Core Viewpoint - Boyd Group Services has recently celebrated its listing on the New York Stock Exchange (NYSE) by ringing the opening bell, marking a significant milestone for the company [1] Group 1: Company Highlights - Boyd Group Services Inc (NYSE: BGSI) is recognized for its recent listing on the NYSE [1] - The company is based in Canada and is led by Chairman and CEO Jay Jackson, who discussed the listing on the Inside the ICE House podcast [1] Group 2: Market Context - The Dow Jones Industrial Average closed above 50,000 for the second consecutive session, indicating a strong market performance [1] - Equities showed little change in extended trading hours following the record close of the Dow Jones Industrial Average [1] Group 3: Related Developments - Resolve AI announced a $125 million Series A funding round, achieving unicorn status [1] - Amphenol Corporation (NYSE: APH) celebrated its 35th anniversary of listing on the NYSE [1]

Core Insights - Dynasty Financial Partners has successfully completed a minority capital raise involving participation from employees, clients, resource partners, board members, and external investors, including notable firms like Charles Schwab, BlackRock, and J.P. Morgan Asset Management [1][2][3] Funding Allocation - The raised funds will be utilized to expand the workforce and enhance technological capabilities, focusing on the integration of Dynasty Desktop and Core Services, as well as improving the investment platform for private market offerings and outsourced chief investment officer (OCIO) services [2][3] Growth and Expansion - The capital will also provide additional growth for mergers and acquisitions within its network, thereby broadening the scope of Dynasty Investment Bank and strengthening the firm's financial position [3][4] Network Overview - Dynasty's network consists of 58 partner firms with over 500 advisers and more than $125 billion in managed assets, primarily composed of independent registered investment advisers (RIAs) who maintain ownership and operational control [4][5] Financial Position - The company has no outstanding debt but secured a $125 million corporate credit facility in 2025, supported by several banks including J.P. Morgan and Goldman Sachs Bank USA [5][6] Leadership Perspective - The CEO of Dynasty expressed optimism about the future, highlighting the alignment within the ecosystem and the importance of the investment round for supporting clients' growth ambitions through M&A or succession planning [5][6]

Core Insights - Abacus Global Management is set to deliver record results in 2025, with a focus on transitioning to a recurring revenue model and maintaining strong financial performance [1][4][30] Financial Performance - The company reported a year-over-year revenue growth of 124% and adjusted net income growth of 60% for the third quarter, achieving adjusted EBITDA growth of 127% with margins of 60% [3] - Full-year adjusted net income guidance has been raised to $80 million to $84 million, indicating a year-over-year growth of 72% to 81% [4] Business Strategy - Abacus is transitioning towards a more durable, recurring revenue model, with current fee-related earnings representing approximately 15% of total revenue, targeting 70% over time [9][10] - The company has completed a $50 million investment grade securitized product offering backed by life insurance assets, which is expected to enhance institutional distribution and lower the cost of capital [11][12] Investment Strategy - In 2026, Abacus will launch an asset-based finance strategy to accelerate assets under management (AUM) and fee-related earnings growth, targeting a $20 trillion-plus market opportunity [14][16] - The acquisition of AccuQuote enhances Abacus's digital life insurance origination capabilities, contributing to the overall growth strategy [17][18] Capital Allocation - The company has introduced an annual dividend of $0.20 per share and a share repurchase program, reflecting confidence in its ability to generate significant free cash flow [20] - Abacus's balance sheet is strong, with record cash generation and no need to raise additional equity for growth, ensuring no dilution for shareholders [22] Market Positioning - Abacus trades at a significant discount compared to peers, with a current valuation in the mid-single digit multiples despite delivering strong growth [23][24] - The company debuted on the New York Stock Exchange under the symbol ABX, marking its evolution as a diversified alternative asset manager [27][28]

