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SEGMENT REPORTING | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company organizes its business into three reportable segments (1) Asset Management, (2) Life Solutions, and (3) Technology Services, which all generate revenue and incur expenses in different manners. This segment structure reflects the financial information and reports used by the Company’s management, specifically its chief operating decision maker (CODM), to make decisions regarding the Company’s business, including resource allocations and performance assessments, as well as the current operating focus in compliance with ASC 280, Segment Reporting (“ASC 280”). The Company’s CODM is the President and Chief Executive Officer. The Asset Management segment generates revenues by providing asset management services primarily to institutional investors alongside private clients investing in uncorrelated, and longevity-based assets, fixed-income replacement strategies and free cash flow based investment solutions. The revenue is determined by the asset management agreements with the individual investment vehicles. It also generates revenues by providing policy servicing activities to customers on a contract basis. The Life Solutions segment generates revenues by buying, selling, and trading policies, and maintaining policies until receipt of death benefits. It also generates revenue by originating life insurance policy settlements between investors or buyers, and the sellers, who is often the original policy owner. The policies are purchased from owners or other providers through advisors, brokers, or directly through the owner. The Technology Services segment generates revenues by providing real-time mortality verification, missing participant verification, and other services specific to the life insurance market services to customers on a contract basis. The Company’s method for measuring profitability on a reportable segment basis is gross profit. The CODM does not review disaggregated assets by segment due to segment assets not being necessary for resource allocation decisions. The Company’s CODM periodically reviews cost of revenues by segment and treats it as a significant segment expense. Revenue related to the Company’s reportable segments is as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Asset management |  |  |  |  | $ | 8,459,144 |  |  | $ | 7,773,077 |
Life solutions |  |  |  |  | 50,567,288 |  |  | 36,298,657 |
Technology services |  |  |  |  | 363,856 |  |  | 67,612 |
Total revenue |  |  |  |  | $ | 59,390,288 |  |  | $ | 44,139,346 |
Cost of revenue (including stock-based compensation) related to the Company’s reportable segments is as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Asset management |  |  |  |  | $ | 2,595,978 |  |  | $ | 2,742,018 |
Life solutions |  |  |  |  | 3,085,681 |  |  | 3,900,859 |
Technology services |  |  |  |  | 625,726 |  |  | 465,530 |
Total cost of revenue (including stock-based compensation) |  |  |  |  | $ | 6,307,385 |  |  | $ | 7,108,407 |
Gross profit related to the Company’s reportable segments and the reconciliation of the total gross profit to net income is as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
Asset management |  |  |  |  | $ | 5,863,166 |  |  | $ | 5,031,059 |
Life solutions |  |  |  |  | 47,481,607 |  |  | 32,397,798 |
Technology services |  |  |  |  | (261,870) |  |  | (397,918) |
Total gross profit |  |  |  |  | $ | 53,082,903 |  |  | $ | 37,030,939 |
Sales and marketing |  |  |  |  | (4,947,910) |  |  | (2,616,000) |
General and administrative (including stock-based compensation) |  |  |  |  | (25,872,125) |  |  | (12,263,786) |
Depreciation and amortization expense |  |  |  |  | (3,934,086) |  |  | (4,758,546) |
Other income (expense), net |  |  |  |  | 2,518,593 |  |  | (44,524) |
Loss on change in fair value of warrant liability |  |  |  |  | — |  |  | (4,806,000) |
Interest expense |  |  |  |  | (10,453,592) |  |  | (9,618,330) |
Interest income |  |  |  |  | 663,223 |  |  | 1,175,001 |
Gain (loss) on change of fair value of debt |  |  |  |  | — |  |  | 3,362,103 |
Unrealized gain (loss) on investments |  |  |  |  | — |  |  | 272,254 |
Income tax expense |  |  |  |  | (3,790,814) |  |  | (2,334,085) |
Less: Net (income) loss attributable to non-controlling interest |  |  |  |  | — |  |  | (759,443) |
NET INCOME ATTRIBUTABLE TO ABACUS GLOBAL MANAGEMENT, INC. |  |  |  |  | $ | 7,266,192 |  |  | $ | 4,639,583 |
Segment gross profit is defined as revenues less cost of sales, excluding depreciation and amortization. Expenses below the gross profit line are not allocated across operating segments, as they relate primarily to the overall management of the consolidated entity. Revenue by geographic location:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
United States |  |  |  |  | $ | 52,929,682 |  |  | $ | 33,457,048 |
Luxembourg |  |  |  |  | 6,400,287 |  |  | 7,926,034 |
Other |  |  |  |  | 60,320 |  |  | 2,756,264 |
Total revenue |  |  |  |  | $ | 59,390,289 |  |  | $ | 44,139,346 |

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- Definition The entire disclosure for reporting segments including data and tables. 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