UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________ FORM 8-K __________________ CURRENT REPORT Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 13, 2024 __________________ Abacus Life, Inc. (Exact name of registrant as specified in its charter) Delaware 001-39403 85-1210472 (State or other jurisdiction of incorporation (Commission (I.R.S. Employer or organization) File Number) Identific ...

ORLANDO, Fla., April 18, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (NASDAQ:ABL), a pioneering alternative asset manager specializing in longevity and actuarial technology, today announced the appointment of Fei Xue as Vice President of ABL Wealth. Based in Orlando, Ms. Xue brings nearly two decades of experience in asset and wealth management. Having worked at Dynasty Financial Partners most recently, Ms. Xue served as a strategic advisor to some of the largest and most successful Registered Investment Adv ...

ORLANDO, Fla., April 11, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. ("Abacus" or the "Company") (NASDAQ:ABL), a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, today announced it will release its First Quarter 2024 financial results before the market opens on Monday, May 13, 2024. Abacus will hold a conference call to discuss the financial results at 9:00 am Eastern Time on May 13, 2024. A live webcast of the conferen ...

ORLANDO, Fla., April 02, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (NASDAQ:ABL) ("Abacus" or the "Company"), a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, today announced that Elena Plesco has joined Abacus as Chief Capital Officer. Based in New York, Ms. Plesco has over a decade of investing experience in the financial services and assets sectors. Ms. Plesco is joining Abacus from KKR, where she served as the Co ...

Financial Data and Key Metrics Changes - For Q4 2023, total revenues increased by 25% year over year to $23.6 million, with adjusted EBITDA of $11 million and adjusted net income of $5.9 million [7][17] - For the full year 2023, total revenues reached $79.6 million, reflecting a 14% growth from the previous year, while adjusted EBITDA grew by 13% to $39.3 million and adjusted net income was $29.4 million [7][21] Business Line Data and Key Metrics Changes - New policy originations increased by 30% to 633 in 2023, with over $200 million paid to policyholders [8][21] - In Q4 2023, origination capital deployed rose by approximately 92% to $68.3 million, driven by larger face value policy acquisitions [17] Market Data and Key Metrics Changes - The company noted a significant market opportunity with only about 2% penetration in a $233 billion market, indicating substantial growth potential [15][66] - The direct-to-consumer channel saw nearly a 2x increase in the number of originations, contributing significantly to revenue [60] Company Strategy and Development Direction - The company is focusing on expanding its technology advantages and total addressable market through initiatives like ABL Wealth and ABL Tech [6][10] - ABL Wealth aims to provide lifespan-based financial solutions, while ABL Tech leverages longevity data and AI for the pension fund and financial services industries [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and growth opportunities, emphasizing the importance of reinvesting in the business to drive future growth [29][66] - The company anticipates continued growth in revenue and origination capital into 2024, supported by strong marketing efforts and established relationships with financial professionals [26][29] Other Important Information - The Board of Directors authorized a $15 million stock repurchase program, with $8.1 million repurchased as of March 19, 2024 [8] - The company successfully completed a public bond offering, refinancing prior debt and reducing interest rates by approximately 275 basis points [22] Q&A Session Summary Question: Revenue and origination capital trends for 2024 - Management confirmed that the positive trends in revenue and origination capital are expected to continue into 2024, driven by increased policy sizes and marketing efforts [26][29] Question: Total operating expenses and future expectations - Management indicated that while operating expenses will be elevated due to reinvestment, the long-term benefits will be positive for growth [30][31] Question: Revenue potential of ABL Tech - Management highlighted that ABL Tech is expected to contribute significantly to total revenue over the next few years, with strong margins anticipated [33][35] Question: Updates on mutual fund launch - Management provided an update on the mutual fund launch, indicating significant interest and potential revenue impact once approved by the SEC [38][40] Question: Capital deployment pipeline - Management discussed the record capital deployment in Q4 and the expectation to continue this trend, emphasizing the need for additional capital to seize more opportunities [42][43] Question: Policy originations and trading policies - Management stated that while the focus remains on trading policies, there may be a shift towards holding more contracts on the balance sheet as capital increases [50][51] Question: Direct-to-consumer channel performance - Management confirmed that the direct-to-consumer channel has been a significant contributor to revenue, with expectations for continued growth in 2024 [60][61] Question: Buyback and warrant exercise - Management noted the successful buyback program and the exercise of warrants, which has positively impacted the company's cash position [68][69]

