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LONG-TERM DEBT (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Outstanding principal balances of Long-term debt comprises of the following:


	September 30, 2023						December 31, 2022
	Cost			Fair value			Cost		Fair value
Market-indexed notes:
LMATT Series 2024, Inc.	$	9,866,900		$	9,311,800		$	9,866,900	$	8,067,291
LMATT Series 2.2024, Inc.		2,333,391			3,027,681			2,333,391		2,354,013
LMATT Growth & Income Series 1.2026, Inc		400,000			427,284			400,000		400,000
Secured borrowing:
LMA Income Series, LP		21,889,444			22,242,291			17,428,349		17,428,349
LMA Income Series II, LP		24,535,851			24,535,851			—		—
Unsecured borrowing:
Owl Rock Credit Facility		25,000,000			25,000,000			—		—
SPV Purchase and Sale Note		25,750,000			25,750,000			—		—
Sponsor PIK Note		10,785,778			10,785,778			—		—
Deferred Financing Cost		(2,266,858	)		(2,266,858	)		—		—

Total long-term debt	$	118,294,506		$	118,813,827		$	30,028,640	$	28,249,653

Long-term debt comprises of the following:


	December 31, 2022				December 31, 2021
	Cost		Fair value		Cost		Fair value
Market-indexed notes:
LMATT Series 2024, Inc.	$	9,866,900	$	8,067,291	$	—	$	—
LMATT Series 2.2024, Inc.		2,333,391		2,354,013		—		—
LMATT Growth & Income Series 1.2026, Inc.		400,000		400,000		—		—
Secured borrowing:
LMATT Income Series, LP		17,428,349		17,428,349		—		—

Total long-term debt	$	30,028,640	$	28,249,653	$	—	$	—

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment (Details) - segment	3 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Number of Operating Segments		1	2
Number of Reportable Segments	3	1	2

FAIR VALUE MEASUREMENTS - Life Insurance Policies (Details) - Life Insurance Policies - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 13,809,352	$ 0
Policies purchased	116,053,728	8,161,975
Realized gain on matured/sold policies	9,688,422	105,000
Premiums paid	2,500,623	433,626
Unrealized gain on held policies	14,259,665	5,742,377
Change in estimated fair value	21,447,464	5,413,751
Matured/sold policies	(70,225,793)	(200,000)
Fair value at end of period	$ 83,585,374	$ 13,809,352

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-Consolidated Variable Interest Entities (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2021 provider
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Option agreement, number of providers \| provider							2
Interest expense	$ 2,679,237	$ 0	$ 3,620,695	$ 0	$ 41,324	$ 0
Assets	304,301,937		304,301,937		59,094,847	1,840,218
Liabilities	138,212,190		138,212,190		30,945,150	1,073,325
Variable Interest Entity, Not Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets	824,375		824,375		987,964	596,567
Liabilities	191,632		191,632		358,586	2,218
Variable Interest Entity, Not Primary Beneficiary \| Provider One
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets					126,040	122,279
Liabilities					0	0
Variable Interest Entity, Not Primary Beneficiary \| Provider Two
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets					861,924	474,288
Liabilities					358,586	2,218
Variable Interest Entity, Not Primary Beneficiary \| Expense Support Agreement
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest expense	$ 0	$ 40,800	$ 29,721	$ 283,047	$ 347,013	$ 120,000

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

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- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

MEMBERS' EQUITY (Details) - Abacus Settlements, LLC - shares	Dec. 31, 2022	Dec. 31, 2021
Common unit, authorized	400
Common unit, voting rights	1
Common unit, issued	400	400
Common unit, outstanding	400	400

Subsequent Events

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

SUBSEQUENT EVENTS

21.	SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions from the condensed consolidated balance sheet date through the date at which the condensed consolidated financial statements were issued.

Fixed Rate Senior Unsecured Notes

On November 6, 2023, the Company filed a prospectus on Form S-1 to issue and sell fixed rate senior unsecured notes up to $40,000,000 aggregate principal amount of the Company’s senior unsecured promissory notes (“Fixed Unsecured Notes”) which closed on November 10, 2023. The net proceeds after related debt issue costs, were used by the Company to repay the Owl Rock Credit Facility, with the remaining to be used for general corporate purposes. This loan is based on a fixed interest rate of 9.875%, provides for quarterly interest payments beginning on February 15, 2024, and has a term of five years with a

maturity date of November 15, 2028. The Company has the option to redeem the Fixed Unsecured Notes in whole or in part at a price of 100% of the outstanding principal balance on or after November 15, 2027. The notes will be senior unsecured obligations of the Company and will rank equal in right of payment to all of the Company’s other senior unsecured indebtedness from time to time outstanding.

Long-term Incentive Plan

In October of 2023, the Compensation Committee approved the issuance of 2,468,500 restricted stock units (“RSU’s”) to executives, employees and directors as part of the Company’s 2023 Long-Term Equity Compensation Incentive Plan (“Long-term Incentive Plan”) This plan provides for equity-based awards, including restricted stock units, performance stock units (“PSU”), stock options and unrestricted shares of common stock, may be granted to officers, key employees and directors of the Company. The Company has granted RSUs that provide the right to receive, subject to service based vesting conditions, shares of common stock pursuant to the Equity Plan. After the issuance, 621,500 shares of common stock remained available for issuance of the 3,090,000 shares that are authorized for issuance under the Long-term Incentive Plan. The expense associated with the awards will be based on the fair value of the shares as of the grant date, where the Company will elect to straight line recognition over the vesting period, which is

three years.

Each RSU entitles the unit holder to one share of common stock when the restriction expires. RSUs have service conditions associated with them that range from

one

to three years. In our plan, subject to continuous employment, 10% of the Initial Annual Award will vest at 12 months following the date of grant and 90% of the Initial Annual Award will vest at 36 months following the date of the grant. A minimum of 10% of the Initial Annual Award will vest if termination by the Employer without cause or by the executive for good reason occurs within the first 12 months of the grant. After satisfying the above vesting conditions, the participants will be fully entitled to their shares of Class A common stock. Shares that are issued upon vesting are newly issued shares from the Long-term Incentive Plan and are not issued from treasury stock. Forfeitures are recorded as they occur.

17.	SUBSEQUENT EVENTS

Completion of the Business Combination on June 30, 2023

On August 30, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with East Resources Acquisition Company (Nasdaq: ERES) and Abacus Settlements, LLC (“Abacus”), which was subsequently amended on October 14, 2022. As part of the Merger Agreement, the holders of the Company’s common units together with the holders of Abacus, a commonly owned affiliate, were to receive aggregate consideration of approximately $531,750,000, payable in a number of newly issued shares of Class A common stock, par value $0.0001 per share. The merger was completed on June 30, 2023.

Long-Term Debt

Owl Rock Credit Facility

On July 5, 2023 (the “Owl Rock Closing Date”), the Company entered into that certain Credit Agreement (the “Owl Rock Credit Facility”), among the Company, as borrower, the several banks and other persons from time to time party thereto (the “Owl Rock Lenders”), and Owl Rock Capital Corporation, as administrative and collateral agent for the Owl Rock Lenders thereunder. The Owl Rock Credit Facility provides credit extensions for (i) an initial term loan in an aggregate principal amount of $25.00 mill

ion upon the closing of the Owl Rock Credit Facility and (ii) optional delayed draw term loans in an aggregate principal amount

of up to $

25.00

million available for 180 days after the Owl Rock Closing Date, subject to the requirement that on each delayed draw date, the proceeds may be used for working capital and the business requirements of the enterprise, and to fund acquisitions, investments and other transactions permitted by the loan documentation. It provides a delayed draw commitment fee rate of

0.50

% per annum applicable to undrawn commitments during the Delayed Draw Term Loan Availability Period and matures on July 5, 2028, the date that is five years after the closing of the Owl Rock Credit Facility. The Owl Rock Credit Facility was paid in full as of November 10, 2023.

Sponsor PIK Note

On the June 30, 2023, in connection with the consummation of the Business Combination and as contemplated by the Merger Agreement, East Sponsor, LLC, a Delaware limited liability company (“Sponsor”), made an unsecured loan to the Company in the aggregate amount of $10,471,648 (the “Sponsor PIK Note”) with an interest rate of 12% per annum compounding semi-annually. Accrued interest is payable in arrears quarterly starting on September 30, 2023 by adding it to the outstanding principal balance. The Sponsor PIK Note matures on June 30, 2028 (the “Maturity Date”) and may be prepaid at any time in accordance with its terms without any premium or penalty.

LMA Income Series II, LP and LMA Income Series II, GP LLC Secured Borrowing

LMA Income Series II, GP, LLC, wholly owned and controlled by that LMA Series, LLC, formed a limited partnership, LMA Income Series II, LP and issued partnership interests to limited partners in a private placement offering. The initial term of the offering is three years with the ability to extend for two additional

one-year

periods at the discretion of the general partner, LMA Income Series II, GP, LLC. The limited partners will receive annual dividends equal to the Preferred Return Amounts as follows: Capital commitment less than $500,000, 7.5%; between $500,000 and $1,000,000, 7.75%; over $1,000,000, 8%. Thereafter, 100% of the excess to be paid to the General Partner.

SPV Purchase and Sale Note

On July 5, 2023, the Company entered into an Asset Purchase Agreement (the “Policy APA”) to acquire certain insurance policies with an aggregate fair market value of $10.0 million from Abacus Investment SPV, LLC, a Delaware limited liability company (“SPV”), in exchange for a payable obligation owed by the Company to SPV (such acquisition transaction under the Policy APA, the “SPV Purchase and Sale”).

The payable obligation owed by the Company to SPV in connection with the SPV Purchase and Sale is evidenced by a note issued by the Company to SPV in connection with the SPV Investment Facility, as defined below, (the “SPV Purchase and Sale Note”) in an original principal amount equal to the aggregate fair market value of the acquired insurance policies. The SPV Purchase and Sale Note has the same material terms and conditions as the other credit extensions under the SPV Investment Facility.

SPV Investment Facility

On July 5, 2023, the Company entered into a credit agreement between the Company, as borrower, and the SPV, as lender (the “SPV Investment Facility”) whereby the Company is able to borrow additional funds from SPV.

The SPV Investment Facility provides, among other things, for the following:

requires that certain subsidiaries of the Company guarantee the credit extensions provided under the SPV Investment Facility pursuant to separate documentation;

is unsecured without collateral security provided in favor of SPV and subordinated in right of payment to the Company’s obligations under the Owl Rock Credit Facility, subject to limited specified exceptions and circumstances for permitting early payment;

provides for certain credit extensions in an aggregate principal amount of $25.0 million recorded in the SPV purchase and sale note line item on the condensed consolidated balance sheets, which includes: (i) an initial credit extension in an original principal amount of $

15.0

million that was funded upon the closing of the SPV Investment Facility, and (ii) the SPV Purchase and Sale Note for the original principal amount of $10.0 million to finance the purchase of the insurance policies under the Policy APA;

provides for proceeds to be used for payment of certain transaction expenses, general corporate purposes and any other purposes not prohibited by the agreement or applicable law;

matures on July 5, 2026, three years after the closing of the SPV Investment Facility, subject to two automatic extensions of one year each without any amendment of the relevant documentation, but also subject to applicable subordination restrictions in relation to the Owl Rock Credit Facility;

provides for interest to accrue on the SPV Investment Facility at a rate of 12% per annum, payable quarterly, all of which is to be paid

in-kind

by the Company by increasing the principal amount of the SPV Investment Facility owing to the SPV on each interest payment date;

provides a default rate that will accrue at 2.00% per annum (subject to applicable subordination restrictions) over the rate otherwise applicable. If cash payment is not permitted due to applicable subordination restrictions or otherwise, such default interest shall be paid

in-kind;

provides that no principal payments shall be required prior to maturity;

contains financial and other covenants substantially similar and not materially worse than those contained in the Owl Rock Credit Facility from the perspective of the Company; and

provides for certain specified events of default (including certain events of default subject to grace or cure periods), with the occurrence and during the continuance of such events of default enabling the lender under the SPV Investment Facility to accelerate the obligations under the SPV Investment Facility, among other rights or remedies, subject to applicable subordination restrictions.

Fixed Rate Senior Unsecured Notes

On November 10, 2023, the Company issued and sold fixed rate senior unsecured notes of $35,650,000 aggregate principal amount of the Company’s senior unsecured promissory notes (“Fixed Unsecured Notes”). The net proceeds after related debt issue costs, were used by the Company to repay the Owl Rock Credit Facility, with the remaining to be used for general corporate purposes. This loan is based on a fixed interest rate of 9.875%, provides for quarterly interest payments beginning on February 15, 2024, and has a term of five years with a maturity date of November 15, 2028. The Company has the option to redeem the Fixed Unsecured Notes in whole or in part at a price of 100% of the outstanding principal balance on or after November 15, 2027. The notes will be senior unsecured obligations of the Company and will rank equal in right of payment to all of the Company’s other senior unsecured indebtedness from time to time outstanding.

Long-term Incentive Plan

STOCK- BASED COMPENSATION

CEO Restriction Agreement:

Effective upon Business Combination close, the Chief Executive Officer (“CEO”) entered into a Restriction Agreement with Abacus Life, Inc. that provides terms for the CEO’s ownership interest grant that were assigned to him from the three original founders of Abacus Settlements. As of the Closing Date as provided in the Merger Agreement amended on April 21, 2023, the CEO shall receive 4,569,922 shares of Restricted Stock.

AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE (Details) - USD ($)		1 Months Ended			9 Months Ended		12 Months Ended
	Jan. 07, 2022	Oct. 31, 2022	Jan. 31, 2022	Nov. 30, 2021	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Purchase of convertible promissory note	$ 250,000	$ 500,000	$ 250,000	$ 250,000	$ 350,000	$ 250,000	$ 750,000	$ 250,000
Interest rate per annum		8.00%		6.00%
Equity financing threshold		$ 5,000,000		$ 1,000,000	$ 1,000,000		$ 1,000,000

SEGMENT REPORTING - Reconciliation of Net Income (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Revenue	$ 21,120,930	$ 11,507,748	$ 42,705,904	$ 29,784,048	$ 44,713,553	$ 1,199,986
Total gross profit	17,755,973	9,752,854	37,877,997	25,943,079	38,468,422	464,093
Sales and marketing	(1,704,154)	(14,905)	(3,116,999)	(1,664,403)	(2,596,140)	0
General and administrative	(9,838,951)	(59,816)	(11,113,382)	(706,523)	(1,066,403)	(101,406)
Other operating expenses						(493,849)
Depreciation	(12,770)	(1,070)	(14,911)	(3,211)	(4,282)	(2,447)
Depreciation and amortization expense	(1,694,853)	(1,071)	(1,696,994)	(3,211)
Other (expense) income	20,086	42,289	(1,565)	(199,958)	(347,013)	0
Loss on change in fair value of warrant liability	(943,400)	0	(943,400)	0
Interest expense	(2,679,237)	0	(3,620,695)	0	(42,798)
Interest income	63,826	0	71,283	0	1,474
Gain (Loss) on change in fair value of debt	2,088,797	1,235,032	(309,865)	859,519	(90,719)	0
Unrealized (loss) gain on investments	(306,800)	(246,846)	491,356	(1,301,821)	(1,045,623)	0
Provision for income taxes	(1,710,315)	(352,081)	(2,238,419)	(648,887)	(889,943)	0
Less: Net gain (loss) attributable to non-controlling interests	(147,611)	(363,452)	339,692	(770,093)	(704,699)	148,155
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS	903,361	9,992,004	15,739,009	21,507,702	31,682,275	14,546
Stock-based compensation	4,583,632		4,583,632
Portfolio servicing
Segment Reporting Information [Line Items]
Revenue					1,470,973	1,079,986
Total gross profit	(626,045)	(106,817)	(792,173)	561,935	300,235	406,093
Active management
Segment Reporting Information [Line Items]
Active management					43,242,581	120,000
Total gross profit	13,856,637	9,859,671	34,144,789	25,381,144	$ 38,168,187	$ 58,000
Originations
Segment Reporting Information [Line Items]
Total gross profit	$ 4,525,381	$ 0	$ 4,525,381	$ 0

ACCRUED PAYROLL AND OTHER EXPENSES

12 Months Ended

Dec. 31, 2022

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

ACCRUED PAYROLL AND OTHER EXPENSES

6.	ACCRUED PAYROLL AND OTHER EXPENSES

The Company’s accrued payroll and other expenses were as follows:


	2022		2021
Accrued payroll	$	224,168	$	188,529
Accrued credit card fees		235,680		172,189
Other expenses		82,018		150,128

Total accrued payroll and other expenses	$	541,866	$	510,846

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below.


	Fair Value Hierarchy
As of September 30, 2023	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	83,585,374	$	83,585,374
Available-for-sale securities, at fair value		—		—		1,000,000		1,000,000
Other investments		—		—		1,650,000		1,650,000
S&P 500 options		1,494,744		—		—		1,494,744
Other assets		998,469		—		—		998,469

Total assets held at fair value	$	2,493,213	$	—	$	86,235,374	$	88,728,587

Liabilities:
Long-term debt	$	—	$	—	$	59,544,907	$	59,544,907
Private placement warrants		—		—		3,382,000		3,382,000

Total liabilities held at fair value:	$	—	$	—	$	62,926,907	$	62,926,907


	Fair Value Hierarchy
As of December 31, 2022	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	13,809,352	$	13,809,352
Available-for-sale securities, at fair value		—		—		1,000,000		1,000,000
Other investments		—		—		1,300,000		1,300,000
S&P 500 options		890,829		—		—		890,829

Total assets held at fair value	$	890,829	$	—	$	16,109,352	$	17,000,181

Liabilities:
Long-term debt	$	—	$	—	$	28,249,653	$	28,249,653

Total liabilities held at fair value:	$	—	$	—	$	28,249,653	$	28,249,653

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below.


