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November 6th, 2025 Q3 2025 Investor Presentation 1
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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 information contained herein does not purport to be all inclusive or contain all of the information that may be required to make a full analysis of the Company. Viewers of this Presentation should each make their own evaluation of the Company and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Nothing herein shall be deemed to constitute investment, legal, tax, financial, accounting or other advice, and you should consult with your own attorney, business advisor and tax advisor as to legal, business, tax and other matters related hereto. No representations or warranties, express or implied, are given in, or in respect of, this Presentation. To the fullest extent permitted by law, in no circumstances will the Company or any of its respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents (collectively, the “Representatives”) be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Forward-Looking Information. This Presentation contains forward-looking statements within the meanings of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Ligation Reform Act of 1995, as amended. All statements contained in this Presentation that do not relate to matters of historical fact should be considered forward-looking statements, including statements relating to predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are inherently subject to risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential", or "continue" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are identified by these terms or expressions. In addition, statements that "we believe" and similar statements reflect management's beliefs and opinions on the relevant subject. These statements are based upon information available to management as of the date of this presentation, and while management believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and such statements should not be read to indicate that management has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Management has based these forward-looking statements largely on their current expectations and projections about future events and financial trends that management believes may affect the Company's business, financial condition and results of operations. The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements. In light of these assumptions, risks and uncertainties, the results and events discussed in the forward- looking statements contained in this Presentation by reference might not occur. You should review this Presentation completely and with the understanding that the Company's actual future results may be materially different from what management expects and you should not place undue reliance on the forward-looking statements, which speak only as of the date of this Presentation. Except as required by applicable law, the Company does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Financial Information. Some of the financial information and data contained in this Presentation are unaudited and do not conform to Regulation S-X. Such information and data may not be included in, may be adjusted in or may be presented differently in the annual report on Form 10-K and quarterly reports on Form 10-Q, filed by the Company. Except as otherwise noted, all references herein to full-year periods refer to the Abacus Companies’ fiscal year, which ends on December 31. You should review the Company’s audited financial statements, which are filed with the SEC. This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), which are used by management as a supplemental measure, have certain limitations, and should not be construed as alternatives to financial measures determined in accordance with GAAP. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP financial measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. Reconciliations to the most directly comparable GAAP measures are provided in this Presentation in the Appendix. Industry And Market Data. Market data and industry information presented throughout this Presentation are based on management's knowledge of the industry and the good faith estimates of management. Management also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this Presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. While we believe the estimated market position, market opportunity and market size information included in this Presentation are generally reliable, such information, which is derived in part from management's estimates and beliefs, is inherently uncertain and imprecise. No representations or warranties are made by the Company or any of its affiliates as to the accuracy of any such statements or projections. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. 2