Valuation and Market Risks - The valuation of life insurance policies is uncertain, with potential material adverse impacts on the company's business due to erroneous valuations [70]. - The company's returns on life settlement policies are highly dependent on accurate life expectancy forecasts, which may be affected by changes in longevity trends [71]. - The secondary market for life insurance policies has grown significantly, but the availability of quality policies is limited, which could adversely affect the company's ability to execute its strategy [78]. - Increased competition from life insurance companies offering enhanced cash surrender values may impact the company's ability to acquire policies [80]. - The company faces risks related to fraud in the origination and sale of life insurance policies, which could adversely affect returns [86]. - Public perception and regulatory scrutiny of the life settlement industry may negatively impact the company's investments and operations [83]. - The company may face claims from life insurance companies or regulatory authorities, which could have a material adverse impact on its business [89]. - The company may face challenges in liquidating its life insurance policies, which could materially affect its business [120]. - The liquidation value of life insurance policies is crucial for meeting cash flow needs, but selling them may not always be viable due to market conditions and uncertainties [121]. - The company assumes credit risk associated with life insurance companies, which could adversely affect profits if these companies fail to pay out [122]. - The insolvency of insurance companies could limit the value and collectability of life insurance policies, with state guaranty associations capping coverage at $300,000 or lower per insured [124]. Regulatory and Compliance Risks - Regulatory changes could impose additional burdens on the company, particularly if life settlements are classified as securities [91]. - The SEC has not recommended defining life settlements as securities, which could lead to increased regulatory requirements for the Company [94]. - The Company may face fines and sanctions for non-compliance with U.S. state securities laws related to life settlements [95]. - The Company intends to comply with all applicable federal and state securities laws, but failure to do so could result in significant penalties [96]. - The Company could be required to register as an investment company under the Investment Company Act, necessitating a change in its business model [99]. - The Company is subject to various U.S. privacy laws, and non-compliance could lead to regulatory actions and financial penalties [104]. - Changes in tax regulations could negatively impact cash flows and operational results, highlighting the importance of regulatory compliance [154]. - The company has limited experience in managing a publicly traded entity, which may affect its operational effectiveness and regulatory compliance [151]. Financial Performance and Position - Total revenues for 2023 reached $66,401,451, a significant increase compared to the previous year [399]. - Net income attributable to common stockholders for 2023 was $9,516,626, down from $31,682,275 in 2022, reflecting a decrease of approximately 70% [403]. - Earnings per share (EPS) for 2023 were $0.17 (basic) and $0.16 (diluted), compared to $0.63 for both in 2022 [403]. - Total liabilities increased to $167,755,991 in 2023, up from $30,945,150 in 2022, indicating a growth of over 442% [399]. - Stockholders' equity rose to $164,070,076 in 2023, compared to $28,149,697 in 2022, representing an increase of approximately 484% [399]. - Operating income for 2023 was reported at $24,125,882, with total operating expenses amounting to $35,785,192 [399]. - The company reported a gross profit of $59,911,074 for 2023, reflecting strong revenue generation capabilities [399]. - The total cost of revenue for 2023 was $6,490,377, which includes stock-based compensation [399]. - The company experienced a loss on the change in fair value of warrant liability amounting to $4,204,360 [399]. - The total current liabilities for 2023 were $23,326,331, a notable increase from $1,302,409 in 2022 [399]. - Net income for 2023 was $9,034,487, a decrease of 72% compared to $32,386,974 in 2022 [410]. - Total cash used in operating activities was $(64,523,149) in 2023, compared to cash provided of $10,693,254 in 2022 [410]. - The company issued long-term debt of $99,201,328 in 2023, significantly up from $30,028,640 in 2022 [412]. - Cash and cash equivalents at the end of the period were $25,588,668, down from $30,052,823 at the beginning of the period [412]. - The total assets of consolidated variable interest entities (VIEs) increased to $77,132,592 in 2023 from $30,073,972 in 2022 [425]. Strategic Initiatives and Growth - The merger with LMA and Abacus was completed on June 30, 2023, marking a significant strategic move for the company [415]. - The Company obtained a 70% ownership interest in LMX, which had no operating activity prior to the agreement, and included its results in consolidated financial statements for the year ended December 31, 2023 [426]. - The Company provided $144,721 of working capital funding for the year ended December 31, 2023, compared to $347,013 for the year ended December 31, 2022 [430]. - The company is engaged in the buying and selling of life settlement policies, indicating ongoing market expansion efforts [417]. - The company may require additional financing for future growth opportunities, which may not be available on favorable terms [145]. - Future pandemics, rising interest rates, and inflation could disrupt the company's ability to originate life settlement policies, adversely impacting financial performance [134]. Operational Challenges - The company relies on third-party data for tracking life settlement policies, and failures in these systems could lead to financial losses [85]. - The Company relies on data processing systems for critical operations, and any security breaches could materially impact its business [101]. - The company must maintain insurable interest in life insurance policies, and failure to do so could render policies unenforceable [114]. - The Company is responsible for paying premiums on life insurance policies, and failure to do so could result in policy lapses and financial losses [116]. - Life insurance companies may increase costs of insurance premiums, adversely affecting the Company's returns on its investments [119]. - The company may need to raise additional capital to refinance existing debt or support operations, which could be impacted by economic conditions and credit ratings [162]. Accounting and Reporting - The company has identified material weaknesses in internal control over financial reporting as of December 31, 2022, which were remediated by December 31, 2023 [135]. - The company may face increased operating costs and resource allocation challenges due to the implementation of required accounting practices and policies [143]. - The company qualifies as an "emerging growth company," allowing it to rely on exemptions from certain disclosure requirements, which may affect the attractiveness of its securities to investors [148]. - The Company accounts for life insurance settlement policies under the fair value method for policies purchased after June 30, 2023, impacting future revenue recognition [436]. - The Company has not recognized any impairments for property and equipment during the years ended December 31, 2023 and 2022, indicating stable asset performance [450]. - Goodwill and intangible assets are evaluated for recoverability annually, with no impairments recognized during the reporting periods [452]. - The company has no significant internal-use software capitalized, with amortization over an estimated useful life of 3 years [455]. - The company recognizes revenue from origination services when the performance obligation is satisfied, typically upon closing of the transaction [462]. - The company has determined that it is acting as the principal in transactions involving agent and broker commissions, maintaining control over the services performed [464]. - Three customers accounted for 49%, 14%, and 12% of active management revenue for the year ended December 31, 2023, highlighting customer concentration risk [478].