As of December 31, 2022	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	13,809,352	$	13,809,352
Available-for-sale securities, at fair value		—		—		1,000,000		1,000,000
Other Investments		—		—		1,300,000		1,300,000
S&P 500 options		890,829		—		—		890,829

Tot assets held at fair value	$	890,829	$	—	$	16,109,352	$	17,000,181

Liabilities:
Long-term debt	$	—	$	—	$	28,249,653	$	28,249,653


	Fair Value Hierarchy
As of December 31, 2021	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	—	$	—
Available-for-sale securities, at fair value		—		—		250,000		250,000
Other investments		—		—		1,250,000		1,250,000
Other non-current assets		—		—		—		—

Tot assets held at fair value	$	—	$	—	$	1,500,000	$	1,500,000

Liabilities:
Long-term debt	$	—	$	—	$	—	$	—

Fair Value Measurement Inputs and Valuation Techniques

If the discount rate increased or decreased by 2 percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of September 30, 2023, would be as follows:


As of September 30, 2023 Rate Adjustment	Fair Value		Change in Fair Value
+2%	$	78,288,612	$	(5,296,762	)
No change		83,585,374
-2%		89,102,871		5,517,497

The following table presents the key assumptions in the analysis:


	Private Placement Warrants
Expected implied volatility		de minimis
Risk-free interest rate		4.09	%
Term to expiration		5.0 years
Exercise price	$	11.50
Common Stock Price	$	10.03
Dividend Yield		—	%


As of December 31, 2022			Change in
Rate Adjustment	Fair Value		Fair Value
+2%	$	12,376,891	$	(1,432,461	)
No change		13,809,352		—
-2%		15,571,704		1,762,352

Schedules of Concentration of Risk, by Risk Factor

The following table provides information about the life insurance issuer concentrations that exceed 10% of total face value or 10% of total fair value of the Company’s life insurance policies as of September 30, 2023:


Carrier	Percentage of Face Value			Percentage of Fair Value			Carrier Rating
American General Life Insurance Company		11.0	%		13.0	%		A+
Transamerica		14.0	%		16.0	%		A

The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit or 10% of total fair value of the Company’s life insurance policies as of December 31, 2022:


Carrier	Face Value			Fair Value			Rating
American General Life Insurance Company		17	%		15	%	A
John Hancock Life Insurance Company		31			30		A+
ReliaStar Life Insurance Company		5			10		NR
Principal Life		10			10		A+
Securian Life Insurance Company		12			4		A+

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a roll forward of the fair value of life insurance policies for the nine months-ended September 30, 2023:


Fair value at December 31, 2022	$	13,809,352
Policies purchased		116,053,728
Realized gain (loss) on matured/sold policies		9,688,422
Premiums paid		(2,500,623	)
Unrealized gain(loss) on held policies		14,259,665

Change in estimated fair value		21,447,464
Matured/sold policies		(70,225,793	)
Premiums paid		2,500,623

Fair value at September 30, 2023	$	83,585,374

The following table provides a roll forward of the fair value of life insurance as of December 31, 2022:


Fair value at December 31, 2021	$	—

Policies purchased		8,161,975

Realized gain on matured/sold policies		105,000
Premius Paid		(433,626	)
Unrealized gain on held policies		5,742,377

Change in estimated fair value		5,413,751
Matured/sold policies		(200,000	)
Premiums paid		433,626

Fair value at December 31, 2022	$	13,809,352

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a roll forward of the fair value of the issued notes for the nine months ended September 30, 2023:


Fair value at December 31, 2022	$	28,249,653
Debt issued to third parties		88,618,714
Unrealized loss on change in fair value (risk-free)		309,865
Unrealized loss on change in fair value (credit-adjusted) included in OCI		1,635,596

Change in estimated fair value resulted into gain		1,945,461

Fair value at September 30, 2023	$	118,813,828

The following table provides a roll forward of the fair value of the issued as of December 31, 2022:


Fair value at December 31, 2021	$	—

Debt issued to third parties	$	30,028,640

Unrealized loss on change in fair value (risk-free)		90,719
Unrealized (gain) on change in fair value (credit-adjusted)		(1,869,706	)

Change in estimated fair value		(1,778,987	)

Fair value at December 31, 2022	$	28,249,653

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Consolidation of Variable Interest Entities (Details)			3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Mar. 03, 2022 USD ($)	Oct. 04, 2021 USD ($) investor	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2021 provider
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets			$ 304,301,937				$ 304,301,937		$ 59,094,847	$ 1,840,218
Liabilities			138,212,190				138,212,190		30,945,150	1,073,325
Option agreement, number of providers \| provider											2
Interest expense			2,679,237		$ 0		3,620,695	$ 0	41,324	0
Number of unaffiliated investors \| investor		3
Regional Investment Services Inc
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Consideration	$ 60,000
Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets			62,831,856				62,831,856		30,073,972	400
Liabilities			56,775,736				56,775,736		27,116,762	0
Contribution amount		$ 100
Variable Interest Entity, Primary Beneficiary \| LMX
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage		70.00%
Variable Interest Entity, Primary Beneficiary \| Longevity Market Advisors LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage	80.00%
Variable Interest Entity, Not Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Assets			824,375				824,375		987,964	596,567
Liabilities			191,632				191,632		358,586	2,218
Variable Interest Entity, Not Primary Beneficiary \| Expense Support Agreement
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest expense			$ 0		40,800		$ 29,721	283,047	$ 347,013	$ 120,000
Subsidiaries
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interest expense				$ 5,863	$ 2,954	$ 11,725		$ 2,954
Subsidiaries \| Longevity Market Advisors LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Subsidiary, Ownership Percentage, Parent	100.00%

Abacus Settlements LLC - SEGMENT REPORTING (Details) - segment	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Number of operating segments	1		2
Abacus Settlements, LLC
Segment Reporting Information [Line Items]
Number of operating segments		1

Abacus Settlements LLC - SEGMENT REPORTING

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

SEGMENT REPORTING

10.	SEGMENT REPORTING

Segment Information

—The Business Combination that took place on June 30, 2023, where ERES, LMA and Abacus Settlements consummated the combining of the Companies, triggered a re-organization of Abacus Life Inc., where the legacy Abacus Settlements business and legacy LMA business would both operate under Abacus Life, Inc. subsequent to the Business Combination date. Abacus Settlement’s historically had one operating segment one reportable segment, Originations. LMA historically had two operating segments, (1) Portfolio Servicing and (2) Active Management. As the Business Combination did not occur until the last day of the second quarter, income activity related to Abacus Settlements had not yet been reported by Abacus Life, Inc. as the businesses did not begin operating as a combined Company until July 1, 2023. As such, beginning in the third quarter, the Company now organizes its business into three reportable segments (1) Portfolio Servicing, (2) Active Management and (3) Originations, 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

. The Company’s CODM is the President and Chief Executive Officer. The Company’s reportable segments are not aggregated.

The Portfolio Servicing segment generates revenues by providing policy services to customers on a contract basis.

The Active Management segment generates revenues by buying, selling, and trading policies and maintaining policies until receipt of death benefits.

The Originations segment 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 Company’s method for measuring profitability on a reportable segment basis is gross profit. The CODM does not review asset information related to investments nor expenditures incurred for long-lived assets given the Company’s investments are recognized using the measurement alternative, and the Company’s long-lived assets are immaterial to the condensed consolidated financial statements.

Revenue related to the Company’s reporting segments for the three-month and nine-month periods ended September 30, 2023, and September 30, 2022, is as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2023			2022		2023			2022
Portfolio servicing	$	224,569		$	382,245	$	814,626		$	1,372,573
Active management		18,926,144			11,125,503		39,921,061			28,411,475
Originations		10,214,489			—		10,214,489			—
Segment revenue (including inter-segment)		29,365,202			11,507,748		50,950,176			29,784,048
Inter-segment elimination		(8,244,272	)		—		(8,244,272	)		—

Total revenue	$	21,120,930		$	11,507,748	$	42,705,904		$	29,784,048

Information related to the Company’s reporting segments for the three-month and nine-month periods ended September 30, 2023 and September 30, 2022 is as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Portfolio servicing	$	(626,045	)	$	(106,817	)	$	(792,173	)	$	561,935
Active management		13,856,637			9,859,671			34,144,789			25,381,144
Originations		4,525,381			—			4,525,381			—
Total gross profit		17,755,973			9,752,854			37,877,997			25,943,079

Sales and marketing		(1,704,154	)		(14,905	)		(3,116,999	)		(1,664,403	)
General and administrative (including stock based compensation of $4,583,632)		(9,838,951	)		(59,816	)		(11,113,382	)		(706,523	)
Depreciation and amortization expense		(1,694,853	)		(1,071	)		(1,696,994	)		(3,211	)
Other (expense) income		20,086			42,289			(1,565	)		(199,958	)
Loss on change in fair value of warrant liability		(943,400	)		—			(943,400	)		—
Interest expense		(2,679,237	)		—			(3,620,695	)		—
Interest income		63,826			—			71,283			—
Gain (Loss) on change in fair value of debt		2,088,797			1,235,032			(309,865	)		859,519
Unrealized (loss) gain on investments		(306,800	)		(246,846	)		491,356			(1,301,821	)
Provision for income taxes		(1,710,315	)		(352,081	)		(2,238,419	)		(648,887	)
Less: Net gain (loss) attributable to non-controlling interests		(147,611	)		(363,452	)		339,692			(770,093	)

Net income attributable to Abacus Life, Inc.	$	903,361		$	9,992,004		$	15,739,009		$	21,507,702

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.

As of September 30, 2023 and 2022, our operations are confined to the United States. Therefore, we have not generated significant revenues or made significant capital expenditures in any geographic areas outside of the United States.

8.	SEGMENT REPORTING

Segment Information

— The Company organizes its business into two reportable segments (1) Portfolio Servicing and (2) Active Management, which generate revenue in different manners.

This segment structure reflects the financial information and reports used by the Company’s management, specifically its 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

. The Company’s CODM is the President and CEO of the Company.

The Portfolio Servicing segment generates revenues by providing policy services to customers on a contract basis.

The Active Management segment generates revenues by buying, selling and trading policies and maintaining policies through to death benefit. The Company’s reportable segments are not aggregated.

The Company’s method for measuring profitability on a reportable segment basis is gross profit. The CODM does not review asset information related to investments nor expenditures incurred for long-lived assets given the Company’s investments are recognized on a cost basis and the company’s long-lived assets are immaterial to the consolidated financial statements.

Information related to the Company’s reporting segments for December 31, 2022 and December 31, 2021 is as follows:


	As of December 31, 2022			As of December 31, 2021
Portfolio Servicing	$	1,470,973		$	1,079,986
Active Management		43,242,581			120,000

Total Revenue	$	44,713,553		$	1,199,986

Portfolio Servicing	$	300,235		$	406,093
Active Management		38,168,187			58,000

Gross profit	$	38,468,422		$	464,093

Sales and Marketing	$	(2,596,140	)	$	—
General, administrative and other		(1,066,403	)		(101,406	)
Other operating expenses		—			(493,849	)
Depreciation		(4,282	)		(2,447	)
Other expense		(347,013	)		—
Interest (expense)		(42,798	)
Interest income		1,474
Change on fair value of debt		(90,719	)		—
Unrealized gain(loss) on investments		(1,045,623	)		—
Income tax expense		(889,943	)		—
Net loss attributable to non-controlling interest		(704,699	)		148,155

Net income attributable to Longevity Market Assets, LLC	$	31,682,275		$	14,546

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

SEGMENT REPORTING

3.	SEGMENT REPORTING

Operating as a centrally led life insurance policy intermediary, Abacus’ president and chief executive officer is the chief operating decision maker who allocates resources and assesses financial performance based on financial information presented for Abacus as a whole. As a result of this management approach, Abacus is organized as a

single

operating segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES

11.	COMMITMENTS AND CONTINGENCIES

Legal Proceedings

—Occasionally, the Company may be subject to various proceedings such as lawsuits, disputes, or claims. The Company assesses these proceedings as they arise and accrues a liability when losses are probable and reasonably estimable. Although legal proceedings are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually, or taken together, have a material adverse effect on the Company’s business, financial position, results of operations, or cash flows.

Commitment

—The Company has entered into a Strategic Services and Expenses Support Agreement (“SSES” or “Expense Support Agreement”) with the Providers in exchange for an option to purchase the outstanding equity ownership of the providers (the “Providers”). Pursuant to the Expense Support Agreement, Abacus Life, Inc. provides financial support and advice for the expenses of the Providers incurred in connection with their life settlement transactions businesses and the Providers are required to hire a life settlement transactions operations employee of an affiliate of Abacus Life, Inc. No later than December 1 of each calendar year, Abacus Life, Inc. provides a budget for the Providers, in which Abacus Life, Inc. commits to extend financial support for all operating expenses up to the budgeted amount. “Operating Expenses” for purposes of the Expense Support Agreement means all annual operating expenses of the Providers incurred in the ordinary course of business, excluding the premiums paid for the Providers insurance coverages that are allocable to the insurance coverage provided to Institutional Life Holdings, LLC (“ILS”), which owns all the outstanding membership interests of the Providers if unrelated to the Providers settlement business.

For the three months ended September 30, 2023, Abacus Life, Inc. did

not

incur expenses related to the Expense Support Agreement. For the nine months ended September 30, 2023, Abacus Life, Inc. incurred $29,721 of expenses, related to the Expense Support Agreement, which is included in the Other (expense) line of the condensed consolidated statements of operations and comprehensive income and have not been reimbursed by the Providers.

9.	COMMITMENTS AND CONTINGENCIES

Legal Proceedings

—

Occasionally the Company may be subject to various proceedings, lawsuits, disputes, or claims. The Company investigates these claims as they arise and accrues a liability when losses are probable and reasonable estimated. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together, have a material adverse effect on the Company’s business, financial position, results of operations, or cash flows.

Commitment

—

The Company has entered into a Strategic Services and Expenses Support Agreement (“Expense Support Agreement”) with two commonly owned full-service origination, servicing, and investment providers (“the Providers”) in exchange for an option to purchase the outstanding equity ownership of the Providers. Pursuant to the Expense Support Agreement, ABL provides financial support and advice for the expenses of the Providers incurred in connection with their life settlement transactions businesses and the Providers are required to hire a life settlement transactions operations employee of an affiliate of ABL. No later than December 1 of each calendar year, ABL provides a budget for the Providers, in which ABL commits to extend financial support for all operating expenses up to the budgeted amount. “Operating Expenses” for purposes of the Expense Support Agreement means all annual operating expenses of the Providers incurred in the ordinary course of business, excluding the premiums paid for the Providers insurance coverages that are allocable to the insurance coverage provided to Institutional Life Holdings, LLC, which owns all the outstanding membership interests of the Providers if unrelated to the Providers settlement business.

Since inception of the Expense Support Agreement on January 1, 2021, through December 31, 2021, ABL had incurred $120,000 related to initial funding of operations, which were subsequently reimbursed and $0 related to expenses. For the year-ended December 31, 2022, ABL incurred $347,013 of expenses related to the Expense Support Agreement, which is included in the Other Expense line of the Consolidated Statements of Operations and Comprehensive Income (Loss) and have not been reimbursed by the Providers.

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

COMMITMENTS AND CONTINGENCIES

7.	COMMITMENTS AND CONTINGENCIES

Legal Proceedings

—The Company is a defendant in a lawsuit brought by a third party. The third party seeks to rescind a viatical settlement contract regarding a $4 million life insurance policy as the third party contends that the subject transaction documents were inconsistent with Delaware law and therefore the rescission provisions of the transaction documents were not enforceable. The trial is expected to begin in April 2023. The Company believes it has acted properly and in accordance with applicable state law and regulations. Legal counsel feels that a favorable outcome is likely for the Company; therefore, no liability has been accrued on the accompanying balance sheets. Although the Company believes there is no merit to this case, there is a five (5) million-dollar errors and omissions insurance policy in place with a $50,000 deductible per occurrence, which would limit any exposure to the Company.

Letter of credit

—The Company entered into a one-year letter of credit agreement in August 2022 to support bonding requirements associated with state insurance licenses and provide the Company the ability to borrow up to $

1,012,500 related to state penal bonds. The letter of credit has variable interest based on Wall Street Journal Prime rates, beginning at 6.5%. Interest is only due on the outstanding principal amount. The Company did not draw on the letter of credit during 2022, as such $0 was outstanding as of December 31, 2022.

The

Company incurred $23,450 of financing fees associated with establishing the letter of credit, which have been capitalized in

other

current assets and amortized over the stated term.

SEGMENT REPORTING

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

SEGMENT REPORTING

10.	SEGMENT REPORTING

Segment Information

Segment Reporting

. The Company’s CODM is the President and Chief Executive Officer. The Company’s reportable segments are not aggregated.

The Portfolio Servicing segment generates revenues by providing policy services to customers on a contract basis.

The Active Management segment generates revenues by buying, selling, and trading policies and maintaining policies until receipt of death benefits.

Revenue related to the Company’s reporting segments for the three-month and nine-month periods ended September 30, 2023, and September 30, 2022, is as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2023			2022		2023			2022
Portfolio servicing	$	224,569		$	382,245	$	814,626		$	1,372,573
Active management		18,926,144			11,125,503		39,921,061			28,411,475
Originations		10,214,489			—		10,214,489			—
Segment revenue (including inter-segment)		29,365,202			11,507,748		50,950,176			29,784,048
Inter-segment elimination		(8,244,272	)		—		(8,244,272	)		—

Total revenue	$	21,120,930		$	11,507,748	$	42,705,904		$	29,784,048

Information related to the Company’s reporting segments for the three-month and nine-month periods ended September 30, 2023 and September 30, 2022 is as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Portfolio servicing	$	(626,045	)	$	(106,817	)	$	(792,173	)	$	561,935
Active management		13,856,637			9,859,671			34,144,789			25,381,144
Originations		4,525,381			—			4,525,381			—
Total gross profit		17,755,973			9,752,854			37,877,997			25,943,079

Sales and marketing		(1,704,154	)		(14,905	)		(3,116,999	)		(1,664,403	)
General and administrative (including stock based compensation of $4,583,632)		(9,838,951	)		(59,816	)		(11,113,382	)		(706,523	)
Depreciation and amortization expense		(1,694,853	)		(1,071	)		(1,696,994	)		(3,211	)
Other (expense) income		20,086			42,289			(1,565	)		(199,958	)
Loss on change in fair value of warrant liability		(943,400	)		—			(943,400	)		—
Interest expense		(2,679,237	)		—			(3,620,695	)		—
Interest income		63,826			—			71,283			—
Gain (Loss) on change in fair value of debt		2,088,797			1,235,032			(309,865	)		859,519
Unrealized (loss) gain on investments		(306,800	)		(246,846	)		491,356			(1,301,821	)
Provision for income taxes		(1,710,315	)		(352,081	)		(2,238,419	)		(648,887	)
Less: Net gain (loss) attributable to non-controlling interests		(147,611	)		(363,452	)		339,692			(770,093	)

Net income attributable to Abacus Life, Inc.	$	903,361		$	9,992,004		$	15,739,009		$	21,507,702

8.	SEGMENT REPORTING

Segment Information

— The Company organizes its business into two reportable segments (1) Portfolio Servicing and (2) Active Management, which generate revenue in different manners.

ASC

280, Segment Reporting

. The Company’s CODM is the President and CEO of the Company.

The Portfolio Servicing segment generates revenues by providing policy services to customers on a contract basis.

The Active Management segment generates revenues by buying, selling and trading policies and maintaining policies through to death benefit. The Company’s reportable segments are not aggregated.