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Disclaimer Information provided is for informational and educational purposes only and is not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Investing involves risk, including the possible loss of principal invested. Abacus FCF Advisors does not provide legal or tax advice. Past performance is no guarantee of future results. Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice. Before investing in the Company or in any of the Company’s Funds, you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the statutory and summary prospectuses, a copy of which may be obtained by visiting the Fund’s website at www.abacusfcf.com/ABFL, www.abacusfcf.com/ABLG, www.abacusfcf.com/ABLD, www.abacusfcf.com/ABOT, www.abacusfcf.com/ABXB, www.abacusfcf.com/ABLS. Please read the prospectus carefully before you invest. Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice. There is no guarantee that the funds will achieve their investment objectives. Because the Funds are Exchange Traded Funds (ETFs) (rather than a mutual fund), shares are bought and sold at market price (not Net Asset Value (NAV)), may trade at a discount or premium to NAV, and are not individually redeemable, Owners of the shares may acquire those shares from the Fund and tender those shares for redemption to the Fund in Creation Unit aggregations only, consisting of 25,000 shares. Brokerage commissions will reduce returns. Investments in the Funds may include risks associated with small-and mid-cap securities, which involve limited liquidity and greater volatility than large-cap securities. Investments in the funds may include returns associated with investments in foreign securities which could be more volatile than investments in domestic securities. Market Price: The current price at which shares are bought and sold. Market returns are based upon last trade price. NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day. Abacus FCF Advisors is an investment adviser registered in the United States under the Investment Advisers Act of 1940, as amended. Registration with the US Securities and Exchange Commission (“SEC”) alone does not imply a certain level or training or skill. INVESTMENT PRODUCTS ARE NOT INSURED BY THE FDIC, ARE NOT DEPOSITS AND MAY LOSE VALUE. Securities are distributed by Quasar Distributors, LLC & Regional Investment Services, Inc, Member FINRA. 3
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Abacus Global Management Overview Established in 2004, Abacus is a global alternative asset manager, revolutionizing financial services through expert asset management and data-driven lifespan insights Technology-First Approach leveraging proprietary, data-driven insights for innovative solutions 2 Offices and 4 Representations across 3 continents, serving clients in over 30 countries ~200 Employees between origination, asset management, wealth management, and technology ~$3.3 Billion in AUM1 across longevity-based assets and a suite of ETF solutions 20 Years of track record 41 Estimated gross AUM of Longevity Funds, Abacus FCF Advisors, and the ABL Balance sheet as of September 30, 2025
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5 20+ years of experience in the life insurance industry Previous experience at Transamerica, MassMutual, Hancock Life, and McKinsey ~15 years of experience in finance and investing Previous experience at KKR as Co-Head of Specialty Finance 25+ years of experience in longevity assets Built multiple origination & platform providers in longevity asset management and technology Executive Management Presenting Q3 2025 Earnings Delivering Strong Performance with Deep Industry Expertise Jay Jackson Chairman & CEO Bill McCauley Chief Financial Officer Elena Plesco Chief Capital Officer 30+ years of experience in the capital markets Previous experience at Nasdaq and New York Stock Exchange Rob Phillips SVP, Investor Relations & Corporate Affairs
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Dominant Market Position, Capital Efficiency, Recurring Revenue Growth Why Abacus? Three Pillars of Corporate Strategy 6 Dominant Player in an Underpenetrated Market1 One of only 10 Licensed Providers 20-Year data moat for pricing advantage High regulatory barriers protect position Annual TAM: $255B1 Market Share: ~25%2 Penetration: 2%3 Exceptional Capital Efficiency Flow/market-making business model, not balance sheet finance ~$500M balance sheet generates $1B annual origination Scale without dilution: Life Solutions funds its own growth 20%+ realized gains turn annually Book Turnover: 2.0x/year ROIC: 21% EBITDA Margin: 60% Recurring Revenue = Multiple Expansion Asset Group: $3B AUM, recurring management fees Tech: 2M+ lives, SaaS economics Wealth: 2026 launch, recurring advisory fees Current Mix: 15% Target Mix: 70% Impact: 2-3 points per 10% 2 3 1Average annual gross market potential for life settlements (2024 Conning Report) 2Approximate market share (The Deal 2024 League Table) 3Based on approximately $4-$5B of face value annually transacted for entire industry