ABACUS LIFE REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS - Fourth Quarter 2023 Total Revenue Grew 25% Year-over-Year to $23.6 Million - - Increased Originations Capital Deployment by 92% Year-over-Year to $68.3 Million - - Increased Originations Capital Deployment for Full Year 2023 by 46% to $218.9 Million - ORLANDO, Fla. – March 21, 2024 – Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leading buyer of life insurance policies and vertically integrated alternative asset manager special ...

ORLANDO, Fla., March 12, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. ("Abacus" or the "Company") (NASDAQ:ABL), a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, today announced it will release its Fourth Quarter 2023 financial results after the market closes on Thursday, March 21, 2024. Abacus will hold a conference call to discuss the financial results at 5:00 pm Eastern Time on March 21, 2024. A live webcast of the c ...

Core Viewpoint - Abacus Life, Inc. is actively executing a $15 million stock repurchase program, having repurchased 553,150 shares at an average price of $10.92, totaling approximately $6.0 million, with $9.0 million remaining under the program [1][2]. Company Overview - Abacus is a leading buyer of life insurance policies and a vertically integrated alternative asset manager specializing in specialty insurance products [1][7]. - The company has purchased life insurance policies with a total face value exceeding $4.6 billion since its inception in 2004, helping clients maximize the value of their life insurance [7][8]. - Abacus operates in 49 states and has established long-term relationships with 78 institutional partners and 30,000 financial advisors [8]. Stock Repurchase Program - The stock repurchase program was initially announced on December 12, 2023, and is set to expire on June 10, 2025, unless suspended or discontinued earlier [1]. - The company may utilize various methods for repurchasing shares, including open market transactions and block trades, and will determine the timing and amount based on several factors [2]. Leadership Perspective - The CEO expressed satisfaction with the progress of the repurchase program and highlighted the long-term growth opportunities for the company [2].

ORLANDO, Fla., Feb. 12, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. ("Abacus" or the "Company") (NASDAQ:ABL, ABLLL))) today announced that it has priced an underwritten public offering of $25 million in aggregate principal amount of its additional 9.875% notes due 2028 (the "New Notes"). The New Notes will have the same terms (except with respect to issue date and the date from which interest will accrue) as, will be fully fungible with and will be treated as a single series of debt securities as, the 9.875% ...