The Company’s method for measuring profitability on a reportable segment basis is gross profit. The CODM does not review asset information related to investments nor expenditures incurred for long-lived assets given the Company’s investments are recognized on a cost basis and the company’s long-lived assets are immaterial to the consolidated financial statements.

Information related to the Company’s reporting segments for December 31, 2022 and December 31, 2021 is as follows:


	As of December 31, 2022			As of December 31, 2021
Portfolio Servicing	$	1,470,973		$	1,079,986
Active Management		43,242,581			120,000

Total Revenue	$	44,713,553		$	1,199,986

Portfolio Servicing	$	300,235		$	406,093
Active Management		38,168,187			58,000

Gross profit	$	38,468,422		$	464,093

Sales and Marketing	$	(2,596,140	)	$	—
General, administrative and other		(1,066,403	)		(101,406	)
Other operating expenses		—			(493,849	)
Depreciation		(4,282	)		(2,447	)
Other expense		(347,013	)		—
Interest (expense)		(42,798	)
Interest income		1,474
Change on fair value of debt		(90,719	)		—
Unrealized gain(loss) on investments		(1,045,623	)		—
Income tax expense		(889,943	)		—
Net loss attributable to non-controlling interest		(704,699	)		148,155

Net income attributable to Longevity Market Assets, LLC	$	31,682,275		$	14,546

Abacus Settlements, LLC

SEGMENT REPORTING

3.	SEGMENT REPORTING

Operating as a centrally-led life insurance policy intermediary, the Company’s President and Chief Executive Officer is the CODM who allocates resources and assesses financial performance based on financial information presented for the Company as a whole. As a result of this management approach, the Company is organized as a

single

operating segment.

- Definition

+ References

+ Details

Abacus Settlements LLC - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Abacus Settlements, LLC - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2022
Concentration Risk [Line Items]
Advertising expense	$ 367,418	$ 421,088	$ 741,789	$ 975,890
Revenue Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage			23.00%	63.00%
Life Settlement Commission Expense Benchmark \| Broker Concentration Risk \| Two Brokers
Concentration Risk [Line Items]
Concentration risk percentage			10.00%	10.00%

BUSINESS COMBINATION (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Purchase price allocation


Net Assets Identified	Fair Value
Intangibles	$	32,900,000
Goodwill		140,287,000
Current Assets		1,280,100
Non-Current Assets		901,337
Deferred Tax Liabilities		(8,310,966	)
Accrued Expenses		(524,400	)
Other Liabilities		(1,171,739	)

Total Fair Value	$	165,361,332

Value conveyed


Value Conveyed	Amount
Abacus Purchase Consideration	$	165,361,332
LMA Business Enterprise Value	$	366,388,668

Total Consideration	$	531,750,000

Intangible assets acquired

Intangible assets were comprised of the following:

Asset Type

Fair Value

Useful Life

Valuation Methodology

Customer Relationships-Agents

12,600,000

5 years

Multi-period excess earnings method

Customer Relationships-Financing Entities

11,000,000

8 years

Multi-period excess earnings method

Internally Developed and Used Technology-APA

1,600,000

2 years

Relief from royalty method

Internally Developed and Used Technology-Marketplace

100,000

3 years

Replacement cost method

Trade Name

900,000

Indefinite

Relief from royalty method

Non-Compete Agreements

4,000,000

2 years

With and without method

State Insurance Licenses

2,700,000

Indefinite

Replacement cost method

Total Fair Value

32,900,000

Pro forma financial information

The supplemental pro forma financial information in the table below summarizes the combined results of operations for the Business Combination as if the Companies were combined as of January 1, 2022. The unaudited supplemental pro forma financial information as presented below is for illustrative purposes and does not purport to represent what the results of operations would actually have been if the business combinations occurred as of the date indicated or what the results would be for any future periods.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Proforma revenue	$	21,120,930	$	17,538,734	$	55,890,580	$	48,830,191
Proforma net income		1,050,972		10,232,457		14,424,416		22,427,585

REVENUE - Schedule of Contract with Customer, Liability (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Contract liabilities—end of year	$ 0
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Contract liabilities—beginning of year	1,678,791	$ 1,068,250
Additions to Contract Liabilities	322,150	1,678,791
Recognition of revenue deferred in the prior year	(1,678,791)	(1,068,250)
Contract liabilities—end of year	$ 322,150	$ 1,678,791

LIFE INSURANCE SETTLEMENT POLICIES - Estimated Premiums (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
2023 remaining	$ 59,184	$ 799,201
2024	411,445	896,961
2025	403,224	895,559
2026	97,789	981,749
2027	71,775	1,096,323
Thereafter	654,558	4,197,118
Total	$ 1,697,975	$ 8,866,912

FAIR VALUE MEASUREMENTS - Recurring Fair Value Measurements (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Life settlement policies	$ 83,585,374	$ 13,809,352	$ 0
Available-for-sale securities, at fair value	1,000,000	1,000,000	250,000
Other investments, at cost	1,650,000	1,300,000	1,250,000
Liabilities:
Private placement warrants	3,382,000	0
Fair Value, Recurring
Assets:
Life settlement policies	83,585,374	13,809,352	0
Available-for-sale securities, at fair value	1,000,000	1,000,000	250,000
Other investments, at cost	1,650,000	1,300,000	1,250,000
S&P 500 options	1,494,744	890,829	0
Other assets	998,469
Total assets held at fair value	88,728,587	17,000,181	1,500,000
Other non-current assets	1,494,744	890,829	0
Liabilities:
Long-term debt	59,544,907	28,249,653	0
Private placement warrants	3,382,000
Total liabilities held at fair value:	62,926,907	28,249,653
Fair Value, Recurring \| Level 1
Assets:
Life settlement policies	0	0	0
Available-for-sale securities, at fair value	0	0	0
Other investments, at cost	0	0	0
S&P 500 options	1,494,744	890,829	0
Other assets	998,469
Total assets held at fair value	2,493,213	890,829	0
Other non-current assets	1,494,744	890,829	0
Liabilities:
Long-term debt	0	0	0
Private placement warrants	0
Total liabilities held at fair value:	0	0
Fair Value, Recurring \| Level 2
Assets:
Life settlement policies	0	0	0
Available-for-sale securities, at fair value	0	0	0
Other investments, at cost	0	0	0
S&P 500 options	0	0	0
Other assets	0
Total assets held at fair value	0	0	0
Other non-current assets	0	0	0
Liabilities:
Long-term debt	0	0	0
Private placement warrants	0
Total liabilities held at fair value:	0	0
Fair Value, Recurring \| Level 3
Assets:
Life settlement policies	83,585,374	13,809,352	0
Available-for-sale securities, at fair value	1,000,000	1,000,000	250,000
Other investments, at cost	1,650,000	1,300,000	1,250,000
S&P 500 options	0	0	0
Other assets	0
Total assets held at fair value	86,235,374	16,109,352	1,500,000
Other non-current assets	0	0	0
Liabilities:
Long-term debt	59,544,907	28,249,653	$ 0
Private placement warrants	3,382,000
Total liabilities held at fair value:	$ 62,926,907	$ 28,249,653

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment, Net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Impairments recognized during the year	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Annual Amortization (Details)	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 1,682,083
2024	6,728,333
2025	5,328,333
2026	3,911,667
2027	3,895,000
Thereafter	6,072,501
Net Book Value	$ 27,617,917

LONG-TERM DEBT - LMATT Growth and Income Series 1.2026, Inc. Market-Indexed Notes (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Sep. 16, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Assets	$ 304,301,937	$ 59,094,847		$ 1,840,218
Fair value
Debt Instrument [Line Items]
Long-term debt, fair value		28,249,653		$ 0
LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Ownership percentage			100.00%
LMATT Growth & Income Series 1.2026, Inc \| Market-indexed notes
Debt Instrument [Line Items]
Face amount			$ 400,000
Upside performance participation cap			140.00%
Market downturn protection percentage			10.00%
Note reduction ratio for losses below threshold			100.00%
Dividend percentage			4.00%
LMATT Growth & Income Series 1.2026, Inc \| Market-indexed notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Assets	369,253	752,236
LMATT Growth & Income Series 1.2026, Inc \| Market-indexed notes \| Fair value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 427,284	$ 400,000

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS

6 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2023

Sep. 30, 2023

Dec. 31, 2022

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

RELATED-PARTY TRANSACTIONS

18.	RELATED-PARTY TRANSACTIONS

As of September 30, 2023 and December 31, 2022, $5,236 and $263,785, respectively, were due to members and affiliates primarily for reimbursable transaction costs as well as distributions to owners of $717,429 as a part of the Business Combination as of September 30, 2023. As of September 30, 2023 and December 31, 2022, $772,545 and $2,904,646, respectively, was due from affiliates, respectively. Additionally, the SPV Purchase and Sale Note for $25,000,000 was also recorded as a related party transaction given the transfer of cash and policies between the Company and the SPV. Also, the sponsor PIK Note is also recorded as a related party transaction given the relationship between the Sponsor and the Company. Refer to Note 13, Long-Term Debt, for more information.

The Company has a related-party relationship with Nova Trading (US), LLC (“Nova Trading”), a Delaware limited liability company and Nova Holding (US) LP, a Delaware limited partnership (“Nova Holding” and collectively with Nova Trading, the “Nova Funds”). The Company also earns service revenue related to policy and administrative services on behalf of Nova Funds. The servicing fee is equal to 50 basis points (0.50%) times the monthly invested amount in policies held by Nova Funds divided by 12. The Company earned $168,899 and $132,220 in service revenue related to Nova Funds for the three months ended September 30, 2023 and 2022, respectively, and earned $711,975 and $752,379 in service revenue related to Nova Funds for the nine months ended September 30, 2023 and 2022, respectively.

As of September 30, 2023, and December 31, 2022, there were $174,875 and $196,289, respectively owed from the Nova Funds, which are included as related-party receivables in the accompanying condensed consolidated balance sheets.

The Company also originates policies for the Nova Funds. For the three months ended September 30, 2023, the Company originated 7 policies for the Nova Funds with a total value of $46,650,000. For its origination services to the Nova Funds, the Company earns origination fees equal to the lesser of (i) 2% of the net death benefit for the policy or (ii) $20,000. In addition to the Nova Funds, the Company also has other affiliated investors that provide origination services. For the three and nine months ended September 30, 2022, the Company did not earn any related party origination revenue for the Nova Funds.

For the three and nine months ended September 30, 2023, revenue earned, and contracts originated are below.


	Three and Nine Months Ended September 30, 2023
Origination fee revenue	$	254,517
Transaction reimbursement revenue		—

Total	$	254,517

Cost	$	7,981
Face value		46,650,000
Total policies		7
Average Age		70

15.	RELATED PARTY TRANSACTIONS

As of December 31, 2022 and 2021, $263,785 and $930,630 of due to affiliates, respectively were payable to the companies in which Company’s shareholders own interest. As of December 31, 2022 and 2021, $2,904,646 and $0 of due from affiliates, respectively were receivable from the companies in which the Company’s shareholders own interest or are currently in negotiations with. The majority of the due from affiliate amount represents transaction costs incurred by the Company related to the planned business combination in which East Resources Acquisition Company (“ERES”) has committed to reimburse the Company upon consummation of the merger.

collectively with Nova Trading, the “Nova Funds”) as the owners of the Company jointly own 11% of the Nova Funds. The Company also earns service revenue related to policy and administrative services on behalf of Nova Funds. The annual servicing fee is equal to 50 basis points (0.50%) times the invested amount in policies held by Nova Funds. The servicing fee is billed monthly. The Company earned $818,300 and $699,884, respectively in service revenue related to Nova Funds for the years ended December 31, 2022 and December 31, 2021.

The Company also uses Abacus to originate life settlement policies that it accounts for under the investment method. The Company incurred $2,268,150 in origination expenses for life settlement policies that are included as part of active management revenue, given that revenue is presented on a net basis.

At December 31, 2022 and 2021, there were $196,289 and $67,491, respectively, in expense reimbursements owed from the Nova funds, which are included as related party receivables in the accompanying balance sheets.

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

RELATED-PARTY TRANSACTIONS

7.	RELATED-PARTY TRANSACTIONS

Abacus has a related-party relationship with Nova Trading (US), LLC (“Nova Trading”), a Delaware limited liability company and Nova Holding (US) LP, a Delaware limited partnership (“Nova Holding” and collectively with Nova Trading, the “Nova Funds”) as the owners of Abacus jointly own 11% of the Nova Funds. For the three months ended June 30, 2023 and September 30, 2022, Abacus originated 38 and 82 policies, respectively, for the Nova Funds with a total value of $56,688,680 and $93,605,072, respectively. For the six months ended June 30, 2023 and nine months ended September 30, 2022, Abacus originated 72 and 265 policies, respectively, for the Nova Funds with a total value of $96,674,080 and $376,409,910, respectively. For its origination services to the Nova Funds, Abacus earns origination fees equal to the lesser of (i) 2% of the net death benefit for the policy or (ii) $20,000. For three months ended June 30, 2023 and 2022, and for the six months ended June 30, 2023 and nine months ended September 30, 2022, revenue earned, and contracts originated are as follows:


	Three Months Ended June 30, 2023		Three Months Ended September 30, 2022		Six Months Ended June 30, 2023		Nine Months Ended September 30, 2022
Origination fee revenue	$	1,504,532	$	8,008,816	$	2,952,837	$	8,008,816
Transaction reimbursement revenue		75,332		235,455		140,960		235,455

Total	$	1,579,864	$	8,244,271	$	3,093,797	$	8,244,271

Cost	$	5,290,504	$	4,511,346	$	11,656,637	$	4,511,346
Face value		56,688,680		93,605,072		96,674,080		376,409,910
Total policies		38		82		72		265
Average Age		76		75		75		75

In addition to the Nova Funds, Abacus also has another affiliated investor that they provide origination services for. Total revenue earned related to the other affiliated investor was $3,615,738 and $1,155,000, of which $3,615,739 and $955,000 related to LMA for the three months ended June 30, 2023 and September 30, 2022, respectively. Total cost of sales related to the other affiliated investor was $2,623,201 and $1,055,000, of which $2,623,201 and $875,000 related to LMA for three months ended June 30, 2023 and September 30, 2022, respectively.

Total revenue earned related to the other affiliated investor was $6,838,141 and $2,066,700, of which $6,794,641 and $1,425,200 related to LMA, for the six months ended June 30, 2023 and nine months ended September 30, 2022, respectively. Total cost of sales related to the other affiliated investor was $5,020,603 and $1,667,700, of which $5,012,103 and $1,201,200 related to LMA for the six months ended June 30, 2023 and the nine months ended September 30, 2022, respectively. In addition, there is a related party receivable due from LMA related to transaction expenses of $19,246 and $190,805 as of June 30, 2023 and September 30, 2022, respectively, which is included as due from

members

and affiliates in the accompanying condensed balance sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

BUSINESS COMBINATION - Intangible Assets Acquired (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Intangibles		$ 32,900,000
Trade Name
Business Acquisition [Line Items]
Intangibles		900,000
State Insurance Licenses
Business Acquisition [Line Items]
Intangibles		2,700,000
Customer Relationships - Agents
Business Acquisition [Line Items]
Intangibles		12,600,000
Customer Relationships - Financial Relationships
Business Acquisition [Line Items]
Intangibles		11,000,000
Internally Developed and Used Technology—APA
Business Acquisition [Line Items]
Intangibles		1,600,000
Internally Developed and Used Technology—Market Place
Business Acquisition [Line Items]
Intangibles		100,000
Non-Compete Agreements
Business Acquisition [Line Items]
Intangibles		4,000,000
LMA and Abacus
Business Acquisition [Line Items]
Intangibles	$ 32,900,000	$ 32,900,000
LMA and Abacus \| Trade Name
Business Acquisition [Line Items]
Intangibles	900,000
LMA and Abacus \| State Insurance Licenses
Business Acquisition [Line Items]
Intangibles	2,700,000
LMA and Abacus \| Customer Relationships - Agents
Business Acquisition [Line Items]
Intangibles	$ 12,600,000
Useful Life	5 years
LMA and Abacus \| Customer Relationships - Financial Relationships
Business Acquisition [Line Items]
Intangibles	$ 11,000,000
Useful Life	8 years
LMA and Abacus \| Internally Developed and Used Technology—APA
Business Acquisition [Line Items]
Intangibles	$ 1,600,000
Useful Life	2 years
LMA and Abacus \| Internally Developed and Used Technology—Market Place
Business Acquisition [Line Items]
Intangibles	$ 100,000
Useful Life	3 years
LMA and Abacus \| Non-Compete Agreements
Business Acquisition [Line Items]
Intangibles	$ 4,000,000
Useful Life	2 years

RELATED-PARTY TRANSACTIONS - Revenue Earned and Contracts Originated (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) insurance_contract	Dec. 31, 2022 USD ($) insurance_contract	Dec. 31, 2021 USD ($) insurance_contract
Nova Funds \| Related Party
Related Party Transaction [Line Items]
Revenue	$ 254,517
Origination expenses for life settlement policies	7,981
Face value	$ 46,650,000	$ 87,143,005	$ 106,633,792
Total policies \| insurance_contract	7
Average Age	70 years
Nova Funds \| Origination fee revenue \| Related Party
Related Party Transaction [Line Items]
Revenue	$ 254,517
Nova Funds \| Expense Reimbursements \| Related Party
Related Party Transaction [Line Items]
Revenue	$ 0
Abacus Settlements, LLC
Related Party Transaction [Line Items]
Revenue		25,203,463	22,592,144
Abacus Settlements, LLC \| Nova Funds \| Related Party
Related Party Transaction [Line Items]
Revenue		15,243,806	17,251,970
Origination expenses for life settlement policies		87,143,005	106,633,792
Face value		$ 481,648,010	$ 459,217,638
Total policies \| insurance_contract		333	313
Average Age		75 years	78 years
Abacus Settlements, LLC \| Nova Funds \| Origination fee revenue \| Related Party
Related Party Transaction [Line Items]
Revenue		$ 6,586,922	$ 6,158,458
Abacus Settlements, LLC \| Nova Funds \| Expense Reimbursements \| Related Party
Related Party Transaction [Line Items]
Revenue		$ 8,656,885	$ 11,093,512

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets—Net (Details) - Abacus Settlements, LLC - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-lived intangible asset, useful life	3 years
Impairment of intangible assets	$ 0	$ 0

PROPERTY AND EQUIPMENT-NET (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Summary of Property and Equipment, Net

Property and equipment-net composed of the following:


	September 30, 2023			December 31, 2022
Computer equipment	$	240,922		$	—
Furniture and fixtures		28,144			19,444
Leasehold improvements		7,726			5,902

Property and equipment—gross		276,792			25,346
Less: accumulated depreciation		(14,911	)		(6,729	)

Property and equipment—net	$	261,882		$	18,617

Property and equipment, net comprised of the following:


	As of			As of
	December 31, 2022			December 31, 2021
Furniture and fixtures	$	19,444		$	19,444
Leasehold improvements		5,902			5,902

Property and equipment—gross		25,346			25,346

Less: accumulated depreciation		(6,729	)		(2,447	)

Property and equipment—net	$	18,617		$	22,899

Abacus Settlements, LLC

Summary of Property and Equipment, Net

Property and equipment, net consists of the following:


	2022			2021
Computer equipment	$	91,993		$	45,172
Office furniture		68,778			54,069
Leasehold improvement		2,569			—

Total property and equipment		163,340			99,241
Less: accumulated depreciation		(91,122	)		(65,938	)

Property and equipment—net	$	72,218		$	33,303

PROPERTY AND EQUIPMENT-NET (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
PROPERTY AND EQUIPMENT-NET (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment—gross	$ 276,792		$ 276,792		$ 25,346	$ 25,346
Less: accumulated depreciation	(14,911)		(14,911)		(6,729)	(2,447)
Property and equipment—net	261,882		261,882		18,617	22,899
Depreciation expense	12,770	$ 1,070	14,911	$ 3,211	4,282	2,447
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Property, Plant and Equipment [Line Items]
Property and equipment—gross					163,340	99,241
Less: accumulated depreciation					(91,122)	(65,938)
Property and equipment—net					72,218	33,303
Depreciation expense					25,184	18,651
Depreciation expense included in cost of sales					13,019	8,512
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment—gross	240,922		240,922		0
Computer equipment \| ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Property, Plant and Equipment [Line Items]
Property and equipment—gross					91,993	45,172
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment—gross	28,144		28,144		19,444	19,444
Furniture and fixtures \| ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Property, Plant and Equipment [Line Items]
Property and equipment—gross					68,778	54,069
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment—gross	$ 7,726		$ 7,726		5,902	5,902
Leasehold improvements \| ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Property, Plant and Equipment [Line Items]
Property and equipment—gross					$ 2,569	$ 0

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS - Revenue Earned and Contracts Originated (Details)	3 Months Ended									6 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) insurance_contract	Jun. 30, 2023	Jun. 30, 2023 USD ($)	Jun. 30, 2023 insurance_contract	Jun. 30, 2023 INSURANCE_CONTRACT	Sep. 30, 2022	Sep. 30, 2022 USD ($)	Sep. 30, 2022 insurance_contract	Sep. 30, 2022 INSURANCE_CONTRACT	Jun. 30, 2023	Jun. 30, 2023 USD ($)	Jun. 30, 2023 insurance_contract	Jun. 30, 2023 INSURANCE_CONTRACT	Sep. 30, 2023 USD ($) INSURANCE_CONTRACT	Sep. 30, 2022 USD ($) insurance_contract	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party \| Nova Funds
Related Party Transaction [Line Items]
Revenue	$ 254,517
Cost	7,981
Face value	$ 46,650,000															$ 87,143,005	$ 106,633,792
Total policies \| insurance_contract	7
Average Age	70 years
Related Party \| Origination fee revenue \| Nova Funds
Related Party Transaction [Line Items]
Revenue	$ 254,517
Related Party \| Transaction reimbursement revenue \| Nova Funds
Related Party Transaction [Line Items]
Revenue	$ 0
Abacus Settlements, LLC
Related Party Transaction [Line Items]
Revenue			$ 6,884,690				$ 6,031,480				$ 13,184,676				$ 19,046,144
Abacus Settlements, LLC \| Related Party
Related Party Transaction [Line Items]
Revenue			5,195,602				4,264,628				9,931,938				14,094,223
Abacus Settlements, LLC \| Related Party \| Nova Funds
Related Party Transaction [Line Items]
Revenue			1,579,864				8,244,271				3,093,797			$ 8,244,271
Cost			5,290,504				4,511,346				11,656,637			4,511,346
Face value			56,688,680				93,605,072				96,674,080			$ 376,409,910	$ 376,409,910
Total policies				38	38			82	82			72	72	265	265
Average Age		76 years				75 years				75 years				75 years
Abacus Settlements, LLC \| Related Party \| Origination fee revenue \| Nova Funds
Related Party Transaction [Line Items]
Revenue			1,504,532				8,008,816				2,952,837			$ 8,008,816
Abacus Settlements, LLC \| Related Party \| Transaction reimbursement revenue \| Nova Funds
Related Party Transaction [Line Items]
Revenue			$ 75,332				$ 235,455				$ 140,960			$ 235,455

Abacus Settlements LLC - REVENUE (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
Abacus Settlements LLC - REVENUE (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Disaggregation of Revenue [Line Items]
Total portfolio servicing revenue					$ 25,203,463	$ 22,592,144
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE \| Agent
Disaggregation of Revenue [Line Items]
Total portfolio servicing revenue					12,156,552	7,668,256
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE \| Broker
Disaggregation of Revenue [Line Items]
Total portfolio servicing revenue					9,938,808	11,378,713
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE \| Client direct
Disaggregation of Revenue [Line Items]
Total portfolio servicing revenue					$ 3,108,103	$ 3,545,175
Abacus Settlements, LLC
Disaggregation of Revenue [Line Items]
Total portfolio servicing revenue	$ 6,884,690	$ 6,031,480	$ 13,184,676	$ 19,046,144
Abacus Settlements, LLC \| Agent
Disaggregation of Revenue [Line Items]
Total portfolio servicing revenue	3,334,402	2,982,371	7,143,016	8,673,072
Abacus Settlements, LLC \| Broker
Disaggregation of Revenue [Line Items]
Total portfolio servicing revenue	2,809,499	2,128,912	4,675,973	7,856,882
Abacus Settlements, LLC \| Client direct
Disaggregation of Revenue [Line Items]
Total portfolio servicing revenue	$ 740,789	$ 920,197	$ 1,365,687	$ 2,516,190

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

REVENUE - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Revenue performance obligations to be satisfied	$ 322,150	$ 1,678,791

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 15,399,317	$ 22,277,795	$ 32,386,975	$ (133,609)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,696,994	3,211	4,282	2,447
Stock based compensation	4,583,632	0
Deferred financing fees	133,211	0
Unrealized (gain) loss on investments	(491,356)	1,301,821	1,045,623	0
Unrealized (gain) on policies	(14,259,665)	(3,957,809)	(5,742,377)	0
(Gain) loss on change in fair value of debt	309,865	(859,519)	90,719	0
Deferred income taxes	1,743,079	648,887	889,943	0
Non-cash interest expense	1,064,130	0
Non-cash lease expense	(721)	192	383	0
Changes in operating assets and liabilities:
Accounts receivable	(929,020)	0	(10,448)	0
Accounts receivable, related party	29,199	(364,931)	(130,873)	(11,047)
Other receivable			0	18,315
Prepaid expenses and other current assets	(325,294)	(1,920,015)	(91,741)	(23,738)
Other noncurrent assets	(634,409)	0	(1,936,452)	0
Accounts payable	(38,014)	44,103,901	40,014	0
Accrued expenses	112,388	0
Accrued transaction costs	(908,256)	0	908,256	0
Contract liability—deposits on pending settlement	(632,381)	0
Other current liabilities	3,089,077	1,352,878	22,035	8,463
Life settlement policies, at fair value	(55,516,357)	(7,105,000)	(8,066,975)	0
Life settlement policies, at cost	(5,601,493)	(61,876,742)	(8,716,111)	0
Net cash used in operating activities	(51,176,074)	(6,395,331)	10,693,254	(139,169)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of other investments	(350,000)	(250,000)	(750,000)	(250,000)
Purchase of property and equipment	(96,721)	0	0	(25,346)
Purchase of other investments, at cost			(50,000)
Due from affiliates	3,016,158	(1,682,664)	(2,904,646)	0
Net cash provided (used) in investing activities	2,569,437	(1,932,664)	(3,704,646)	(275,346)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long term debt, at fair value			30,028,640	0
Due to owners	442,283	2,500,000
Issuance of debt certificates	87,478,232	12,900,291
Issuance of private warrants	943,400	0
Transaction costs	(10,841,551)	0
Proceeds received from SPAC trust	972,262	0
Net cash provided by financing activities	55,203,004	12,069,661	22,961,795	381,663
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	6,596,367	3,741,666	29,950,403	(32,852)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	30,052,823	102,420	102,420	135,272
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	36,649,190	3,844,087	30,052,823	102,420
Related Party
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital distribution	(23,533,073)	(2,400,000)	(6,400,000)	(400,000)
Affiliated Entity
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital distribution	(258,549)	(930,630)	(666,845)	(781,663)
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income			(52,495)	997,415
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization			25,184	18,651
Amortization expense			80,138	12,593
Deferred financing fees			7,817	0
Non-cash lease expense			1,631	0
Changes in operating assets and liabilities:
Accounts receivable, related party			187,622	(456,240)
Other receivable			(82,455)	(40,000)
Prepaid expenses and other current assets			89,366	(58,316)
Other noncurrent assets			(7,246)
Accounts payable			36,750	0
Accrued expenses			31,020	(4,349)
Contract liability—deposits on pending settlement			(1,356,641)	610,541
State security deposit			(233)	(32)
Certificate of deposit			656,250	262,500
Net cash used in operating activities			(383,291)	1,342,763
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(64,099)	0
Purchase of intangible asset			(15,000)	(226,664)
Change in due from members and affiliates			15,088	(14,864)
Net cash provided (used) in investing activities			(64,011)	(241,528)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing fees			(23,450)
Change in due to members			(10,446)	3,639
Net cash provided by financing activities			(693,259)	(354,577)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(1,140,562)	746,658
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	$ 1,458,740	$ 2,599,302	2,599,302	1,852,644
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD			1,458,740	2,599,302
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE \| Related Party
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital distribution			$ (659,363)	$ (358,216)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Summary Of Property And Equipment Are Stated At Cost Less Accumulated Depreciation

Property and equipment are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the following estimated useful lives:


		Estimated Useful Life
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Summary Of Property And Equipment Are Stated At Cost Less Accumulated Depreciation

Depreciation expense is recognized over the useful lives of the assets using the straight-line method. The estimated useful life of each asset category is as follows:


	Years
Computer equipment		5
Office furniture		5

PROPERTY AND EQUIPMENT-NET

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

PROPERTY AND EQUIPMENT-NET

5.	PROPERTY AND EQUIPMENT-NET

Property and equipment-net composed of the following:


	September 30, 2023			December 31, 2022
Computer equipment	$	240,922		$	—
Furniture and fixtures		28,144			19,444
Leasehold improvements		7,726			5,902

Property and equipment—gross		276,792			25,346
Less: accumulated depreciation		(14,911	)		(6,729	)

Property and equipment—net	$	261,882		$	18,617

Depreciation expense for the three months ended September 30, 2023 and 2022, was $12,770 and $1,070, respectively and depreciation expense for the nine months ended September 30

2023, and 2022, was $14,911 and $3,211, respectively.

4.	PROPERTY AND EQUIPMENT, NET

Property and equipment, net comprised of the following:


	As of			As of
	December 31, 2022			December 31, 2021
Furniture and fixtures	$	19,444		$	19,444
Leasehold improvements		5,902			5,902

Property and equipment—gross		25,346			25,346

Less: accumulated depreciation		(6,729	)		(2,447	)

Property and equipment—net	$	18,617		$	22,899

Depreciation expense for the years ended December 31, 2022 and 2021 was $4,282 and $2,447, respectively.

Abacus Settlements, LLC

PROPERTY AND EQUIPMENT-NET

4.	PROPERTY AND EQUIPMENT—NET

Property and equipment, net consists of the following:


	2022			2021
Computer equipment	$	91,993		$	45,172
Office furniture		68,778			54,069
Leasehold improvement		2,569			—

Total property and equipment		163,340			99,241
Less: accumulated depreciation		(91,122	)		(65,938	)

Property and equipment—net	$	72,218		$	33,303

Depreciation expense recorded for property and equipment was $25,184 and $18,651, of which $13,019 and $8,512 has been included in cost of sales, for the years ended December 31, 2022 and 2021, respectively.

LIFE INSURANCE SETTLEMENT POLICIES - Narrative (Details)	Sep. 30, 2023 USD ($) insurance_contract	Dec. 31, 2022 USD ($) insurance_contract	Dec. 31, 2021 USD ($)
Investments, All Other Investments [Abstract]
Number of life settlement policies \| insurance_contract	240	53
Number of life settlement policies accounted for under fair value method \| insurance_contract	228	35
Number of life settlement policies accounted for under investment method \| insurance_contract	12	18
Face value of policies held at fair value	$ 303,605,030	$ 40,092,154
Life settlement policies, at fair value	83,585,374	13,809,352	$ 0
Face value of policies accounted for using investment method	37,300,000	42,330,000
Life settlement policies, at cost	$ 4,116,499	$ 8,716,111	$ 0

Abacus Settlements LLC - SUBSEQUENT EVENT

6 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2023

Sep. 30, 2023

Dec. 31, 2022

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

SUBSEQUENT EVENT

21.	SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions from the condensed consolidated balance sheet date through the date at which the condensed consolidated financial statements were issued.

Fixed Rate Senior Unsecured Notes

Long-term Incentive Plan

three years.

Each RSU entitles the unit holder to one share of common stock when the restriction expires. RSUs have service conditions associated with them that range from

one

17.	SUBSEQUENT EVENTS

Completion of the Business Combination on June 30, 2023

Long-Term Debt

Owl Rock Credit Facility

ion upon the closing of the Owl Rock Credit Facility and (ii) optional delayed draw term loans in an aggregate principal amount

of up to $

25.00

0.50

Sponsor PIK Note

LMA Income Series II, LP and LMA Income Series II, GP LLC Secured Borrowing

one-year

SPV Purchase and Sale Note

SPV Investment Facility

The SPV Investment Facility provides, among other things, for the following:

requires that certain subsidiaries of the Company guarantee the credit extensions provided under the SPV Investment Facility pursuant to separate documentation;

15.0

provides for proceeds to be used for payment of certain transaction expenses, general corporate purposes and any other purposes not prohibited by the agreement or applicable law;

provides for interest to accrue on the SPV Investment Facility at a rate of 12% per annum, payable quarterly, all of which is to be paid

in-kind

by the Company by increasing the principal amount of the SPV Investment Facility owing to the SPV on each interest payment date;

in-kind;

provides that no principal payments shall be required prior to maturity;

contains financial and other covenants substantially similar and not materially worse than those contained in the Owl Rock Credit Facility from the perspective of the Company; and

Fixed Rate Senior Unsecured Notes

Long-term Incentive Plan

STOCK- BASED COMPENSATION

CEO Restriction Agreement:

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

SUBSEQUENT EVENT

8.	SUBSEQUENT EVENT

On June 30, 2023, Abacus consummated the merger with LMA. Abacus has evaluated its subsequent events through August 14, 2023, the date that the financial statements were issued and determined that there were no events that occurred that required disclosure.

15.	SUBSEQUENT EVENTS

The Company has evaluated its subsequent events through February 17, 2023, the date that the financial statements were available to be issued.

BUSINESS COMBINATION - Purchase Price Allocation (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Intangibles	$ 32,900,000
Goodwill	140,287,000		$ 0
LMA and Abacus
Business Acquisition [Line Items]
Intangibles	32,900,000	$ 32,900,000
Goodwill	$ 140,287,000	140,287,000
Current Assets		1,280,100
Non-Current Assets		901,337
Deferred Tax Liabilities		(8,310,966)
Accrued Expenses		(524,400)
Other Liabilities		(1,171,739)
Total Fair Value		$ 165,361,332

SEGMENT REPORTING - Narrative (Details) - segment	3 Months Ended		12 Months Ended
SEGMENT REPORTING - Narrative (Details) - segment	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Number of operating segments		1	2
Number of reportable segments	3	1	2
LMA
Segment Reporting Information [Line Items]
Number of operating segments		2
Abacus Settlements, LLC
Segment Reporting Information [Line Items]
Number of operating segments			1

CONSOLIDATION OF VARIABLE INTEREST ENTITIES

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATION OF VARIABLE INTEREST ENTITIES

9.	CONSOLIDATION OF VARIABLE INTEREST ENTITIES

The Company consolidates VIEs for which it is the primary beneficiary or VOEs for which it controls through a majority voting interest or other arrangement. See Note 2 for more information on how the Company evaluates an entity for consolidation.

The Company evaluated any entity in which it had a variable interest upon formation to determine whether the entity should be consolidated. The Company also evaluated the consolidation conclusion during each reconsideration event, such as changes in the governing documents or additional equity contributions to the entity. During the nine months ended September 30, 2023, the Company’s consolidated VIEs, LMA Income Series II LP, LMX Series LLC (LMATT Series 2024, Inc.), and LMA Income Series, LP, had total assets of $62,831,856 and liabilities of $56,775,736. For the year ended December 31, 2022, the Company’s consolidated VIEs, LMATT Series 2024, Inc., Longevity Market Advisors, Regional Investment Services and LMA Income Series, LP, had total assets and liabilities of $30,073,972 and $27,116,762, respectively. The Company did not deconsolidate any entities during the period ended September 30, 2023, or during the year ended December 31, 2022.

As of September 30, 2023, the Company held total assets of $824,375 and liabilities of $191,632, in unconsolidated VIEs. As of December 31, 2022, the Company held total assets of $987,964 and liabilities of $358,586 in unconsolidated VIEs.

7.	CONSOLIDATION OF VARIABLE INTEREST ENTITIES

reconsideration event, such as changes in the governing documents or additional equity contributions to the entity. During the year ended December 31, 2022, the Company consolidated LMX, Longevity Market Advisors and LMA Income Series, LP, which had total assets and liabilities of $30,073,972 and $27,116,762. For the year ended December 31, 2021, the Company’s consolidated LMX, which had total assets and liabilities of $400 and $0, respectively. The Company did not deconsolidate any entities during the year ended December 31, 2022 or December 31, 2021.

For the year ended December 31, 2022, the Company held total assets of $987,964 and liabilities of $358,586, in unconsolidated VIE’s. As of December 31, 2021, the Company held total assets of $596,567 and liabilities of $2,218 in unconsolidated VIE’s.

