Logo

ABLLL

Abacus Life, Inc. 9.875% Fixed Rate Senior Notes due 2028

ABLLL

Abacus Life, Inc. 9.875% Fixed Rate Senior Notes due 2028 • NASDAQ
$25.30 ▲ 0.12% (+0.03)
Market Cap $2.47 B
52w High $38.50
52w Low $20.52
Dividend Yield 2.47%
P/E 0
Volume 1.44K
Outstanding Shares 97.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $62.975M ▲ $32.906M ▲ $7.075M ▼ 11.235% ▼ $0.07 ▼ $25.907M ▼
Q2-2025 $56.225M ▲ $27.65M ▲ $17.584M ▲ 31.274% ▲ $0.19 ▲ $35.617M ▲
Q1-2025 $44.139M ▲ $16.004M ▼ $4.64M ▲ 10.511% ▲ $0.066 ▲ $22.11M ▲
Q4-2024 $33.212M ▲ $46.255M ▲ $-18.257M ▼ -54.972% ▼ $-0.22 ▼ $-7.612M ▼
Q3-2024 $28.148M $19.111M $-5.125M -18.207% $-0.08 $428.414K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $86.419M ▲ $918.938M ▲ $479.344M ▲ $439.594M ▲
Q2-2025 $74.837M ▲ $848.358M ▼ $426.825M ▲ $421.604M ▼
Q1-2025 $43.762M ▼ $856.509M ▼ $420.93M ▼ $435.677M ▲
Q4-2024 $131.944M ▲ $874.165M ▲ $450.87M ▲ $424.153M ▲
Q3-2024 $22.429M $477.309M $219.37M $258.031M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.075M ▼ $-32.752M ▼ $-235.803K ▲ $44.57M ▲ $11.582M ▼ $-32.924M ▼
Q2-2025 $17.611M ▲ $76.102M ▲ $-10.004M ▼ $-35.023M ▼ $31.075M ▲ $75.694M ▲
Q1-2025 $5.399M ▲ $-61.591M ▲ $-3.739M ▲ $-22.852M ▼ $-88.183M ▼ $-61.83M ▲
Q4-2024 $-19.01M ▼ $-91.983M ▼ $-3.788M ▼ $208.306M ▲ $112.535M ▲ $-92.093M ▼
Q3-2024 $-5.285M $-52.285M $-451.053K $-19.178M $-71.914M $-52.528M

Five-Year Company Overview

Income Statement

Income Statement Abacus Life’s income statement shows a business that has grown quickly but not yet found stable, repeatable profitability. Revenue and gross profit have climbed steadily, which points to solid demand for its life settlement and related services. However, operating profit has hovered around breakeven, and net results have swung between small profits and losses. The most recent year slipped back into loss despite higher sales, suggesting rising costs, financing expenses, or integration investments are weighing on earnings. Overall, the trend is “growth first, consistent profits later,” with some execution risk in getting to steady, reliable earnings.

Balance Sheet

Balance Sheet The balance sheet has expanded rapidly, with both assets and equity increasing, which reflects an aggressive build-out of the business and its portfolio of policies and related assets. This growth has been supported by a meaningful increase in debt, so leverage has become a more important part of the capital structure. Cash levels have improved, but not enough to remove the reliance on external funding. For noteholders, this mix signals a company that is scaling up and adding economic value, but with higher balance sheet risk tied to leverage and to the accuracy of its asset valuations.

Cash Flow

Cash Flow Cash flow from operations has been negative in recent years, and free cash flow mirrors this pattern. That means the company is consuming cash to grow rather than generating surplus cash from its core activities. With essentially no traditional capital expenditure, the cash drain is more about working capital, policy purchases, and growth investments than physical assets. This model can be workable for a scaling financial business, but it heightens dependence on capital markets and on continued investor confidence until operating cash flows turn consistently positive.

Competitive Edge

Competitive Edge Abacus operates in a niche corner of the life insurance market, where few scaled competitors exist, and it benefits from being one of the only public names in life settlements. Its long operating history, large distribution network of financial advisors, and vertically integrated platform give it real advantages in sourcing, valuing, and managing policies. At the same time, outside analysts have questioned the durability of its moat, arguing that well-funded rivals could enter and that barriers to entry are not especially high. The short-seller allegations around valuation practices also strike at the heart of its perceived edge, making reputation and transparency key elements of its competitive position.

Innovation and R&D

Innovation and R&D Innovation is a central part of Abacus’s story. Its ABL Tech platform combines actuarial science, artificial intelligence, and a deep longevity database to price and manage life settlement assets more precisely than traditional methods. The company is also experimenting with blockchain to streamline documentation and security, and it has broadened its product set into asset management, ETFs, and wealth advisory built around longevity insights. These initiatives aim to turn a specialized life settlement operator into a broader, technology-led longevity and cash-flow investing platform. The upside is meaningful differentiation; the risk is that these bets are costly and still need to prove they can deliver durable, profitable growth.

Summary

Abacus Life, the issuer behind the ABLLL senior notes, is a fast-growing, niche financial services company with a strong focus on life settlements and longevity-based investing. It has moved quickly to scale its balance sheet, deepen its technology capabilities, and expand into asset management and wealth services. In return, it faces uneven profitability, negative cash flow, and rising leverage, all of which increase sensitivity to execution missteps and market conditions. Its competitive strengths in data, distribution, and integration are counterbalanced by questions about the robustness of its moat and by a high-profile dispute over valuation practices. For stakeholders in the 2028 notes, the key themes to watch are the company’s ability to convert growth into stable cash generation, maintain credibility around its asset valuations, and manage leverage prudently over time.