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Growth – Q3 2025 YoY Revenue Growth YoY Growth in Capital Deployed Total Inflows2 Profitability – Q3 2025 Adjusted Annualized ROE Adjusted Annualized ROIC Adjusted EBITDA Margin 10%124% $102M 21%22% 60% Abacus seeks to strategically enhance shareholder value through a multifaceted approach that includes robust financial performance, technological innovation, and strategic acquisitions Executing on Strategy 7 7 Maximizing Shareholder Value Q3 2025 Financials Overview Gross Revenue $ 63.0 million Adjusted Net Income $ 23.6 million Adjusted EBITDA $ 37.9 million Capital Deployed for Policy Purchases $ 102.4 million Assets Under Management1 $ 3.3 billion 1 Estimated gross AUM of Longevity Funds, Abacus FCF Advisors, and the ABL Balance sheet as of September 30, 2025 2 Total Inflows calculated across Longevity Funds & Abacus FCF Advisors
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Divisions Recurring Revenue Divisions Cross-vertical synergies creating a powerful flywheel effect Building the Growth Machine Life Solutions 84% 30% YTD 5-YR TARGET Revenue Mix Evolution What’s Driving Our Acceleration YTD: $137.7M in revenue • $350.1M in capital deployed • 5,846 qualified policies reviewed Proof Point: Origination platform scales profitability What’s Next: Full Year 2025 targeting $450M+ deployment YTD: $25.2M management fees • $3B fee-paying AUM • $354M in capital inflows for longevity funds Proof Point: Recurring revenue model working What’s Next: Path to $4B+ fee-paying AUM by YE 2026 YTD: Team build-out ahead of schedule • Lead generation system live • First advisors onboarding Proof Point: Distribution channel launching What’s Next: First $50M AUM target H1 2026 YTD: $448K revenue (new vertical) • 2.6M+ lives tracked (21x YoY) • 100+ client systems deployed Proof Point: Tech monetization inflecting What’s Next: On track for 3M+ lives tracked by end of Q4 2025 Technology <1% 10% YTD 5-YR TARGET Wealth Advisors — 30% YTD 5-YR TARGET Asset Group 15% 30% YTD 5-YR TARGET 8
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The Abacus Advantage: Four Verticals, One Vision Abacus Life Solutions The Foundation Originates assets for internal and other institutional funds Over $10B in face value transacted since inception Licensed provider in 49 states Works with 78+ institutional partners and over 30,000 financial advisors Generates consistent earnings while feeding the asset pipeline across verticals ABL Tech The Competitive Moat AI-driven mortality verification—97% coverage with <1% error rate Designed to accelerate claims, prevent fraud, and optimize pension liabilities 17x growth; 2M+ lives tracked across 100+ institutional systems Monetizing across insurance, pensions, and mortgage sectors Abacus Asset Group The Growth Engine Manages longevity funds and ETFs, delivering strong risk-adjusted returns through tailored investment strategies $3B in fee-paying AUM Liquid and illiquid strategies with quarterly distributions and long-term capital appreciation Abacus Wealth Advisors The Distribution Channel Designed to combine data, origination, and asset management to deliver tailored strategies Will optimize financial planning through lifespan metrics Expected to expand through internal leads and advisor networks Aims to merge technology and human advisory to deliver personalized wealth solutions 9
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BUILDING AND OWNING ASSET ORIGINATION IS THE KEY DRIVER OF OUR BUSINESS At Abacus We Control Our Destiny 10 10
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Our Life Solutions division combines deep industry expertise with proprietary technology to source, price, and manage secondary life insurance assets at scale, creating unique investment opportunities unavailable to traditional asset managers Our Life Solutions business is the origination engine behind longevity funds within Abacus Asset Group Excess production is sold to third-party investors as direct asset sales or structured products Our goal is to generate a spread on every asset that we touch Transforming Life Insurance into Investment Alpha Market leader with over $10 billion in face value of policies purchased since 2004 Two decades of mortality and policy data Sophisticated pricing algorithms and risk models National distribution network with over 30,000 financial advisors Institutional partnerships with insurance carriers Stable and highly profitable earnings base for our public company investors Creation of essentially uncorrelated investment products for our limited partners Enables us to deliver excess return per unit of risk Abacus Life Solutions: 11 + =Business Model Competitive Advantage Value Creation
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12 12 Abacus Life Solutions:: Policy Sourcing & Origination Abacus typically targets policies from individuals aged 70+ with $1M+ in face value Long-term relationships with 78+ institutional origination partners 120+ person origination team with 25+ sales members, assigned by channel Licensed / ability to operate in 49 States National TV Campaign with strong market saturation on major news channels including Fox, CNN, FBN, Bloomberg, and MSNBC Qualified Policies Reviewed (YTD) 5,846 Traditional life settlement sourcing via DTC, Broker and Agent channels 30,000+ Financial Advisors network for policy acquisition Market Opportunity Tertiary Market — $29.4 Billion2 Institutional policy sales, legacy Universal Life blocks & mortality risk-reduction Accelerated capital deployment with enhanced portfolio diversification & liquidity Market Tailwinds Secondary Market — $255 Billion1 The senior population is growing rapidly, creating long-term demand for retirement solutions Only ~2% of the market opportunity (~$4–$5B) enters the life settlement market annually Significant awareness gap: 90% of seniors and 50% of financial advisors are unaware of the option to sell life insurance policies 1Average annual gross market potential for life settlements (2024 Conning Report) 2Available In-Force Coverage in 2023 (2024 Conning Report) 78,660 Total Policies Reviewed (YTD) Life insurance represents one of the largest TAMs in alternative investments, with $13T in outstanding individual policies