INTANGIBLE ASSETS—NET (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
INTANGIBLE ASSETS—NET (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]
Software	$ 29,300,000		$ 29,300,000
Less: accumulated amortization	1,682,083		1,682,083
Intangible assets—net	27,617,917		27,617,917
Amortization expense	$ 1,682,083	$ 0	$ 1,682,083	$ 0
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Finite-Lived Intangible Assets, Net [Abstract]
Less: accumulated amortization					$ 92,731	$ 12,593
Intangible assets—net					148,933	214,071
Amortization expense					80,138	12,593
Computer Software, Intangible Asset \| ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Finite-Lived Intangible Assets, Net [Abstract]
Software					$ 241,664	$ 226,664

LIFE INSURANCE SETTLEMENT POLICIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Investments, All Other Investments [Abstract]

Schedule of Life Settlement Contracts, Fair Value Method

The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of September 30, 2023:

Policies Carried at Fair Value—


Remaining Life Expectancy (Years)	Policies		Face Value		Fair Value
0-1		0	$	—	$	—
1-2		8		10,639,000		8,018,927
2-3		13		26,725,000		8,912,395
3-4		36		69,378,938		28,670,576
4-5		26		22,391,998		8,115,654
Thereafter		145		174,470,094		29,867,822

		228	$	303,605,030	$	83,585,374

The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of December 31, 2022:

Policies Carried at Fair Value—


Remaining Life Expectancy (Years)	Number of Life Insurance Policies		Face Value		Fair Value
0-1		—	$	—	$	—
1-2		1		200,000		160,000
2-3		11		3,085,549		2,274,406
3-4		1		2,200,000		1,406,451
4-5		1		1,000,000		526,416
Thereafter		21		33,606,605		9,442,079

		35	$	40,092,154	$	13,809,352

Schedule of Life Settlement Contracts, Investment Method

Policies accounted for using the investment method—


Remaining Life Expectancy (Years)	Number of Life Insurance Policies		Face Value		Carrying Value
0-1		0	$	—	$	—
1-2		1		500,000		329,714
2-3		2		1,500,000		437,775
3-4		1		8,000,000		82,869
4-5		2		500,000		320,110
Thereafter		6		26,800,000		2,946,031

		12	$	37,300,000	$	4,116,499

Estimated premiums to be paid by the Company for its portfolio accounted for using the investment method during each of the five succeeding calendar years and thereafter as of September 30, 2023, are as follows:


2023 remaining	$	59,184
2024		411,445
2025		403,224
2026		97,789
2027		71,775
Thereafter		654,558

Total	$	1,697,975

Policies accounted for using the investment method—


Remaining Life Expectancy (Years)	Number of Life Insurance Policies		Face Value		Carrying Value
0-1		1	$	3,000,000	$	1,220,000
1-2		1		500,000		327,683
2-3		2		2,000,000		1,039,088
3-4		1		500,000		260,000
4-5		2		3,850,000		845,000
Thereafter		11		32,480,000		5,024,340

		18	$	42,330,000	$	8,716,111

Estimated premiums to be paid by the Company for its portfolio accounted for using the investment method during each of the five succeeding calendar years and thereafter as of December 31, 2022, are as follows:


2023	$	799,201
2024		896,961
2025		895,559
2026		981,749
2027		1,096,323
Thereafter		4,197,118

Total	$	8,866,912

BUSINESS COMBINATION

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATION

3.	BUSINESS COMBINATION

Merger consideration conveyed of $531.8 million was allocated between the Companies based on relative values derived through both the discounted cash flow method within the income approach and the guideline public company method within the market approach. Within the discounted cash flow method, the present values of cash flows reasonably expected to be produced by the Companies from their operations were summed to produce an estimate of the Companies’ business enterprise values on a controlling, marketable basis. The cash flows used in the discounted cash flow analysis were discounted at the weighted average cost of capital of 14.5% for LMA and 16.5% for Abacus. The discou

nte

d cash flow method resulted in a

business enterprise value range of $380.0 million to $460.0 million for LMA and $180.0 million to $195.0 million for Abacus. Within the market approach, Company applied the guideline public company method, which employs market multiples derived from market prices of stocks of Companies that are engaged in the same or similar lines of business as the Companies and that are actively traded on a free and open market. The guideline public company method resulted in a business enterprise value range of $400.0 million to $440.0 million for LMA and $180.0 million to $190.0 million for Abacus. Management concluded on a business enterprise value of $165.4 million for Abacus and $366.4 million for LMA based upon the relative fair value of the Companies allocated to the consideration transferred.

The preliminary purchase price was allocated among the identified assets to be acquired. The primary area of the acquisition accounting that is not yet finalized is our estimate of the impact of acquisition accounting on deferred income taxes. An estimate of deferred income taxes has been recorded in the Company’s books based on information available as of September 30, 2023. As the initial acquisition accounting is based on our preliminary assessments, actual values may differ when final information becomes available. We believe that the information gathered to date provides a reasonable basis for estimating the preliminary values of deferred taxes recorded. We will continue to evaluate this item until it is satisfactorily resolved and adjust our acquisition accounting accordingly, within the allowable measurement period, as defined by ASC Topic 805,

Business Combinations,

(“ASC 805”). Transaction costs incurred as a result of the Business Combination were recognized within retained earnings / (accumulated deficit) on the condensed consolidated balance sheet ending September 30, 2023.

All valuation procedures related to existing assets as no new assets were identified as a result of procedures performed. Goodwill was recognized as a result of the acquisition, which represents the excess fair value of consideration over the fair value of the underlying net assets, largely arising from the extensive industry expertise that has been established by Abacus. This was considered appropriate based on the determination that the Abacus Merger would be accounted for as a business acquisition under ASC 805.


Net Assets Identified	Fair Value
Intangibles	$	32,900,000
Goodwill		140,287,000
Current Assets		1,280,100
Non-Current Assets		901,337
Deferred Tax Liabilities		(8,310,966	)
Accrued Expenses		(524,400	)
Other Liabilities		(1,171,739	)

Total Fair Value	$	165,361,332


Value Conveyed	Amount
Abacus Purchase Consideration	$	165,361,332
LMA Business Enterprise Value	$	366,388,668

Total Consideration	$	531,750,000

Intangible assets were comprised of the following:

Asset Type

Fair Value

Useful Life

Valuation Methodology

Customer Relationships-Agents

12,600,000

5 years

Multi-period excess earnings method

Customer Relationships-Financing Entities

11,000,000

8 years

Multi-period excess earnings method

Internally Developed and Used Technology-APA

1,600,000

2 years

Relief from royalty method

Internally Developed and Used Technology-Marketplace

100,000

3 years

Replacement cost method

Trade Name

900,000

Indefinite

Relief from royalty method

Non-Compete Agreements

4,000,000

2 years

With and without method

State Insurance Licenses

2,700,000

Indefinite

Replacement cost method

Total Fair Value

32,900,000

Useful lives for customer relationships were developed using attrition data for agents and financing entities which resulted in a useful life of 5 years and 8 years, respectively. Estimates over the useful lives of internally developed and used technology contemplates the period in which the Company expects to utilize the technology and the length of time the technology is expected to maintain recognition and value in the market without significant investment. Non-compete agreements have a useful life commensurate with the executed non-compete agreements in place as a result of the Business Combination.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Proforma revenue	$	21,120,930	$	17,538,734	$	55,890,580	$	48,830,191
Proforma net income		1,050,972		10,232,457		14,424,416		22,427,585

INCOME TAXES - Schedule of Provision For Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Current provision:
Federal					$ 0	$ 0
State					0	0
Foreign					0	0
Total current tax					0	0
Deferred provision (benefit):
Federal					737,376	0
State					152,567	0
Foreign					0	0
Total deferred tax			$ 1,743,079	$ 648,887	889,943	0
Income tax rate	$ 1,710,315	$ 352,081	$ 2,238,419	$ 648,887	$ 889,943	$ 0

INTANGIBLE ASSETS—NET

12 Months Ended

Dec. 31, 2022

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

INTANGIBLE ASSETS—NET

5.	INTANGIBLE ASSETS—NET

Intangible assets—net, consist of the following:


	2022		2021
Software	$	241,664	$	226,664
Less: accumulated amortization		92,731		12,593

Intangible assets—net	$	148,933	$	214,071

Amortization expense for the year ended December 31, 2022 and 2021 amounted to $80,138 and $12,593, respectively, and has been included in cost of

ales.

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax benefit computed at federal statutory rate					$ 6,988,153	$ (28,058)
Effect of pass through entities					(6,147,068)	(75,650)
State taxes, net of federal benefit					174,024	(21,458)
Valuation allowance					(125,166)	125,166
Income tax rate	$ 1,710,315	$ 352,081	$ 2,238,419	$ 648,887	$ 889,943	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Abacus Settlements LLC - INCOME TAXES

6 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2023

Sep. 30, 2023

Dec. 31, 2022

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

INCOME TAXES

17.	INCOME TAXES

Before June 30, 2023, the Company elected to file as an S corporation for Federal and state income tax purposes, as such, the Company incurred no Federal or state income taxes, except for income taxes related to their consolidated variable interest entities and subsidiaries which are taxable C corporations. These VIE’s and subsidiaries include LMATT Series 2024, Inc., the wholly owned subsidiary of LMX, which is consolidated into LMA as a VIE, as well as LMATT Growth Series 2.2024, Inc., a wholly owned subsidiary of LMATT Growth Series, Inc., and LMATTS Growth and Income Series 1.2026, Inc., a wholly owned subsidiary of LMATT Growth and Income Series, Inc., all of which are 100% owned subsidiaries and fully consolidated. Accordingly, the provision for income taxes was attributable to amounts for LMATT Series 2024, Inc, LMATT Growth Series, Inc. and LMATT Growth and Income Series, Inc.

For the three months ended September 30, 2023 and 2022, the Company recorded provision for income taxes of $1,710,315 and $352,081, respectively. The effective tax rate is 61.9% for the three months ended September 30, 2023 primarily driven by non-deductible equity compensation expense and the impact of non-taxable flow-through entities. The effective rate for the three months ended September 30, 2022 was 3.3% due to the impact of state income taxes and the release of the Company’s valuation allowance, as there was sufficient evidence of the Company’s ability to generate future taxable income at September 30, 2022.

For the nine months ended September 30, 2023 and 2022, the Company recorded provision for income taxes of $2,238,419 and $648,887, respectively. The effective tax rate is 12.7% for the nine months ended September 30, 2023. The existence of non-taxable flow-through entities within the Company as well as a change in tax status of certain entities upon the Business Combination caused the effective tax rate to vary from the statutory rate. The effective rate for the nine months ended September 30, 2022 was 2.8% due to the impact of state income taxes and the release of the Company’s valuation allowance, as there was sufficient evidence of the Company’s ability to generate future taxable income at September 30, 2022.

The Company did not have any unrecognized tax benefits relating to uncertain tax positions as of September 30, 2023, and December 31, 2022, and did not recognize any interest or penalties related to uncertain tax positions as of September 30, 2023, and December 31, 2022.

14.	INCOME TAXES

As the Company elected to file as an S corporation for Federal and state income tax purposes, the Company incurred no Federal or state income taxes, except for income taxes recorded related to some of their consolidated variable interest entities and subsidiaries which are taxable C corporations. These VIE’s and subsidiaries include LMATT Series 2024, Inc., the wholly owned subsidiary of LMX Series, LLC., which is consolidated into LMA as a VIE, as well as LMATT Growth Series 2.2024, Inc., a wholly owned subsidiary of LMATT Growth Series, Inc. and LMATT Growth and Income Series 1.2026, Inc., a wholly owned subsidiary of LMATT Growth and Income Series, Inc., which are

100

% owned subsidiaries and fully consolidated. Accordingly, tax expense (benefit) is attributable to amounts for LMATT Series 2024, Inc, LMATT Growth Series, Inc. and LMATT Growth and Income Series, Inc.

The components of provision for income taxes are as follows:


	December 31, 2022		December 31, 2021
Current provision:
Federal	$	—	$	—
State		—		—
Foreign		—		—

Total current tax		—		—

Deferred provision (benefit):
Federal		737,376		—
State		152,567		—
Foreign		—		—

Total deferred tax		889,943		—

Provision for income taxes	$	889,943		—

For the years ended December 31, 2022 and 2021, the income tax expense differs from the provision that would result from applying federal and state statutory tax rates to income before income taxes due to the Company’s S corporation election recognized for federal and state purposes.

For LMATT Series 2024, Inc., LMATT Growth Series, Inc. and LMATT Growth and Income Series, Inc., the Company recognized $889,943 of provision related to income taxes for the year ended December 31, 2022. For the year ended December 31, 2021, the Company recognized no provision related to income taxes for LMATT Series 2024, Inc. because the Company incurred operating losses and maintained a full valuation allowance against its net deferred tax assets.

The effective income tax rate differs from the federal statutory income tax rate applied to the profit loss before provision for income taxes due to the following:


	Year Ended December 31, 2022			Year Ended December 31, 2021
Income tax benefit computed at federal statutory rate	$	6,988,153		$	(28,058	)
Effect of pass through entities	$	(6,147,068	)	$	(75,650	)
State taxes, net of federal benefit		174,024			(21,458	)
Valuation allowance		(125,166	)		125,166

Income tax benefit at effective tax rate	$	889,943		$	—

The effects of temporary differences that give rise to significant portions of the deferred tax assets are as follows:


	Year Ended			Year Ended
	December 31, 2022			December 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$	167,554		$	125,166
Basis Difference in Life Insurance Contracts	$	109,903
Other		—			—

Gross deferred tax assets		277,457			125,166

Less: valuation allowance		—			(125,166	)

Total deferred tax assets		277,457			—

Deferred tax liabilities:
Unrealized Gain		(1,641,277	)		—

Other		—			—

Gross deferred tax liabilities		(1,641,277	)		—

Deferred tax liabilities—net of allowance	$	(1,363,820	)	$	—

The components of the Company’s net deferred tax asset are subject to realizability analysis in accordance with ASC 740. The establishment of a valuation allowance is based on consideration of all available evidence, both positive and negative, concerning the expectation of future realization, including, among other items: historical operating results; forecasts of future operations; the duration of statutory carryforward periods; experience with tax attributes expiring unused; future reversals of existing taxable temporary differences and tax planning alternatives. In making such judgments, greater weight is given to evidence that can be objectively verified. Based on this analysis, the Company determined that sufficient positive evidence existed as of December 31, 2022 to support releasing the valuation allowance recorded against net operating loss tax attributes at December 31, 2021.

The Company has $661,092 of Federal Net Operating Losses and $661,092 State Net Operating Losses that can be carried forward indefinitely. The Federal Net Operating Losses may be used to offset 80% of taxable income in a given year.

The Company did not have any unrecognized tax benefits relating to uncertain tax positions at December 31, 2022 and 2021 and did not recognize any interest or penalties related to uncertain tax position at December 31, 2022 and 2021. The Company does not anticipate that changes in its unrecognized tax benefits will have a material impact on the Consolidated Statements of Operations and Comprehensive Income during 2023.

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

INCOME TAXES

5.	INCOME TAXES

Since Abacus elected to file as an S corporation for federal and State income tax purposes, Abacus incurred no federal or state income taxes. Accordingly, provision for income taxes is attributable to minimum state tax payments that are due regardless of their S corporation status and income position.

For the three months ended June 30, 2023, Abacus did not record provision for income taxes. For the three months ended September 30, 2022, Abacus recorded provision for income taxes of $582. For the six months ended June 30, 2023 and nine months ended September 30, 2022, Abacus recorded provision for income taxes of $2,289 and $1,907, respectively, which consist of state minimum taxes for state taxes that have been paid and settled during the period. The effective tax rate was approximately (0.24%) for the six months ended June 30, 2023, compared to 1.26% for the nine months ended September 30, 2022.

Given Abacus’ S Corporation status, temporary book and tax differences do not create a deferred tax asset or liability on the balance sheets. Accordingly, an assessment of realizability of any deferred tax asset balances is not relevant.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets and Accumulated Amortization (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Value	$ 29,300,000		$ 29,300,000
Accumulated Amortization	1,682,083		1,682,083
Net Book Value	27,617,917		27,617,917
Gross Value	32,900,000		32,900,000
Intangible assets, net	31,217,917		31,217,917		$ 0
Amortization expense	1,682,083	$ 0	1,682,083	$ 0
Trade Names
Finite-Lived Intangible Assets [Line Items]
Indefinite Lived Intangible Assets	900,000		900,000
Licensing Agreements
Finite-Lived Intangible Assets [Line Items]
Indefinite Lived Intangible Assets	2,700,000		2,700,000
Customer Relationships - Agents
Finite-Lived Intangible Assets [Line Items]
Gross Value	12,600,000		12,600,000
Accumulated Amortization	630,000		630,000
Net Book Value	11,970,000		11,970,000
Customer Relationships—Financial Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Value	11,000,000		11,000,000
Accumulated Amortization	343,750		343,750
Net Book Value	10,656,250		10,656,250
Internally Developed and Used Technology—APA
Finite-Lived Intangible Assets [Line Items]
Gross Value	1,600,000		1,600,000
Accumulated Amortization	200,000		200,000
Net Book Value	1,400,000		1,400,000
Internally Developed and Used Technology—Market Place
Finite-Lived Intangible Assets [Line Items]
Gross Value	100,000		100,000
Accumulated Amortization	8,333		8,333
Net Book Value	91,667		91,667
Non-Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Gross Value	4,000,000		4,000,000
Accumulated Amortization	500,000		500,000
Net Book Value	$ 3,500,000		$ 3,500,000

ACCRUED PAYROLL AND OTHER EXPENSES - Schedule of Company's Accrued Payroll and Other Expenses (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Total accrued payroll and other expenses	$ 636,788	$ 0
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Accrued payroll		224,168	$ 188,529
Accrued credit card fees		235,680	172,189
Other expenses		82,018	150,128
Total accrued payroll and other expenses		$ 541,866	$ 510,846

SUBSEQUENT EVENTS 1 (Details) - USD ($)			1 Months Ended	9 Months Ended
SUBSEQUENT EVENTS 1 (Details) - USD ($)	Jun. 30, 2023	Apr. 21, 2023	Oct. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Stock-based awards vesting period				3 years
Common stock, par or stated value per share				$ 0.0001	$ 0.0001
Restricted Stock
Subsequent Event [Line Items]
Shares authorized (in shares)		4,569,922
Unamortized stock-based compensation expense weighted-average remaining contractual life				2 years 3 months 18 days
Restricted Stock \| Share-Based Payment Arrangement, Tranche One
Subsequent Event [Line Items]
Vesting percentage		50.00%
Stock-based awards vesting period		25 months
Restricted Stock \| Share-Based Payment Arrangement, Tranche Two
Subsequent Event [Line Items]
Vesting percentage		50.00%
Stock-based awards vesting period		30 months
Subsequent Event
Subsequent Event [Line Items]
Business combination, consideration transferred, equity interests issued and issuable	$ 531,750,000
Common stock, par or stated value per share	$ 0.0001
Subsequent Event \| Long-term Incentive Plan \| Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Issuance of restricted stock units (in shares)			2,468,500
Common stock available for issuance (in shares)			621,500
Shares authorized (in shares)			3,090,000
Unamortized stock-based compensation expense weighted-average remaining contractual life			3 years
Vesting percentage			90.00%
Vesting period, employment termination			12 months
Subsequent Event \| Long-term Incentive Plan \| Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche One
Subsequent Event [Line Items]
Vesting percentage			10.00%
Stock-based awards vesting period			12 months
Subsequent Event \| Long-term Incentive Plan \| Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Two
Subsequent Event [Line Items]
Stock-based awards vesting period			36 months
Subsequent Event \| Long-term Incentive Plan \| Restricted Stock Units (RSUs) \| Minimum
Subsequent Event [Line Items]
Service period			1 year
Vesting percentage, employment termination			10.00%
Subsequent Event \| Long-term Incentive Plan \| Restricted Stock Units (RSUs) \| Maximum
Subsequent Event [Line Items]
Service period			3 years

LEASES

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

LEASES

19.