Core Insights - Strategy (MSTR) reported a significant turnaround in Q3 2025, with earnings of $8.42 per share compared to a loss of $1.56 per share in the same quarter last year, exceeding the Zacks Consensus Estimate of a loss of 11 cents per share [1][7] - Revenues reached $128.7 million, surpassing the Zacks Consensus Estimate by 9.9% and reflecting an 11% year-over-year increase [1][7] Financial Performance - Product licenses and subscription services revenues surged 63% year over year to $63.3 million, making up 49.2% of total revenues, with subscription services alone increasing by 65.4% to $46 million [3] - Operating income for the quarter was reported at $3.9 billion, a significant improvement from an operating loss of $0.4 billion in the previous year, bolstered by an unrealized gain on digital assets of $3.89 billion [4][7] Bitcoin Holdings and Performance - Strategy holds 640,808 bitcoins, with a total cost of $47 billion, translating to an average cost of approximately $74,032 per bitcoin, while the market value of these holdings is $70.9 billion [5][6] - The company achieved a bitcoin yield of 26% year to date, with a target of 30% for 2025, and reported a bitcoin gain of $12.8 billion at the end of Q3 2025 [5][6] Future Guidance - For 2025, Strategy anticipates operating income of $34 billion, net income of $24 billion, and earnings of $80 per share, based on a projected bitcoin price of $150,000 by year-end [9]

Core Viewpoint - Abacus Global Management has acquired AccuQuote to enhance its financial services platform and broaden customer access to insurance options [1][2][3] Group 1: Acquisition Details - The acquisition integrates AccuQuote's digital distribution capabilities with Abacus' expertise in financial planning and asset management [1] - Abacus aims to create synergies and reinforce its commitment to comprehensive wealth management solutions through this acquisition [2] - The integration of AccuQuote's platform is expected to better meet clients' needs throughout their financial life cycle [2][3] Group 2: Company Background - Abacus Global Management is listed on NASDAQ and specializes in alternative asset management and data-driven wealth solutions [3] - AccuQuote has been in the insurance industry for over 40 years, assisting nearly 350,000 families in securing life insurance [4] - AccuQuote has written $156 billion in insurance policy benefits and generated $340 million in premiums [4] Group 3: Strategic Goals - The acquisition aims to eliminate traditional barriers between protection planning and asset growth, delivering an integrated approach to wealth accumulation and preservation [3] - AccuQuote's CEO stated that joining Abacus will significantly expand their impact in the insurance marketplace and enhance technological capabilities [5][6] - The partnership will connect insurance solutions to broader wealth strategies, evolving alongside clients' financial needs [6]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive has a global presence with bureaus and studios in key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2][3] Group 2 - The company employs technology to enhance workflows and has a forward-looking approach to technology adoption [4] - Proactive utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 reached $56.2 million, a 93% increase from $29.1 million in the prior year [23] - Adjusted net income increased by 87% to $21.9 million compared to $11.7 million in the prior year [26] - Adjusted EBITDA grew to $31.5 million, representing an 89% increase from $16.7 million in the prior year [26] - GAAP net income attributable to stockholders was $17.6 million, up from $0.7 million in the prior year [26] - Adjusted return on equity was 21% and adjusted return on invested capital was 22% as of June 30, 2025 [27] Business Line Data and Key Metrics Changes - Life Solutions business posted a realized gain of $58.3 million in Q2 2025, reflecting strong investor demand [12] - Asset management segment generated $8.8 million in revenue for Q2 2025, marking significant contributions from recent acquisitions [24] - New AUM inflows were approximately $142 million, contributing to a total gross AUM of nearly $3.3 billion [8] Market Data and Key Metrics Changes - The company holds 600 policies valued at $387.3 million on the balance sheet as of June 30, 2025 [24] - The annualized turnover ratio was 2.3 times in Q2 2025, above the long-term average target of 1.5 to 2 times [18] - The average realized gain on sale was 26.3% for Q2 2025, consistently above 20% over the past year and a half [21] Company Strategy and Development Direction - The company aims to position itself as a leading alternative assets and wealth management platform, focusing on less correlated investments and policyholder liquidity solutions [7] - A new $20 million share repurchase program was authorized to enhance shareholder value [14] - The company is expanding its brand recognition and wealth management offerings, which are expected to drive future growth [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current market conditions due to its unique business model and operational acumen [11] - The full-year 2025 adjusted net income outlook was raised to between $74 million and $80 million, implying year-over-year growth of 59% to 72% [27] - Management acknowledged potential unpredictability in the overall economy but remains optimistic about continued growth in the second half of the year [49] Other Important Information - The company introduced additional key performance indicators to provide greater transparency into its business model and strategic execution [13] - The company completed an exchange offer and consent solicitation related to outstanding warrants, simplifying its capital structure [14] Q&A Session Summary Question: Can you provide specifics on the mix of sales between related party transactions and third parties? - Management indicated that related party transactions accounted for 29% of total revenue in Q2 and 17% year-to-date, including various funds [38][39] Question: What were the unrealized gains in the quarter? - Unrealized gains for the quarter were approximately $17 million, with a significant portion of the $58 million realized gains coming from prior unrealized gains [45][48] Question: How do you expect G&A expenses to trend going forward? - G&A expenses are expected to grow with revenue but not at the same percentage, with a target to be below $18 million on a quarterly basis [61] Question: What is the outlook for the second half of the year? - Management expects growth in the second half, although it may not be dollar-for-dollar compared to the first half due to economic uncertainties [49][50] Question: Is the $142 million of flows gross or net? - The $142 million was gross, with net flows being less significant due to the nature of long-term strategies [84][86]