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We Control the Entire Asset Value Chain Vertical integration drives superior outcomes Management fees Performance incentive fees Spreads at origination Servicing fees 13 Sourcing: Access to Life Solutions direct-to- consumer origination ecosystem with over 10,000 consumer leads per month Access to provider sourcing and licenses nationwide Global Distribution Network: Access to global fundraising and distribution network covering all 5 continents International regulatory framework with local regulatory partners Portfolio Management: Purpose built portfolio management and IT systems Ability to analyze large scale data quickly and efficiently Integrated underwriting and stress-testing through ABL Tech Servicing: In-house servicing team of 20+ people led by insurance industry veteran with over 15 years of experience in the asset class Proprietary ABL Tech mortality tracking solution MVerify
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Abacus Asset Group: Longevity Funds Proven longevity leaders with long-standing track record across investment strategies and economic cycles 20-years of combined track record Over $10 billion in face value of policies transacted Over $6 billion in face value realized through maturities or sales ~$2.2 billion of fee-paying AUM across the longevity funds On-shore income funds 3-to-10-year structures with targeted quarterly distributions Off-shore total return funds 10-year structures returning capital as maturities occur 14 Metric Q3 2025 YTD Capital Inflows $71.3M $354.4M Management Fees $8.6M $21.9M Q4 2025 Targets: $100M+ additional inflows expected New fund strategy launching Q4 2025
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Abacus Asset Group: Policy Servicing— Ensuring Integrity & Timeliness Best-in-class capabilities for ourselves and our investors with full “trade- ready” asset control Multi-fund Servicing: 15 Different Funds Customizable service levels for each fund’s unique requirements Policies Serviced 2,948 Active Portfolio Management 2,938 Insureds Comprehensive Tracking $6.3B Face Amount Total Coverage Managed Real-Time Reporting: Live Data + Monthly Reports Insured and policy status updates with comprehensive reporting ABL Tech Verification: Mortality Verification Proprietary technology vertical for enhanced accuracy Dedicated Valuation Team: Ongoing Accuracy Compliance-focused team ensuring precision and regulatory adherence 15*Policy Servicing Data as of 09/30/2025
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Featured FCF Leaders ETFs Assets Under Management Institutional Holders 70+$862M Unique FCF-Powered Systematic Strategies 9 Themes/Categories Covered 30+ Abacus Asset Group: Suite of ETF Solutions ABFL Abacus FCF Leaders ETF US Large Cap, Core, Inception: September 2016 ABOT Abacus FCF Innovation Leaders ETF US Growth, Disruptive Innovation, Inception: December 2020 ABLS Abacus FCF Small Cap Leaders ETF US Small Cap, Core, Inception Date: March 2021 ABLD Abacus FCF Real Assets Leaders ETF US Value, Inflation Hedge, Inception Date: December 2021 Source: Bloomberg, Abacus FCF Advisors, U.S. Bancorp Data as of 09/30/2025. 16 16
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ABL Tech’s MVerify® is a single validation engine aggregating SSA, state vital records, obituary feeds, and other proprietary sources Foundational for pension funds, secondary life insurance and longevity-based investors Designed to enables faster claim resolutions, fraud prevention, and pension liability optimization Validated mortalities = realized gains, reduced leakage, and higher confidence in projections ABL Tech: Advanced Technology Powering Data- Driven Solutions Mortality Tracking Highlights National Coverage 97% <1% False Positive Rates 17
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ABL Tech: Growth Trajectory and Market Penetration YoY Increase in Lives Tracked21x Government and Union Systems Now Using ABL Tech 100+ High-Probability Market Opportunities Market Segment Estimated Lives Tracked Third-Party Administrator (TPA) 2,000,000 Public Pension Funds 1,400,000 Insurance 500,000 Mortgage Lenders 330,000 Union Pension Funds 280,000 Number of Lives Tracked – ABL Tech 26,000 56,000 127,851 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Paid Lives 1,598,536 Unlocking New Revenue Channels From Insurance to Pensions 18 2,033,198 2,652,862In Trial 678,000
