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Abacus Global Management Inc. (ABL-2.16%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations across its five reportable segments: Active Management, Originations, Asset Management, Portfolio Servicing, and Technology Services. The Active Management segment generated $102.8 million in revenue, primarily through buying, selling, and trading life settlement policies.
The Originations segment reported $5.5 million in revenue from originating life insurance policy settlements between investors and sellers. The Asset Management segment, newly added in 2024 following acquisitions, contributed $2.8 million in revenue.
The Portfolio Servicing segment earned $0.8 million by providing policy services to clients, while the Technology Services segment, also new in 2024, generated $33,628 from real-time mortality verification and related services.
Abacus reported a net loss of $24.9 million for the year, compared to a net income of $9 million in the previous year. This shift was influenced by increased operating expenses, including $81.7 million in general and administrative costs and $9 million in sales and marketing expenses.
The company completed acquisitions of Carlisle Management Company and FCF Advisors in December 2024, expanding its asset management capabilities. These acquisitions were valued at approximately $145.7 million and $10.2 million, respectively.
Abacus's total assets as of December 31, 2024, were $874.2 million, with liabilities of $450.9 million. The company maintains a portfolio of 719 life settlement policies, with 714 accounted for at fair value.
The filing also discusses the company's strategic focus on leveraging technology and data to enhance its financial services offerings, aiming to optimize financial outcomes for clients through its various business segments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Abacus Global Management Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.