Investor Day & Longevity Summit June 12, 2025 abacusgm.com Disclaimer General. This presentation (this "Presentation") is provided solely for informational purposes. This Presentation is subject to update, completion, revision, verification and further amendment without notice. None of Abacus Global Management, Inc. (the "Company", "Abacus", Abacus Global Management", "we", "our", or "us") or its affiliates has authorized anyone to provide interested parties with additional or different information. The inf ...

Summary of Abacus Global Management Conference Call Company Overview - **Company**: Abacus Global Management - **Industry**: Asset Management, Life Insurance Policies Key Points and Arguments 1. **Business Model Evolution**: Abacus is expanding from life insurance policy sourcing to asset management and private wealth management, leveraging lifespan data and technology [1][7][10] 2. **Growth Strategy**: The company aims to control its destiny through a diversified business model, focusing on four main divisions: Abacus Asset Group, Abacus Life Solutions, ABL Tech, and Abacus Wealth Advisors [27][28][45] 3. **Financial Performance**: - Q1 2025 revenue reached $44.1 million, a 105% increase year-over-year - Adjusted net income was $17.3 million, up 158% from the previous year - Adjusted EBITDA was $24.5 million, reflecting a 111% growth [29][30][34] 4. **Capital Deployment**: $125.9 million was deployed for policy purchases through Abacus Life Solutions, with $3.1 billion in assets under management [31][32] 5. **Market Position**: Abacus is positioned as a leader in the alternative asset management space, focusing on longevity and technology-driven solutions [28][45] 6. **Acquisition Strategy**: The acquisition of Carlisle Management Company added $2 billion in assets under management and is expected to generate $30 million in recurring management fees annually [48][49] 7. **Client Base and Partnerships**: The company has established partnerships with over 30,000 independent brokers and has a growing consumer direct division fueled by digital marketing [66][67] 8. **Future Guidance**: The company projects adjusted net income for 2025 to be between $70 million and $78 million, with a goal of reaching $10 billion in assets under management in the coming years [56] Additional Important Insights 1. **Technological Integration**: ABL Tech is enhancing the company's data analytics capabilities, which supports better decision-making and risk management [51][52] 2. **Demographic Trends**: The aging population and increasing need for retirement solutions are driving demand for Abacus's services [68] 3. **Regulatory Compliance**: Abacus is now regulated by both the SEC in the U.S. and the CSSF in Luxembourg, enhancing transparency and product quality [82][83] 4. **Social Responsibility**: The company has received ESG certification, emphasizing its commitment to socially responsible investment practices [83] 5. **Market Opportunities**: There is an estimated $223 billion in life insurance policies available in the secondary market, presenting significant growth potential for Abacus [66][69] This summary encapsulates the key points discussed during the conference call, highlighting Abacus Global Management's strategic direction, financial performance, and market opportunities.