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Asset origination Abacus Wealth Advisors Abacus Life Solutions Product distribution Longevity data and technology Asset sourcing Customer & lead engine Abacus Asset Group ABL Tech Abacus Wealth Advisors: Personalized Financial Planning Based on Longevity Leveraging synergies across our business verticals 191Abacus Wealth Advisors has de minimis revenues as we continue to build out that division of the business, with the expectatio n to grow the revenue over the course of the next few years
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Direct whole-asset sales to institutional buyers seeking longevity exposure 20+ years of buyer relationships across asset managers, family offices, and insurers Competitive pricing from multiple bidders enhances margins Immediate liquidity enables rapid capital recycling Abacus Longevity Assets Distributionn Strategy Diversified Capital Sources Drive Pricing Power and Liquidity Multiple Pathways to Institutional Capital 3 Channels 20 Institutional Sales1 Assets originated for Abacus-managed investment vehicles ~$2.2B AUM generating recurring management fees Longer hold periods capture full appreciation and realized gains Control over portfolio construction and risk management Managed Funds2 Structured products collateralized by longevity assets Expands addressable market to fixed-income and structured credit investors Enhanced capital efficiency through leverage on senior tranches Retained equity captures upside while diversifying funding sources Securitization3
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21 Sale of Assets Cashflows Pool of Assets Special Purpose Vehicle Securitized Notes Created Abacus Investors Securitized Notes Issued & Sold Cashflow Notes Equity Securitized Products Issuance of Life Insurance Assets From Emerging Opportunity to Established Asset Class And Tranched Abacus aggregates life insurance policies into diversified portfolios, structures them by risk profile, and issues collateral-backed notes to institutional investors, delivering predictable, market-uncorrelated returns.
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Q3 2025 Financial Overview 22
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Q3 2025 vs Q3 2024 Performance Revenue % Increase Adj. EBITDA % Increase 127%124% Total revenue more than doubles to $63.0 million, compared to $28.1 million in the prior-year period Adjusted Net Income grew to $23.6 million, compared to $14.7 million; and Adjusted EBITDA increased to $37.9 million, compared to $16.7 million in the prior-year period GAAP Net Income attributable to shareholders was $7.1 million, compared to a net loss of ($5.1 million) in the prior-year period Abacus was added to the Russell 2000 and 3000 indices, effective September 22, 2025, enhancing visibility and access to institutional investors Post Quarter End, completed two major milestones with strategic acquisition of Accuquote and $50 million securitized asset-backed rated note sold to institutional investors Adj. Net Income % Increase 60% Q3 2025 Financials Overview Gross Revenue $ 63.0 million Adjusted Net Income $ 23.6 million Adjusted EBITDA $ 37.9 million Capital Deployed for Policy Purchases $ 102.4 million Assets Under Management1 $ 3.3 billion Key Quarterly Achievements 1 Estimated gross AUM of Longevity Funds, Abacus FCF Advisors, and the Balance sheet as of September 30, 2025 1 2 3 4 5 Q3 2025 Financial Performance Highlights 23
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Raising — FY 2025 Guidance 24 Key Assumptions and Commentary We believe we are well-positioned for a strong 2025 to firmly solidify Abacus as a leading global alternative asset manager Growth driven by our origination platform and expanded business verticals The upper range reflects annualized YTD performance, adjusted for potential seasonal business patterns Metric Initial FY 2025 Guidance Previous FY 2025 Guidance Current FY 2025 Guidance Implied YoY Change (%) Adjusted Net Income $70 million - $78 million $74 million - $80 million $80 million - $84 million +72% to +81% FY 2024 Actual FY 2025 As of Q2'25 FY 2025 As of Q3'25 $46.5M $74M - $80M $80M - $84M $39.2M $62.8M Actual Forecast Reflecting Strong YTD Performance
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Initiating Annual Dividend Strong Cash Generation Enables Shareholder Returns While Funding Growth 25 Transitioned to higher recurring revenue mix (YTD $25.6M, targeting 70%), creating more predictable cash flows Capital-efficient model (2.0x turnover) requires minimal reinvestment to sustain growth Why Now? $0.20 per share Ex-Dividend Date on December 2, 2025 Aligns with asset manager peer group while differentiating within Russell 2000: only 1/3 of small-cap companies pay dividends, positioning us favorably among income-seeking investors Opens access to $474B in U.S. dividend-focused ETFs previously excluded from our shareholder base Expanding Our Investor Base This dividend policy reflects our confidence in durable cash generation while preserving our high-return growth profile. We intend to distribute an annual dividend of up to 25% of adjusted net income or up to 55% of recurring revenue— returning capital to shareholders while maintaining full capacity to scale the business and expand our institutional reach.