LEASES

The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts as of September 30, 2023 and December 31, 2022:


	Nine Months Ended September 30, 2023		Year Ended December 31, 2022
Assets:
Operating lease right-of-use assets	$	171,295	$	77,011
Liabilities:
Operating lease liability, current		173,799		48,127
Operating lease liability, non-current		—		29,268

Total lease liability	$	173,799	$	77,395

The Company recognizes lease expense for its operating leases within general, administrative, and other expenses on the Company’s condensed consolidated statements of operations and comprehensive income. The Company’s lease expense for the periods presented consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	69,904	$	12,471	$	94,846	$	36,313
Variable lease cost		20,540		1,221		29,465		2,444

Total lease cost	$	90,444	$	13,692	$	124,311	$	38,757

The following table shows supplemental cash flow information related to lease activities for the periods presented:


	Nine Months Ended September 30,
	2023		2022
Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases	$	96,891	$	36,121
ROU assets obtained in exchange for new lease liabilities		—		—

The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:


	Nine Months Ended September 30, 2023			Year Ended December 31, 2022
Weighted-average remaining lease term (in years)		0.80			1.58
Weighted-average discount rate		3.42	%		3.36	%

Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at September 30, 2023 are as follows:


	Operating leases
Remaining of 2023	$	117,527
2024		118,058
2025		—
2026		—
2027		—
Thereafter		—

Total operating lease payments (undiscounted)		235,585
Less: Imputed interest		(61,786	)

Lease liability as of September 30, 2023	$	173,799

16.

LEASES

In April 2021, the Company entered into an agreement to lease office space in Orlando, FL from a related party. The lease is classified as an operating lease and goes through July 31, 2024. The Company does not have any other leasing activities.

The Company’s ROU assets and lease liabilities for its operating leases consisted of the following amounts as of December 31, 2022 and 2021:


	Year Ended		Year Ended
	December 31, 2022		December 31, 2021
Assets:
Operating lease right-of-use assets	$	77,011	$	122,503
Liabilities:
Operating lease liability, current		48,127		45,107
Operating lease liability, non-current		29,268		77,396
Total lease liability		—		—

		77,395		122,503

The Company recognizes lease expense for its operating leases within general, administrative, and other expenses on the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The Company’s lease expense for the periods presented consisted of the following:


	Year Ended		Year Ended
	December 31, 2022		December 31, 2021
Operating lease cost	$	48,784	$	19,868
Variable lease cost		3,664		1,019

		52,449		20,887

The following table shows supplemental cash flow information related to lease activities for the periods presented:


Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases	$	48,399	$	19,868

ROU assets obtained in exchange for new lease liabilities		—	$	139,025

The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:


	Year Ended			Year Ended
	December 31, 2022			December 31, 2021
Weighted-average remaining lease term (in years)		1.58			2.58
Weighted-average discount rate		3.36	%		3.36	%

Future minimum noncancelable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at December 31, 2022 are as follows:


	Operating leases
2023	$	49,855
2024		29,514
2025		—
2026		—
2027		—
Thereafter		—

Total operating lease payments (undiscounted)		79,369
Less: Imputed interest		(1,974	)

Lease liability as of December 31, 2022	$	77,395

Abacus Settlements, LLC

LEASES

14.

LEASES

The Company’s ROU assets and lease liabilities for its operating leases consisted of the following amounts as of December 31, 2022 and 2021:


	As of December 31,
	2022		2021
Assets
Operating lease right-of-use asset	$	300,866	$	367,508
Liabilities
Operating lease liability, current		214,691		135,321
Operating lease liability, noncurrent		87,806		232,187

Total operating lease liabilities	$	302,497	$	367,508

The Company recognizes lease expense for its operating leases within general and administrative expenses on the Company’s statements of operations and comprehensive (loss) income. The Company’s lease expense for the periods presented consisted of the following:


	Year Ended December 31,
	2022		2021
Operating lease cost	$	190,183	$	126,178
Variable lease cost		9,403		10,756

Total lease cost	$	199,586	$	136,935

The following table shows supplemental cash flow information related to lease activities for the periods presented:


	Year Ended December 31,
	2022		2021
Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases		201,478		126,178
ROU assets obtained in exchange for new lease liabilities		123,541		417,076

The table below shows a weighted-average analysis for lease term and discount rate for all operating leases as of December 31, 2022 and 2021:


	As of December 31,
	2022			2021
Weighted-average remaining lease term (in years)		1.41			2.58
Weighted-average discount rate		3.71	%		3.36	%

Future minimum noncancelable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at December 31, 2022 are as follows:


	Operating Leases
2023		221,182
2024		88,543
2025		—
2026		—
2027		—
Thereafter		—

Total operating lease payments (undiscounted)	$	309,726
Less: Imputed interest		(7,229	)

Lease liability as of December 31, 2022	$	302,497

Abacus Settlements LLC - DESCRIPTION OF THE BUSINESS (Details) - USD ($)	Jun. 30, 2023	Jun. 29, 2023	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
LMA and Abacus
Business Acquisition [Line Items]
Consideration	$ 531,750,000
Abacus Settlements, LLC \| LMA and Abacus
Business Acquisition [Line Items]
Consideration		$ 531,750,000
Share price (in dollars per share)		$ 10
Aggregate transaction proceeds threshold		$ 200,000,000
Abacus Settlements, LLC \| LMA and Abacus \| Minimum
Business Acquisition [Line Items]
Aggregate consideration election		$ 20,000,000
Abacus Settlements, LLC \| LMA and Abacus \| ERES Class A Common Stock
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)		$ 0.0001

REVENUE

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

REVENUE

Remaining performance obligation

—The Company is recognizing revenue at a point in time when the closing has occurred and any right of rescission under applicable state law has expired. As of December 31, 2022 and 2021, there are $322,150 and $

1,678,791 in revenues allocated to performance obligations to be satisfied, of which all are expected to be recognized as revenue in the following year when the right of rescission has expired.

Disaggregated Revenue

—The following table presents a disaggregation of the Company’s revenue by major sources for the years ended December 31, 2022 and 2021:


	2022		2021
Agent	$	12,156,552	$	7,668,256
Broker		9,938,808		11,378,713
Client direct		3,108,103		3,545,175

Total	$	25,203,463	$	22,592,144

Contract Balances

—The balances of contract liabilities arising from contracts with customers for the years ended December 31, 2022 and 2021 were as follows:


	2022			2021
Contract liabilities—beginning of year	$	1,678,791		$	1,068,250
Additions to Contract Liabilities		322,150			1,678,791
Recognition of revenue deferred in the prior year		(1,678,791	)		(1,068,250	)

Contract liabilities—end of year	$	322,150		$	1,678,791

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

REVENUE

Disaggregated Revenue-

The following table presents a disaggregation of Abacus’ revenue by major sources for three months ended June 30, 2023 and 2022, and for six months ended June 30, 2023 and 2022:


	Three Months Ended June 30, 2023		Three Months Ended September 30, 2022		Six Months Ended June 30, 2023		Nine Months Ended September 30, 2022
Agent	$	3,334,402	$	2,982,371	$	7,143,016	$	8,673,072
Broker		2,809,499		2,128,912		4,675,973		7,856,882
Client direct		740,789		920,197		1,365,687		2,516,190

Total	$	6,884,690	$	6,031,480	$	13,184,676	$	19,046,144

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Abacus Settlements LLC - UNAUDITED CONDENSED STATEMENTS OF CHANGES IN MEMBERS' EQUITY - USD ($)

Total

Common Units

Additional Paid-In Capital

Retained Earnings

Abacus Settlements, LLC

Common Units

Abacus Settlements, LLC

Additional Paid-In Capital

Abacus Settlements, LLC

Retained Earnings

Beginning balance (in shares) at Dec. 31, 2020

50,639,350

Beginning balance at Dec. 31, 2020

$ 1,300,502

$ 5,037

$ 704,963

$ 590,502

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

14,546

Distributions

$ (400,000)

(400,000)

Ending balance (in shares) at Dec. 31, 2021

5,000

50,639,350

400

Ending balance at Dec. 31, 2021

$ 766,893

^[1]

$ 5,037

704,963

^[1]

205,048

^[1]

$ 2,722,995

$ 4,000

$ 80,000

$ 2,638,995

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

21,507,702

149,789

Distributions

(2,400,000)

(661,308)

Ending balance (in shares) at Sep. 30, 2022

400

Ending balance at Sep. 30, 2022

$ 22,139,164

^[1],[2]

704,963

^[1],[2]

19,312,750

^[1],[2]

2,211,476

$ 4,000

80,000

2,127,476

Beginning balance (in shares) at Dec. 31, 2021

5,000

50,639,350

400

Beginning balance at Dec. 31, 2021

$ 766,893

^[1]

$ 5,037

704,963

^[1]

205,048

^[1]

2,722,995

$ 4,000

80,000

2,638,995

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

31,682,275

Distributions

$ (6,400,000)

(6,400,000)

Ending balance (in shares) at Dec. 31, 2022

50,639,350

400

Ending balance at Dec. 31, 2022

$ 28,149,697

^[1]

$ 5,037

704,963

^[1]

25,487,323

^[1]

2,011,137

$ 4,000

80,000

1,927,137

Beginning balance (in shares) at Jun. 30, 2022

400

Beginning balance at Jun. 30, 2022

12,306,791

^[2]

704,963

^[2]

9,320,746

^[2]

2,335,914

$ 4,000

80,000

2,251,914

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

9,992,004

(122,999)

Distributions

(1,439)

Ending balance (in shares) at Sep. 30, 2022

400

Ending balance at Sep. 30, 2022

$ 22,139,164

^[1],[2]

704,963

^[1],[2]

19,312,750

^[1],[2]

2,211,476

$ 4,000

80,000

2,127,476

Beginning balance (in shares) at Dec. 31, 2022

50,639,350

400

Beginning balance at Dec. 31, 2022

$ 28,149,697

^[1]

$ 5,037

704,963

^[1]

25,487,323

^[1]

2,011,137

$ 4,000

80,000

1,927,137

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

(974,901)

Distributions

(442,283)

Ending balance (in shares) at Jun. 30, 2023

400

Ending balance at Jun. 30, 2023

$ 160,498,915

^[2]

188,641,886

^[2]

(29,382,362)

^[2]

593,953

$ 4,000

80,000

509,953

Beginning balance (in shares) at Dec. 31, 2022

50,639,350

400

Beginning balance at Dec. 31, 2022

$ 28,149,697

^[1]

$ 5,037

704,963

^[1]

25,487,323

^[1]

2,011,137

$ 4,000

80,000

1,927,137

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

15,739,009

Distributions

$ (34,451,607)

(34,451,607)

Ending balance (in shares) at Sep. 30, 2023

63,349,823

Ending balance at Sep. 30, 2023

$ 166,089,747

194,197,741

(28,503,752)

Beginning balance (in shares) at Mar. 31, 2023

400

Beginning balance at Mar. 31, 2023

1,354,334

$ 4,000

80,000

1,270,334

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

(318,098)

Distributions

(442,283)

Ending balance (in shares) at Jun. 30, 2023

400

Ending balance at Jun. 30, 2023

160,498,915

^[2]

188,641,886

^[2]

(29,382,362)

^[2]

$ 593,953

$ 4,000

$ 80,000

$ 509,953

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

$ 903,361

Ending balance (in shares) at Sep. 30, 2023

63,349,823

Ending balance at Sep. 30, 2023

$ 166,089,747

$ 194,197,741

$ (28,503,752)

[1]	Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life Inc. as a result of the successful Business Combination.
[2]	Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the successful Business Combination.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentrations (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Allowance for doubtful accounts	$ 0	$ 0		$ 0	$ 0
Customer Concentration Risk \| Accounts Receivable \| Customer 1 \| Related Party
Concentration Risk [Line Items]
Concentration risk percentage		5.00%		75.00%	51.00%
Customer Concentration Risk \| Accounts Receivable \| Customer 2 \| Related Party
Concentration Risk [Line Items]
Concentration risk percentage		5.00%		16.00%	49.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer 1 \| Related Party \| Portfolio servicing
Concentration Risk [Line Items]
Concentration risk percentage	39.00%	36.00%		28.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer 1 \| Nonrelated Party
Concentration Risk [Line Items]
Concentration risk percentage			44.00%		29.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer 1 \| Nonrelated Party \| Active management
Concentration Risk [Line Items]
Concentration risk percentage	13.00%	22.00%		51.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer 2 \| Related Party \| Portfolio servicing
Concentration Risk [Line Items]
Concentration risk percentage	39.00%	37.00%		28.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer 2 \| Nonrelated Party
Concentration Risk [Line Items]
Concentration risk percentage			29.00%		29.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer 3 \| Nonrelated Party
Concentration Risk [Line Items]
Concentration risk percentage					20.00%
Customer Concentration Risk \| Investment Method Revenue Benchmark \| Customer 1 \| Nonrelated Party
Concentration Risk [Line Items]
Concentration risk percentage		9.00%		22.00%
Abacus Settlements, LLC \| Customer Concentration Risk \| Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk percentage				60.00%	76.00%

FAIR VALUE MEASUREMENTS - Discount Rate Sensitivity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Life settlement policies, fair value, impact of +2% discount rate adjustment	$ 78,288,612	$ 12,376,891
Life settlement policies, change in fair value, impact of +2% discount rate adjustment	(5,296,762)	(1,432,461)
Life settlement policies, at fair value	83,585,374	13,809,352	$ 0
Life settlement policies, fair value, impact of -2% discount rate adjustment	89,102,871	15,571,704
Life settlement policies, change in fair value, impact of -2% discount rate adjustment	$ 5,517,497	$ 1,762,352

EARNINGS PER SHARE - Narrative (Details)	3 Months Ended	9 Months Ended
EARNINGS PER SHARE - Narrative (Details)	Sep. 30, 2023 $ / shares shares	Sep. 30, 2023 $ / shares shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		26,150,000
Private Placement Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares	$ 11.5	$ 11.5
Private Placement Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	26,150,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary Of Property And Equipment Are Stated At Cost Less Accumulated Depreciation (Details)	12 Months Ended
	Dec. 31, 2022
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Furniture and fixtures	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Leasehold improvements	Shorter of remaining lease term or estimated useful life
Abacus Settlements, LLC \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Furniture and fixtures	5 years
Abacus Settlements, LLC \| Computer equipment
Property, Plant and Equipment [Line Items]
Furniture and fixtures	5 years

OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS

8.	OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS

Other Investments:

Convertible Preferred Stock Ownership

—The Company owns convertible preferred stock in two entities, further described below.

On July 22, 2020, the Company purchased 224,551 units of an unrelated insurance technology company’s Series Seed Preferred units for $750,000 (“Seed Units”). During December 2022, the Company agreed to purchase 119,760 Series Seed Preferred Units for $400,000 in cash consideration by way of eight monthly payments of $50,000 starting December 15, 2022, resulting in a total of $950,000 investment as of March 31, 2023, $1,100,000 investment as of June 30, 2023 and $1,150,000 investment at September 30, 2023. Upon conversion, the Seed Units held by the Company would represent 8.6% control in the technology company.

On December 21, 2020, the Company purchased 207,476 shares of a separate unrelated insurance technology company’s Series B-1 preferred stock for $500,000 (“Preferred Shares”). The Preferred Shares are convertible into voting common stock of insured consent at the option of the Company. Upon conversion, the Preferred Shares would represent less than 1% control in the technology company.

The Company applies the measurement alternative for its investments in the Seed Units and Preferred Shares because these investments are of an equity nature, and the Company does not have the ability to exercise significant influence over operating and financial policies of entities even in the event of conversion of the Seed Units or Preferred Shares. Under the measurement alternative, the Company records the investment based on original cost, less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the investee. The Company’s share of income or loss of such companies is not included in the Company’s condensed consolidated statements of operations and comprehensive income. The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. No impairment of investments occurred for the three and nine months ended September 30, 2023 and 2022.

Other Noncurrent Assets- at fair value:

S&P Options

—

The Company is long S&P 500 call options and short S&P 500 put options which were purchased and sold through a broker as an economic hedge related to the market-indexed debt instruments included in the long-term debt note. The value is based on shares owned and quoted market prices in active markets. Changes in fair value are recorded in the Unrealized Loss on Investments line item on the condensed consolidated statements of operations and comprehensive income.

6.	OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS

Other Investments:

Convertible Preferred Stock Ownership

—

The Company owns convertible preferred stock in two entities, further described below:

On July 22, 2020, the Company purchased 224,551 units of an unrelated insurance technology company’s Series Seed Preferred units for $750,000 (“Seed Units”). Upon conversion, the Seed Units held by the Company would represent 8.1% control in the technology company. During December 2022, the Company purchased an incremental

14,970

of Series Seed Preferred units for $

50,000

and had a total of $

800,000

investment as of December 31, 2022.

On December 21, 2020, the Company purchased 207,476 shares of a separate unrelated insurance technology company’s Series

B-1

preferred stock for $500,000 (“Preferred Shares”). The Preferred Shares are convertible into voting common stock of Insured Consent at the option of the Company. Upon conversion, the Preferred Shares would represent less than 1% control in the technology company.

The Company applies the measurement alternative for its investments in the Seed Units and Preferred Shares because these investments are of an equity nature, and the Company does not have the ability to exercise significant influence over operating and financial policies of entities even in the event of conversion of the Seed Units or Preferred Shares. Under the measurement alternative, the Company records the investment based on original cost less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the investee. The Company’s share of income or loss of such companies is not included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). The Company tests its investments for impairment whenever circumstances indicate that the carrying value of the investment may not be recoverable. No impairment of investments occurred for the years ended December 31, 2022 and 2021.

Other Noncurrent Assets- at fair value:

S&P Options

—

The Company owns S&P 500 put and call options that were purchased through a broker as an economic hedge related to the market-indexed debt instruments included in the long-term debt note. The value is based on shares owned and quoted market prices in active markets. Changes in fair value are recorded in the Unrealized Loss on Investments line item on the income statement.

