Abacus Global Management, Inc. reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated total revenues of $111.9 million, a substantial increase of 68% from $66.4 million in the previous year. This growth was primarily driven by a notable rise in active management revenue, which surged to $102.8 million from $61.2 million, reflecting a 68% increase. The asset management segment also contributed $2.8 million in new revenue, following the acquisition of two asset management firms in December 2024. However, the company recorded a net loss of $24.9 million, compared to a net income of $9 million in 2023, largely due to increased operating expenses and interest costs.
The filing highlighted several strategic developments, including the completion of the merger with East Resources Acquisition Company on June 30, 2023, which resulted in the rebranding of the company. Additionally, the acquisition of Carlisle Management Company and FCF Advisors on December 2, 2024, expanded Abacus's capabilities in the life settlement and asset management sectors. The company now operates through five reportable segments: Active Management, Originations, Asset Management, Portfolio Servicing, and Technology Services, reflecting its diversified business model.
Operationally, Abacus reported a significant increase in the number of life settlement policies it manages, with 719 policies held at fair value as of December 31, 2024, compared to 296 policies the previous year. The total face value of these policies rose to approximately $1.3 billion, with a corresponding fair value of $370.4 million. The company also expanded its workforce, increasing its employee count to 157, which supports its growth strategy and operational needs.
The filing also addressed the company's outlook, emphasizing its position within a growing life settlements market, which has a potential annual value of $233 billion. Abacus aims to capture a larger share of this market, which currently sees only about 2% penetration. The company plans to enhance its origination processes and increase awareness of life settlements as a viable financial option for policyholders, particularly among senior citizens. Management expressed confidence in the company's ability to leverage its recent acquisitions and technological advancements to drive future growth and profitability.
About Abacus Global Management, Inc.
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