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$9.2 $5.9 $6.7 $11.8 $14.9 $13.4 $17.3 $21.9 $23.6 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $21.1 $23.6 $21.5 $29.1 $28.1 $33.2 $44.1 $56.2 $63.0 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $10.8 $11.1 $11.6 $16.7 $16.7 $16.6 $24.5 $31.5 $37.9 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Revenue 1 Adjusted EBITDA and Adjusted Net Income are non-GAAP measures. For a reconciliation to the most directly comparable GAAP measure, see the Financial Information section Consolidated Proforma Historical Financial KPIs (Q3 2023 – Q3 2025) Adjusted Net Income1 ($ in millions)($ in millions) Adjusted EBITDA1 ($ in millions) 26
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Q4 2024 Q1 2025 Q2 2025 Q3 2025 Balance Sheet Longevity Funds ETFs $862.61M $2.21B $257.49M$2.96B $3.11B $3.25B $3.33B 26,000 56,000 127,851 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Additional KPIs (Q1 2024 – Q3 2025) 1 Fee Paying AUM consists of Carlisle Management Company, Abacus FCF Advisors, LMA Funds, and Abacus Income Funds Gross Assets Under Management Fee Paying Assets Under Management1 Capital Deployed for Policy Originations – Life Solutions Number of Lives Tracked – ABL Tech $54.6 $104.7 $93.2 $126.5 $125.9 $121.8 $102.4 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Longevity Funds ETFs $2.72B $2.78B $2.99B $3.07B ($ in millions) 27 Paid Lives In Trial 1,598,536 2,033,198 2,652,862 678,000
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21% 27% 26% 23% 21% 26% 37% 0% 10% 20% 30% 40% 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 Average Realized Gain on Policies Sold (%) 2.0x 0.0x 1.0x 2.0x 3.0x Actual Turnover Target Range (1.5-2.0x) 253 363 0 100 200 300 400 Days Held (Owned Policies) Days Held (Sold Policies) 28 Additional KPIs (Q1 2024 – Q3 2025) Annualized Turnover Ratio vs. Target (Annualized Turnover Ratio) Holding Period Comparison: Owned vs. Sold Policies (# of Days) Average Realized Gains (% Gain) In reference to policies held at Fair Market Value. Turnover and holding periods with regards to policies held on public comp any Balance Sheet.
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Fee Related Earnings Principal Investing Earnings Total Operating Earnings Interest Expense, Net Taxes on Adj. Earnings Other Expenses & Taxes Adjusted Net Income Asset Management Fees Servicing Fees Origination Fees Technology Services Fees Active Management Performance Income Abacus Life Solutions Abacus Asset Group Abacus Wealth Advisors 1 ABL Tech Net of Operating Expenses and Compensation Net of Operating Expenses and Compensation Abacus Earnings Framework 291Abacus Wealth Advisors has de minimis revenues as we continue to build out that division of the business, with the expectatio n to grow the revenue over the course of the next few years
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Q3 2025 Financial Appendix 30
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31 Abacus Global Management, Inc. Income Statement Three Months Ended Nine Months Ended September 30,September 30, 2025 2024 2025 2024 REVENUES: Asset management $1,058,250 $59,847 $3,173,732 $176,815 Asset management, related party 7,575,553 56,539 21,995,024 362,394 Life solutions 45,536,880 28,032,105 112,059,764 78,172,568 Life solutions, related party 8,585,697 — 25,662,314 — Technology services 218,776 — 448,288 — TOTAL REVENUES 62,975,156 28,148,491 163,339,122 78,711,777 COST OF REVENUES (excluding depreciation and amortization stated below): Cost