Abacus Settlements LLC - UNAUDITED INTERIM CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 903,361	$ 9,992,004		$ 15,739,009	$ 21,507,702	$ 31,682,275	$ 14,546
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation expense	12,770	1,070		14,911	3,211	4,282	2,447
Amortization of deferred financing fees				133,211	0
Changes in operating assets and liabilities:
Related party receivables				29,199	(364,931)	(130,873)	(11,047)
Other receivables						0	(18,315)
Accrued payroll and other expenses				112,388	0
Contract liability—deposits on pending settlement				(632,381)	0
Accounts payable				(38,014)	44,103,901	40,014	0
Net cash used in operating activities				(51,176,074)	(6,395,331)	10,693,254	(139,169)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash provided (used) in investing activities				2,569,437	(1,932,664)	(3,704,646)	(275,346)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash provided by financing activities				55,203,004	12,069,661	22,961,795	381,663
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				6,596,367	3,741,666	29,950,403	(32,852)
CASH AND CASH EQUIVALENTS:
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD			$ 30,052,823	30,052,823	102,420	102,420	135,272
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	36,649,190	3,844,087		36,649,190	3,844,087	30,052,823	102,420
Abacus Settlements, LLC
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(122,999)	(974,901)		149,789
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation expense			19,157		17,807
Amortization expense			40,278		60,000
Amortization of deferred financing fees			11,725		1,954
Non-cash lease expense			1,210		815
Changes in operating assets and liabilities:
Related party receivables			397,039		0
Other receivables			101,203		(641,951)
Prepaid expenses			(198,643)		(33,192)
Other current assets			(26,211)		(2,561)
Certificate of deposit			0		(656,250)
Accrued payroll and other expenses			(17,466)		41,934
Contract liability—deposits on pending settlement			659,067		(1,096,041)
Accounts payable			(36,750)		(30,696)
Net cash used in operating activities			(24,292)		(875,892)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(108,394)		(57,546)
Purchase of intangible asset			0		0
Due from members and affiliates			(74,134)		(58,275)
Net cash provided (used) in investing activities			(182,528)		(130,821)
CASH FLOWS FROM FINANCING ACTIVITIES:
Due to members			(1,411)		(11,857)
Distributions to members			(442,283)		(661,308)
Net cash provided by financing activities			(443,694)		(673,165)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(650,514)		(1,679,878)
CASH AND CASH EQUIVALENTS:
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	$ 808,226		1,458,740	$ 1,458,740	2,599,302	2,599,302
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		$ 919,424	$ 808,226		$ 919,424	$ 1,458,740	$ 2,599,302

AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE

7.	AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE

Convertible Promissory Note

—The Company holds a convertible promissory note in a separate unrelated insurance technology company. In November 2021, the Company purchased a $250,000 note and then purchased an additional note in January 2022 for $250,000 as part of the Tranche 5 offering (“Tranche 5 Promissory Note”). The Tranche 5 Promissory Note pays 6% interest per annum. The Tranche 5 Promissory Note matures on November 12, 2023 (“Maturity Date”) and will be paid in full as to outstanding principal and accrued interest on the Maturity Date unless the Tranche 5 Promissory Note converts prior to the 2023 Maturity Date. Conversion into preferred shares occurs if the technology company engages in an additional equity financing event that yields gross cash proceeds in excess of $1,000,000 (“Next Equity Financing”).

In October 2022, the Company purchased an additional convertible promissory note in the same unrelated insurance technology company for $500,000 as part of the Tranche 6 offering (“Tranche 6 Promissory Note” and collectively, the “Convertible Promissory Notes”). The Tranche 6 Promissory Note pays eight

percent

)% interest per annum and matures September 30, 2024 (“2024 Maturity Date”) and will be paid in full as to outstanding principal and accrued interest on the 2024 Maturity Date unless the Tranche 6 Promissory Note converts prior to the 2024 Maturity Date. Conversion into preferred shares occurs if the technology company engages in an additional equity financing event that yields gross cash proceeds in excess of $5,000,000 (“Next Round Securities”).

The Company applies the available-for-sale method of accounting for its investment in the Convertible Promissory Note, which is a debt investment. The Convertible Promissory Note does not qualify for either the held-to-maturity method due to the Convertible Promissory Note’s conversion rights or the trading securities method because the Company holds the Convertible Promissory Note as a long-term investment. The Convertible Promissory Notes are measured at fair value at each reporting period-end. Unrealized gains and losses are reported in other comprehensive income until realized. As of December 31, 2022 and September 30, 2023, the Company evaluated the fair value of its investment and determined that the fair value approximates the carrying value of $1,000,000 and there was no unrealized gain or loss recorded.

5.	AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE

Convertible Promissory Note

—The Company holds convertible promissory notes in a separate unrelated insurance technology company. In November 2021, the Company purchased a $250,000 note and then purchased an additional note in January 2022 for $250,000 as part of the Tranche 5 offering (“Tranche 5 Promissory Note”). The Tranche 5 Promissory Note pays six percent (6%) interest per annum. The Tranche 5 Promissory Note matures November 12, 2023 (“2023 Maturity Date”) and will be paid in full as to outstanding principal and accrued interest on the 2023 Maturity Date unless the Tranche 5 Promissory Note converts prior to the 2023 Maturity Date. Conversion into preferred shares occurs if the technology company engages in an additional equity financing event that yields gross cash proceeds in excess of $1,000,000 (“Next Equity Financing”).

In October 2022, the Company purchased a convertible promissory note in the same unrelated insurance technology company for $500,000 as part of the Tranche 6

offering

(“Tranche 6 Promissory Note”). The Tranche 6 Promissory Note pays eight percent (8%) interest per annum and matures September 30, 2024 (“2024 Maturity Date”) and will be paid in full as to outstanding principal and accrued interest on the 2024

Maturity Date unless the Tranche 6 Promissory Note converts prior to the 2024 Maturity Date. Conversion into preferred shares occurs if the technology company engages in an additional equity financing event that yields gross cash proceeds in excess of $5,000,000 (“Next Round Securities”).

The Company applies the

available-for-sale

method of accounting for its investment in the Promissory Note which is a debt investment. The Promissory Note does not qualify for either the

held-to-maturity

method due to the Promissory Note’ conversion rights or the trading-securities method because the Company holds the Promissory Note as a long-term investment. The Promissory Note is measured at fair value at each reporting-period end. Unrealized gains and losses are reported in other comprehensive income until realized. As of December 31, 2022, the Company evaluated the fair value of its investment and determined that the fair value approximates the carrying value of $1,000,000 and there was no unrealized gain or loss recorded.

LIFE INSURANCE SETTLEMENT POLICIES - Fair Value (Details)	Sep. 30, 2023 USD ($) insurance_contract	Dec. 31, 2022 USD ($) insurance_contract	Dec. 31, 2021 USD ($)
Policies
0-1 \| insurance_contract	0	0
1-2 \| insurance_contract	8	1
2-3 \| insurance_contract	13	11
3-4 \| insurance_contract	36	1
4-5 \| insurance_contract	26	1
Thereafter \| insurance_contract	145	21
Policies \| insurance_contract	228	35
Face Value
0-1	$ 0	$ 0
1-2	10,639,000	200,000
2-3	26,725,000	3,085,549
3-4	69,378,938	2,200,000
4-5	22,391,998	1,000,000
Thereafter	174,470,094	33,606,605
Face Value	303,605,030	40,092,154
Fair Value
0-1	0	0
1-2	8,018,927	160,000
2-3	8,912,395	2,274,406
3-4	28,670,576	1,406,451
4-5	8,115,654	526,416
Thereafter	29,867,822	9,442,079
Fair Value	$ 83,585,374	$ 13,809,352	$ 0

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Schedule of supplemental cash flow information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Supplemental cash flow information:
Cash paid for income taxes	$ 0	$ 1,200
Supplemental disclosure of non-cash investing and financing activity:
Distributions owed to the members	$ 1,411	$ 11,857

LONG-TERM DEBT - LMATT Series 2.2024, Inc. Market-Indexed Notes (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Sep. 16, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Assets	$ 304,301,937	$ 59,094,847		$ 1,840,218
Fair value
Debt Instrument [Line Items]
Long-term debt, fair value		$ 28,249,653		$ 0
LMATT Series 2.2024, Inc.
Debt Instrument [Line Items]
Ownership percentage			100.00%
LMATT Series 2.2024, Inc. \| Market-indexed notes
Debt Instrument [Line Items]
Face amount			$ 2,333,391
Upside performance participation cap			120.00%
Market downturn protection percentage			20.00%
Note reduction ratio for losses below threshold		100.00%	100.00%
LMATT Series 2.2024, Inc. \| Market-indexed notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Assets	2,983,754	$ 3,246,756
LMATT Series 2.2024, Inc. \| Market-indexed notes \| Fair value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 3,027,681	$ 2,354,013

LIFE INSURANCE SETTLEMENT POLICIES - Investment Method (Details)	Sep. 30, 2023 USD ($) insurance_contract	Dec. 31, 2022 USD ($) insurance_contract	Dec. 31, 2021 USD ($)
Number of Life Insurance Policies
0-1 \| insurance_contract	0	1
1-2 \| insurance_contract	1	1
2-3 \| insurance_contract	2	2
3-4 \| insurance_contract	1	1
4-5 \| insurance_contract	2	2
Thereafter \| insurance_contract	6	11
Number of Life Insurance Policies \| insurance_contract	12	18
Face Value
0-1	$ 0	$ 3,000,000
1-2	500,000	500,000
2-3	1,500,000	2,000,000
3-4	8,000,000	500,000
4-5	500,000	3,850,000
Thereafter	26,800,000	32,480,000
Face Value	37,300,000	42,330,000
Carrying Value
0-1	0	1,220,000
1-2	329,714	327,683
2-3	437,775	1,039,088
3-4	82,869	260,000
4-5	320,110	845,000
Thereafter	2,946,031	5,024,340
Carrying Value	$ 4,116,499	$ 8,716,111	$ 0

MEMBERS' EQUITY

12 Months Ended

Dec. 31, 2022

Abacus Settlements, LLC

MEMBERS' EQUITY

11.	MEMBERS’ EQUITY

The Company is authorized to issue up to 400 units of par value common units. Holders of the Company’s common units are entitled to one vote for each share. At December 31, 2022 and 2021, there were 400 shares of common units issued and outstanding. Holders of the common units were entitled to receive, in the event of a liquidation, dissolution or winding up, ratably the assets available for distribution to the unit holders after payment of all liabilities.

LONG-TERM DEBT

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Debt Disclosure [Abstract]

LONG-TERM DEBT

13.	LONG-TERM DEBT

Outstanding principal balances of Long-term debt comprises of the following:


	September 30, 2023						December 31, 2022
	Cost			Fair value			Cost		Fair value
Market-indexed notes:
LMATT Series 2024, Inc.	$	9,866,900		$	9,311,800		$	9,866,900	$	8,067,291
LMATT Series 2.2024, Inc.		2,333,391			3,027,681			2,333,391		2,354,013
LMATT Growth & Income Series 1.2026, Inc		400,000			427,284			400,000		400,000
Secured borrowing:
LMA Income Series, LP		21,889,444			22,242,291			17,428,349		17,428,349
LMA Income Series II, LP		24,535,851			24,535,851			—		—
Unsecured borrowing:
Owl Rock Credit Facility		25,000,000			25,000,000			—		—
SPV Purchase and Sale Note		25,750,000			25,750,000			—		—
Sponsor PIK Note		10,785,778			10,785,778			—		—
Deferred Financing Cost		(2,266,858	)		(2,266,858	)		—		—

Total long-term debt	$	118,294,506		$	118,813,827		$	30,028,640	$	28,249,653

Owl Rock Credit Facility

administrative and collateral agent for the Owl Rock Lenders thereunder. The Owl Rock Credit Facility provides credit extensions for (i) an initial term loan in an aggregate principal amount of $25.00 million upon the closing of the Owl Rock Credit Facility and (ii) optional delayed draw term loans in an aggregate principal amount of up to $25.00 million available for 180 days after the Owl Rock Closing Date, subject to the requirement that on each delayed draw date, the proceeds may be used for working capital and the business requirements of the enterprise, and to fund acquisitions, investments and other transactions permitted by the loan documentation. It provides a delayed draw commitment fee rate of 0.50% per annum applicable to undrawn commitments during the Delayed Draw Term Loan Availability Period and matures on July 5, 2028, the date that is five years after the closing of the Owl Rock Credit Facility.

The Owl Rock Credit Facility, among other things:

•

requires the Company and certain subsidiaries of the Company to guarantee the loans provided under the Owl Rock Credit Facility pursuant to separate loan documentation;

•

is secured by a first-priority security interest in substantially all of the assets of the Company and the subsidiary guarantors. No pledge of any equity interests in the Company is required by any holder of such equity interests;

•

provides for interest to accrue on the loans drawn under the Owl Rock Credit Facility at the election of the Company, by reference to either (i) an alternative base rate (such loans, “ABR Loans”) or (ii) an adjusted term Secured Overnight Financing Rate (SOFR) rate (such loans, “SOFR Loans”) plus an applicable margin. The adjusted term SOFR rate is determined by the applicable term SOFR for a relevant interest period plus a credit spread adjustment of 0.10%, 0.15% and 0.25% per annum for interest periods of

one

three

and six months, respectively. The applicable margin for each type of loan is (i) 6.25% per annum for any ABR Loans and (ii) 7.25% per annum for any SOFR Loans, with interest periods for SOFR Loans of

one

three

or six months (or other periods if agreed by all lenders);

•

provides a default rate that will accrue at 2.00% per annum over the rate otherwise applicable;

•

provides for amortization payments based on the initial principal amount of the loans outstanding of 1.0% per year (0.25% due per quarter), with adjustments made to the overall amortization amount upon the incurrence of any delayed draw loans;

•

contains provisions requiring mandatory prepayment of the initial term loans and delayed draw term loans with 100% of the proceeds of (a) indebtedness not permitted by the Owl Rock Credit Facility and (b) certain specified asset dispositions and payments (including in respect of settlements) in respect of property, casualty insurance claims or condemnation proceedings, with the proceeds received under this clause (b) subject to certain specified reinvestment rights and procedures set forth in the Owl Rock Credit Facility. The Owl Rock Credit Facility permits voluntary prepayments of outstanding loans at any time;

•

provides for financial covenants such that (i) a consolidated net leverage ratio cannot exceed 2.50 to

1.00

as of the last day of any fiscal quarter and (ii) a liquid asset coverage ratio cannot be less than 1.80 to 1.00;

•

contains affirmative covenants related to, among other things, delivery of certain financial reports and compliance certificates, maintenance of existence, compliance with laws, material contracts, payment of taxes, property and insurance matters, inspection of property, books and records, notices, collateral matters and future subsidiaries, in each case, subject to specified limitations and exceptions;

•

contains an affirmative representation and corresponding covenant that the Company and certain subsidiaries of the Company do not, and will not during the term of the Owl Rock Facility (or if the term of the Owl Rock Credit Facility continues for longer than a year, during the Company’s and certain subsidiaries of the Company’s most recent fiscal year), derive more than fifteen percent (15%) of their aggregate gross revenues from securities related activities;

•

contains negative covenants related to, among other things, incurrence of debt, creation of liens, mergers, acquisitions and certain other fundamental changes, conditions concerning the creation of new subsidiaries, conditions concerning opening of new accounts, disposition of assets, dividends and other restricted payments, prepayment of certain indebtedness, transactions with affiliates, investments and limitations on lines of business, in each case, subject to specified limitations and exceptions; and

•

provides for certain specified events of default upon the occurrence and during the continuation of certain events or conditions (subject to specified exceptions, grace periods or cure rights, as applicable) each as set forth in the Owl Rock Credit Facility, which includes among other things, defaults with respect to nonpayment, breaches of representations and warranties, failure to comply with covenants, cross-default to other material indebtedness, bankruptcy and insolvency matters, ERISA matters, material judgments, collateral and perfection matters, the occurrence of a change of control and subordination matters with respect to certain specified indebtedness. The occurrence and continuance of an event of default that is not cured or waived will enable the agent and/or the lenders, as applicable, to accelerate the loans or take other remedial steps as provided in the Owl Rock Credit Facility and the other loan documents.

Sponsor PIK Note

On the June 30, 2023, in connection with the consummation of the Business Combination and as contemplated by the Merger Agreement, East Sponsor, LLC, a Delaware limited liability company (“Sponsor”), made an unsecured loan to the Company in the aggregate amount of $10,471,648 (the “Sponsor PIK Note”) with an interest rate of 12% per annum compounding semi-annually. Accrued interest is payable in arrears quarterly starting on September 30, 2023 by adding it to the outstanding principal balance. As of September 30, 2023, $314,130 in non-cash interest expense was added to the outstanding principal balance. The Sponsor PIK Note matures on June 30, 2028 (the “Maturity Date”) and may be prepaid at any time in accordance with its terms without any premium or penalty.

LMATT Series 2024, Inc. Market-Indexed Notes:

On March 31, 2022, LMATT Series 2024, Inc., which the Company consolidates for financial reporting, issued $10,166,900 in market-indexed private placement notes. The note, titled the Longevity Market Assets Target-Term Series (LMATTS) 2024, is a market-indexed instrument designed to provide upside performance exposure of the S&P 500 Index, while limiting downward exposure. Upon maturity of the note in 2024, the principal, plus the return based upon the S&P 500 Index must be paid. The note has a feature to protect debt holders from market downturns, up to 40%. Any subsequent losses below the 40% threshold will reduce the note on a

one-to-one

basis. As of September 30, 2023, $9,866,900 of the principal amount remained outstanding.

The notes are held at fair value, which represents the exit price, or anticipated price to transfer the liability to a third party. As of September 30, 2023, the fair value of the LMATT Series 2024, Inc. notes was $9,311,800.

The notes are secured by the assets of the issuing entities, which includes cash, S&P 500 options, and life settlement policies totaling $10,358,537 as of September 30, 2023. The notes’ agreements do not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of the issuing companies are considered as collateral. There are also no restrictive covenants associated with the notes with which the entities must comply.

LMATT Series 2.2024, Inc. Market-Indexed Notes:

On September 16, 2022, LMATTS Series 2.2024, Inc., a 100% owned subsidiary which the Company consolidates for financial reporting issued $2,333,391 in market-indexed private placement notes. The note, titled the Longevity Market Assets Target-Term Growth Series 2.2024, Inc. (“LMATTSTM Series 2.2024, Inc.”) is a market-indexed instrument designed to provide upside performance exposure of the S&P 500 Index, while limiting downward exposure. Upon maturity of the note in 2024, the principal, plus the return based upon the S&P 500 Index must be paid. The note has a feature to provide upside performance participation that is capped at 120% of the performance of the S&P 500. A separate layer of the note has a feature to protect debt holders from market downturns by up to 20% if the index price experiences a loss during the investment period. After the underlying index has decreased in value by more than 20%, the investment will experience all subsequent losses on a

one-to-one

basis. As of September 30, 2023, the entire principal amount remained outstanding.

