 increase in debt repayments, and $14,453,988 increase in share repurchases,offset by $15,445,504 decrease in issued debt.

Current wording

During thesix months ended June 30, 2026, net cash used in financing activities was $103,946,767 compared to $57,875,671 for thesix months ended June 30, 2025. The increase of$46,071,096 in net cash usedby financing activitiesis primarily due to an increase in debt repayments of $31,626,141 and a decrease in proceeds from issued debt of $23,739,866, offset by a decrease in share repurchases of $10,692,408.