of revenue (including stock-based compensation) 7,655,698 2,187,981 20,818,749 7,652,412 GROSS PROFIT 55,319,458 25,960,510 142,520,373 71,059,365 OPERATING EXPENSES: Sales and marketing 3,799,884 2,169,197 9,683,599 6,651,942 General and administrative (including stock-based compensation) 24,706,314 15,489,503 55,896,429 41,396,346 (Gain) loss on change in fair value of debt — 124,237 (3,362,103) 4,036,327 Unrealized loss (gain) on equity securities, at fair value — (417,677) — (1,220,161) Realized gain on equity securities, at fair value — — — (856,744) Depreciation and amortization expense 4,400,082 1,745,279 14,342,711 5,177,785 TOTAL OPERATING EXPENSES 32,906,280 19,110,539 76,560,636 55,185,495 OPERATING INCOME 22,413,178 6,849,971 65,959,737 15,873,870
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32 Abacus Global Management, Inc. Income Statement (cont’d) Three Months Ended Nine Months Ended September 30,September 30, 2025 2024 2025 2024 OTHER INCOME (EXPENSE): Gain (loss) on change in fair value of warrant liability (1,081,193) (8,766,500) (1,704,193) (8,487,040) Interest expense (9,738,472) (4,218,314) (28,108,947) (12,417,946) Interest income 803,648 609,496 2,990,927 1,670,828 Other (expense) income (629,126) (9,832) 2,044,522 132,610 TOTAL OTHER INCOME (EXPENSE) (10,645,144) (12,385,150) (24,777,692) (19,101,548) NET INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 11,768,034 (5,535,179) 41,182,045 (3,227,678) Income tax expense (benefit) 4,692,686 (250,368) 11,096,742 2,680,855 NET INCOME (LOSS) 7,075,348 (5,284,811) 30,085,303 (5,908,533) LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST - (159,756) 786,683 (204,716) NET INCOME (LOSS) ATTRIBUTABLE TO ABACUS GLOBAL MANAGEMENT, INC. $ 7,075,348 $(5,125,055) $29,298,620 $(5,703,817) EARNINGS (LOSS) PER SHARE: Earnings (loss) per share - basic $0.16 ($0.07) $0.39 ($0.09) Earnings (loss) per share - diluted $0.16 ($0.07) $0.39 ($0.09)
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33 Abacus Global Management, Inc. Adjusted Net Income Three Months Ended September 30, Three Months Ended September 30, 2025 2024 Gross Estimated Tax [2] Net Gross Estimated Tax [2] Net Net income (loss) attributable to Abacus Global Management $7,075,348 $ - $7,075,348 $ (5,125,055) $ - $ (5,125,055) Net income (loss) attributable to noncontrolling interests - - - (159,756) - (159,756) Stock based compensation 4,527,358 (1,147,459) 3,379,899 6,416,378 (1,626,231) 4,790,147 Business acquisition and project legal costs 5,941,429 (1,505,855) 4,435,574 1,948,118 (493,751) 1,454,367 Amortization expense 4,044,099 (1,024,977) 3,019,122 1,698,983 (430,607) 1,268,376 Impairments on Investments 622,788 (157,846) 464,942 - - 0 (Gain) loss on change in fair value of warrant liability 1,081,193 (274,028) 807,165 8,766,500 (2,221,869) 6,544,631 Tax impact [1] 315,928 - 315,928 1,174,328 - 1,174,328 Adjusted Net Income $23,608,143 ($4,110,165) $19,497,978 $14,719,496 $ (4,772,458) $ 9,947,038 Weighted-Average Stock Outstanding - Basic 95,956,504 95,956,504 95,956,504 74,691,319 74,691,319 74,691,319 Weighted-Average Stock Outstanding - Diluted 96,651,911 96,651,911 96,651,911 74,694,319 74,694,319 74,694,319 Adjusted EPS - Basic $0.25 ($0.04) $0.20 $0.20 ($0.06) $0.13 Adjusted - Diluted $0.24 ($0.04) $0.20 $0.20 ($0.06) $0.13 [1] Tax impact represents the permanent difference in tax expense related to the restricted stock awards granted to certain executives due to IRC 162(m) limitations. [2] The estimated tax is based on the net federal and state statutory rate.
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34 Abacus Global Management, Inc. Adjusted EBITDA Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net Income (Loss) $7,075,348 ($5,284,811) $30,085,303 ($5,908,533) Depreciation and amortization expense 4,400,082 1,745,279 14,342,711 5,177,785 Income tax expense (benefit) 4,692,686 (250,368) 11,096,742 2,680,855 Interest expense 9,738,472 4,218,314 28,108,947 12,417,946 Other expense (income) 629,126 9,832 (2,044,522) (132,610) Interest income (803,648) (609,496) (2,990,927) (1,670,828) (Gain) loss on change in fair value of warrant liability 1,081,193 8,766,500 1,704,193 8,487,040 Stock based compensation 4,527,358 6,416,378 10,369,582 18,675,208 Impairments on Investments 622,788 — 622,788 — Business acquisition and project legal costs 5,941,429 1,948,118 6,016,211 3,273,118 Realized and Unrealized gain on investments — (417,677) — (2,076,905) Change in fair value of debt — 124,237 (3,362,103) 4,036,327 Adjusted EBITDA $37,904,834 $16,666,306 $93,948,925 $44,959,403 Total Revenue $62,975,156 $28,148,491 $163,339,122 $78,711,777 Adjusted EBITDA Margin % 60.2% 59.2% 57.5% 57.1% Net Income Margin % 11.2% (18.8%) 18.4% (7.5%)
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35 Abacus Global Management, Inc. Balance Sheet September 30, 2025 December 31, (unaudited) 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $86,418,953 $131,944,282 Accounts receivable 30,392,121 15,785,531 Accounts receivable, related party 13,863,196 7,113,369 Income taxes receivable 2,740,362 2,099,673 Prepaid expenses and other current assets 4,738,492 2,621,791 Total current assets 138,153,124 159,564,646 Property and equipment, net 1,590,408 1,025,066 Intangible assets, net 70,491,008 79,786,793 Goodwill 248,959,637 238,296,200 Operating right-of-use assets 4,716,584 4,722,573 Management and performance fee receivable, related party 15,465,366 13,379,301 Life settlement policies, at fair value 423,782,347 370,398,447 Life settlement policies, at cost 905,349 1,083,977 Available-for-sale securities, at fair value 3,194,593 2,205,904 Other investments 9,850,000 1,850,000 Other assets 1,829,114 1,851,845 TOTAL ASSETS $918,937,530 $874,164,752
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36 Abacus Global Management, Inc. Balance Sheet (cont’d) September 30, December 31, 2025 2024 (unaudited) LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt, at fair value $118,498,871 $37,430,336 Current portion of long-term debt 1,000,000 1,000,000 Accrued expenses 8,691,570 6,139,472 Current operating lease liabilities 671,281 515,597 Contract liabilities, deposits on pending settlements 358,983 2,473,543 Accrued transaction costs 2,523,953 483,206 Other current liabilities 15,783,293 14,423,925 Income taxes payable 910,545 — Total current liabilities 148,438,496 62,466,079 Long-term debt, net 276,072,681 224,742,029 Long-term debt, at fair value — 105,120,100 Long-term debt, related party 13,699,103 12,525,635 Retrocession fees payable 5,361,714 5,312,214 Noncurrent operating lease liabilities 4,535,901 4,580,158 Deferred tax liability 31,235,642 26,778,865 Warrant liability — 9,345,000 TOTAL LIABILITIES 479,343,537 450,870,080
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37 Abacus Global Management, Inc. Balance Sheet (cont’d) September 30, December 31, 2025 2024 (unaudited) COMMITMENTS AND CONTINGENCIES (Note 12) MEZZANINE EQUITY Series A convertible preferred stock, $0.0001 par value; 5,000 shares authorized; 5,000 issued and outstanding 5,000,000 — TOTAL MEZZANINE EQUITY 5,000,000 — STOCKHOLDERS' EQUITY Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 5,000 issued and outstanding — — Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 104,430,882 and 96,731,194 shares issued at September 30, 2025 and December 31, 2024, respectively 10,443 10,133 Treasury stock - at cost; 6,726,082 and 1,048,226 shares repurchased at September 30, 2025 and December 31, 2024, respectively (50,269,042) (12,025,137) Additional paid-in capital 513,709,228 494,064,113 Accumulated deficit (28,856,636) (57,896,606) Noncontrolling interest — (857,831) TOTAL STOCKHOLDERS' EQUITY 434,593,993 423,294,672 TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY $913,937,530 $874,164,752
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