The notes are secured by the assets of the issuing entity, LMATT Series 2.2024, Inc., which includes cash, S&P 500 options, and life settlement policies totaling $2,983,754 as of September 30, 2023. The note agreements do not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of the issuing company are considered as collateral. There are also no restrictive covenants associated with the note with which the entity must comply.

LMATT Growth and Income Series 1.2026, Inc. Market-Indexed Notes:

Additionally, on September 16, 2022, LMATTS Growth and Income Series 1.2026, Inc., a 100% owned subsidiary which the Company consolidates for financial reporting issued $400,000 in market-indexed private placement notes. The note, titled the Longevity Market Assets Target-Term Growth and Income Series 1.2026, Inc (“LMATTSTM Growth and Income Series 1.2026, Inc.”) is a market-indexed instrument designed to provide upside performance exposure of the S&P 500 Index, while limiting downward exposure. Upon maturity of the note in 2026, the principal, plus the return based upon the S&P 500 Index must be paid. The note has a feature to provide upside performance participation that is capped at 140% of

the performance of the S&P 500. A separate layer of the note has a feature to protect debt holders from market downturns by up to 10% if the index price experiences a loss during the investment period. After the underlying index has decreased in value by more than 10%, the investment will experience all subsequent losses on a

one-to-one

basis. This note also includes 4% dividend feature that will be paid annually. As of September 30, 2023, the entire principal amount remained outstanding.

The notes are secured by the assets of the issuing entity, LMATTS Growth and Income Series 1.2026, Inc., which includes cash, S&P 500 options, and life settlement policies totaling $369,253 as of September 30, 2023. The note agreements do not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of the issuing company are considered as collateral. There are also no restrictive covenants associated with the note with which the entity must comply.

See additional fair value considerations within Note 12.

LMA Income Series, LP and LMA Income Series, GP LLC Secured Borrowing

LMA Income Series, GP, LLC, wholly owned and controlled by that LMA Series, LLC, formed a limited partnership, LMA Income Series, LP and issued partnership interests to limited partners in a private placement offering. The initial term of the offering is three years with the ability to extend for two additional one-year periods at the discretion of the general partner, LMA Income Series, GP, LLC. The limited partners will receive an annual dividend of 6.5% paid quarterly and 25% of returns in excess of a 6.5% internal rate of return capped at 9% which would require a 15% net internal rate of return. The General Partner will receive 75% of returns in excess of a 6.5% internal rate of return to limited partners then 100% in excess of a 15% net internal rate of return.

It was determined that LMA Series, LLC is the primary beneficiary of LMA Income Series, LP and thus has fully consolidated the limited partnership in its consolidated financial statements for the three and nine months ended September 30, 2023.

The private placement offerings proceeds will be used to acquire an actively manage a large and diversified portfolio of financial assets. LMA, through its consolidated subsidiaries, serves as the portfolio manager for the financial asset portfolio, which includes investment sourcing and monitoring. In this role, LMA has the unilateral ability to acquire and dispose of any of the above investments. As the partnership does not represent a business in accordance with ASC 810 and is a consolidated subsidiary that only holds financial assets, this represents a transfer subject to ASC 860-10. As the financial assets are not transferred outside the consolidated group, the proceeds from the offering shall be classified as a liability unless it meets the definition of a participating interest and the derecognition criteria in ASC 860 are met. The transferred interest did not meet the definition of a participating interest as LMA possesses the unilateral ability to direct the sale of the financial assets (ASC 860-10-50-6A(d)). In accordance with ASC 860-30-25-2, as the transfer of the financial assets did not meet the definition of a participating interest, LMA shall recognize the proceeds received from the offering as a secured borrowing.

LMA elected to account for the secured borrowing at fair value under the collateralized financing entity guidance within ASC 810-10-30. As of September 30, 2023, the fair value of the secured borrowing was $22,242,291.

LMA Income Series II, LP and LMA Income Series II, GP LLC Secured Borrowing

limited partners will receive annual dividends equal to the Preferred Return Amounts as follows: Capital commitment less than $500,000, 7.5%; between $500,000 and $1,000,000, 7.75%; over $1,000,000, 8%. Thereafter, 100% of the excess to be paid to the General Partner.

SPV Purchase and Sale Note

SPV Investment Facility

The SPV Investment Facility provides, among other things, for the following:

•

requires that certain subsidiaries of the Company guarantee the credit extensions provided under the SPV Investment Facility pursuant to separate documentation;

•

closing of the SPV Investment Facility, and (ii) the SPV Purchase and Sale Note for the original principal amount of $10.0 million to finance the purchase of the insurance policies under the Policy APA;

•

provides for proceeds to be used for payment of certain transaction expenses, general corporate purposes and any other purposes not prohibited by the agreement or applicable law;

•

provides for interest to accrue on the SPV Investment Facility at a rate of 12% per annum, payable quarterly, all of which is to be paid in-kind by the Company by increasing the principal amount of the SPV Investment Facility owing to the SPV on each interest payment date. As of September 30, 2023, $750,000 in non-cash interest expense was added to the outstanding principal balance;

•

provides that no principal payments shall be required prior to maturity;

•

contains financial and other covenants substantially similar and not materially worse than those contained in the Owl Rock Credit Facility from the perspective of the Company; and

•

The Company paid $0 interest expense during the nine month ended September 30, 2023 and 2022.

11.	LONG-TERM DEBT

Long-term debt comprises of the following:


	December 31, 2022				December 31, 2021
	Cost		Fair value		Cost		Fair value
Market-indexed notes:
LMATT Series 2024, Inc.	$	9,866,900	$	8,067,291	$	—	$	—
LMATT Series 2.2024, Inc.		2,333,391		2,354,013		—		—
LMATT Growth & Income Series 1.2026, Inc.		400,000		400,000		—		—
Secured borrowing:
LMATT Income Series, LP		17,428,349		17,428,349		—		—

Total long-term debt	$	30,028,640	$	28,249,653	$	—	$	—

LMATT Series 2024, Inc. Market-Indexed Notes:

one-to-one

basis. As of December 31, 2022, $9,886,900 of the principal amount remained outstanding.

The notes are held at fair value, which represents the exit price, or anticipated price to transfer the liability to a third party. As of December 31, 2022, the fair value of the LMATT Series 2024, Inc. notes were $8,067,291.

The notes are secured by the assets of the issuing entities, which includes cash, S&P 500 options, and life settlement policies totaling $12,200,797 as of December 31, 2022. The note agreements do not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of the issuing companies are considered as collateral. There are also no restrictive covenants associated with the notes with which the entities must comply.

LMATT Series 2.2024, Inc. Market-Indexed Notes:

Inc.”) is a market-indexed instrument designed to provide upside performance exposure of the S&P 500 Index, while limiting downward exposure. Upon maturity of the note in 2024, the principal, plus the return based upon the S&P 500 Index must be paid. The note has a feature to provide upside performance participation that is capped at 120% of the performance of the S&P 500. A separate layer of the note has a feature to protect debt holders from market downturns by up to 20% if the index price experiences a loss during the investment period. After the underlying index has decreased in value by more than 20%, the investment will experience all subsequent losses on a

one-to-one

basis. As of December 31, 2022, the entire principal amount remained outstanding.

The note is secured by the assets of the issuing entity, LMATT Series 2.2024, Inc., which includes cash, S&P 500 options, and life settlement policies totaling $3,246,756 as of December 31, 2022. The note agreement does not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of the issuing company are considered as collateral. There are also no restrictive covenants associated with the note with which the entity must comply.

LMATT Growth and Income Series 1.2026, Inc. Market-Indexed Notes:

Additionally, on September 16, 2022, LMATT Growth and Income Series 1.2026, Inc., a 100% owned subsidiary which the Company consolidates for financial reporting issued $400,000 in market-indexed private placement notes. The note, titled the Longevity Market Assets Target-Term Growth and Income Series 1.2026, Inc (“LMATTSTM Growth and Income Series 1.2026, Inc.”) is a market-indexed instrument designed to provide upside performance exposure of the S&P 500 Index, while limiting downward exposure. Upon maturity of the note in 2026, the principal, plus the return based upon the S&P 500 Index must be paid. The note has a feature to provide upside performance participation that is capped at 140% of the performance of the S&P 500. A separate layer of the note has a feature to protect debt holders from market downturns by up to 10% if the index price experiences a loss during the investment period. After the underlying index has decreased in value by more than 10%, the investment will experience all subsequent losses on a

one-to-one

basis. This note also includes a 4% dividend feature that will be paid annually. As of December 31, 2022, the entire principal amount remained outstanding.

The note is secured by the assets of the issuing entity, LMATT Growth and Income Series 1.2026, Inc., which includes cash, S&P 500 options, and life settlement policies totaling $752,236 as of December 31, 2022. The note agreement does not restrict the trading of life settlement contracts prior to maturity of the note, as total assets of the issuing company are considered as collateral. There are also no restrictive covenants associated with the note with which the entity must comply.

See additional fair value considerations within the Fair Value footnote.

LMA Income Series, LP and LMA Income Series, GP Secured Borrowing

one-year

periods at the discretion of the General Partner, LMA Income Series, GP, LLC. The limited partners will receive an annual dividend of 6.5% paid quarterly and 25% of returns in excess of a 6.5% internal rate of return capped at 15% net internal rate of return. The General Partner will receive 75% of returns in excess of a 6.5% internal rate of return to limited partners then 100% in excess of a 15% net internal rate of return.

The private placement offerings proceeds will be used to acquire an actively managed large and diversified portfolio of financial assets. ABL, through its consolidated subsidiaries, serves as the portfolio manager for the financial asset portfolio, which includes investment sourcing and monitoring. In this role, ABL has the unilateral ability to acquire and dispose of any the above investments. As the partnership does not represent a business in accordance with ASC 810 and is a consolidated subsidiary that only holds financial assets, this represents a represents a transfer subject to ASC

860-10.

As the financial assets are not transferred outside the consolidated group, the proceeds from the offering shall be classified as a liability unless it meets the definition of a participating interest and the derecognition criteria in ASC 860 are met. The transferred interest did not meet the definition of a participating interest as ABL possesses the unilateral ability to direct the sale of the financial assets (ASC

860-10-50-6A(d)).

In accordance with ASC

860-30-25-2,

as the transfer of the financial assets did not meet the definition of a participating interest, ABL shall recognize the proceeds received from the offering as a secured borrowing.

ABL elected to account for the secured borrowing at fair value under the collateralized financing entity guidance within ASC

810-10-30.

As of December 31, 2022, the fair value of the secured borrowing was $17,428,349 .

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)		1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Jan. 07, 2022	Oct. 31, 2022	Jan. 31, 2022	Nov. 30, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Aug. 25, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total change in fair value of debt					$ (760,457)		$ (1,945,461)		$ 1,778,987
Gain (loss) on change in fair value of debt, included within other comprehensive income					(777,131)		952,661		1,052,836
Gain (loss) on change in fair value of debt, included within equity of noncontrolling interests					238,902		295,348		342,994
(Gain) loss on change in fair value of debt					(2,088,797)	$ (1,235,032)	309,865	$ (859,519)	90,719	$ 0
Purchase of convertible promissory note	$ 250,000	$ 500,000	$ 250,000	$ 250,000			350,000	$ 250,000	750,000	250,000
Available-for-sale securities, at fair value					1,000,000		1,000,000		1,000,000	250,000
Equity securities without readily determinable fair value, amount					$ 1,650,000		$ 1,650,000		1,300,000	$ 1,250,000
LongTerm Debt LMATT 1.2026 \| Notes Payable, Other Payables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Face amount									400,000
Debt Instrument, Fair Value Disclosure									$ 400,000
Private Placement Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding (in shares)					8,900,000		8,900,000				900,000
Price per warrant (in dollars per share)					$ 1		$ 1
Warrants outstanding					$ 8,900,000		$ 8,900,000
Number of securities called by each warrant (in shares)					1		1
Exercise price of warrants (in dollars per share)					$ 11.5		$ 11.5
Warrants term					30 days		30 days
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies, measurement input					22.00%		22.00%		12.00%
Discount rate \| Discounted cash flow method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies, measurement input									12.00%
Discount rate \| Valuation Technique, Discounted Cash Flow, Face Value Under $2 Million
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies, measurement input					18.00%		18.00%
Discount rate \| Valuation Technique, Discounted Cash Flow, Face Value Of $2 Million And Over
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies, measurement input					24.00%		24.00%

LONG-TERM DEBT - LMA Income Series, LP and LMA Income Series, GP LLC Secured Borrowing (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) option	Dec. 31, 2022 USD ($) option	Dec. 31, 2021 USD ($)
Fair value
Debt Instrument [Line Items]
Long-term debt, fair value		$ 28,249,653	$ 0
LMATT Income Series, LP \| Secured borrowing
Debt Instrument [Line Items]
Debt instrument term	3 years	3 years
Debt Instrument extension options \| option	2	2
Debt instrument extension term	1 year	1 year
Dividend percentage	6.50%	6.50%
Return rate in excess of minimum internal rate of return	25.00%
Minimum internal rate of return threshold	6.50%	6.50%
Internal rate of return cap	9.00%
Net internal rate of return at cap	15.00%	15.00%
Return Rate in excess of capped internal rate of return threshold		25.00%
LMATT Income Series, LP \| Secured borrowing \| Fair value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 22,242,291	$ 17,428,349	$ 0
LMATT Income Series, LP \| Secured borrowing \| General Partner
Debt Instrument [Line Items]
Return rate in excess of minimum internal rate of return	75.00%	75.00%
Minimum internal rate of return threshold	6.50%	6.50%
LMATT Income Series, LP \| Secured borrowing \| Limited Partner
Debt Instrument [Line Items]
Internal rate of return cap	15.00%	15.00%
Return Rate in excess of capped internal rate of return threshold	100.00%	100.00%

FAIR VALUE MEASUREMENTS

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

12.	FAIR VALUE MEASUREMENTS

The Company determines fair value based on assumptions that market participants would use in pricing an asset or a liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•

Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•

Level 2 inputs: Other than quoted prices in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•

Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Recurring Fair Value Measurements

-The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below.


	Fair Value Hierarchy
As of September 30, 2023	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	83,585,374	$	83,585,374
Available-for-sale securities, at fair value		—		—		1,000,000		1,000,000
Other investments		—		—		1,650,000		1,650,000
S&P 500 options		1,494,744		—		—		1,494,744
Other assets		998,469		—		—		998,469

Total assets held at fair value	$	2,493,213	$	—	$	86,235,374	$	88,728,587

Liabilities:
Long-term debt	$	—	$	—	$	59,544,907	$	59,544,907
Private placement warrants		—		—		3,382,000		3,382,000

Total liabilities held at fair value:	$	—	$	—	$	62,926,907	$	62,926,907


	Fair Value Hierarchy
As of December 31, 2022	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	13,809,352	$	13,809,352
Available-for-sale securities, at fair value		—		—		1,000,000		1,000,000
Other investments		—		—		1,300,000		1,300,000
S&P 500 options		890,829		—		—		890,829

Total assets held at fair value	$	890,829	$	—	$	16,109,352	$	17,000,181

Liabilities:
Long-term debt	$	—	$	—	$	28,249,653	$	28,249,653

Total liabilities held at fair value:	$	—	$	—	$	28,249,653	$	28,249,653

Life Settlement Policies

For all policies purchased after June 30, 2023, the Company accounts for owned life settlement policy using the fair value method. Prior to June 30, 2023, the Company elected to use either the fair value method or the investment method (cost, plus premiums paid). The valuation method is chosen upon contract acquisition and is irrevocable.

For policies carried at fair value, the Company utilizes valuation services of a third-party actuarial firm, who values the contracts using Level 3 unobservable inputs, including actuarial assumptions, such as life expectancies and cash flow discount rates. The valuation model is based on a discounted cash flow analysis and is sensitive to changes in the discount rate used. The Company utilized a discount rate of 18% for the policies with face values under $

million and a discount rate of 24% for the policies with face values of $

million and over at September 30, 2023 and 12% for all policies at December 31, 2022, respectively, for policy valuation, which is based on economic and company-specific factors. The Company re-evaluates its discount rates at the end of every reporting period in order to reflect the estimated discount rates that could reasonably be used in a market transaction involving the Company’s portfolio of life settlements. The determination to use a higher discount rate at September 30, 2023 for policies with face values over $

million is due to the inherent risk in larger face value policies during the three months ended September 30, 2023.

Discount Rate Sensitivity

—22% was determined to be the weighted average discount rate used to estimate the fair value of policies held by LMA and its investment funds. If the discount rate increased or decreased by 2 percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of September 30, 2023, would be as follows:


As of September 30, 2023 Rate Adjustment	Fair Value		Change in Fair Value
+2%	$	78,288,612	$	(5,296,762	)
No change		83,585,374
-2%		89,102,871		5,517,497

Credit Exposure to Insurance Companies

—The following table provides information about the life insurance issuer concentrations that exceed 10% of total face value or 10% of total fair value of the Company’s life insurance policies as of September 30, 2023:


Carrier	Percentage of Face Value			Percentage of Fair Value			Carrier Rating
American General Life Insurance Company		11.0	%		13.0	%		A+
Transamerica		14.0	%		16.0	%		A

The following table provides a roll forward of the fair value of life insurance policies for the nine months-ended September 30, 2023:


Fair value at December 31, 2022	$	13,809,352
Policies purchased		116,053,728
Realized gain (loss) on matured/sold policies		9,688,422
Premiums paid		(2,500,623	)
Unrealized gain(loss) on held policies		14,259,665

Change in estimated fair value		21,447,464
Matured/sold policies		(70,225,793	)
Premiums paid		2,500,623

Fair value at September 30, 2023	$	83,585,374

Long-Term Debt

—See Note 13 for background information on the market-indexed debt. The Company has elected the fair value option in accounting for the instruments. Fair value is determined using Level 3 inputs. The valuation methodology is based on the Black-Scholes-Merton option-pricing formula and a discounted cash flow analysis. Inputs to the Black-Scholes-Merton model include (i) the S&P 500 Index price, (ii) S&P 500 Index volatility, (iii) a risk-free rate based on data published by the US Treasury, and (iv) a term assumption based on the contractual term of the LMATT Notes. The discounted cash flow analysis includes a discount rate that is based on the implied discount rate developed by calibrating a valuation model to the purchase price on the initial investment date. The implied discount rate is evaluated for reasonableness by benchmarking it to yields on actively traded comparable securities.

The total change in fair value of the debt resulted in a loss of $760,457. This loss is comprised of $777,131, net of tax, which is included within accumulated other comprehensive income and $238,902 net of tax, which is included in equity of noncontrolling interests resulting from risk-adjusted valuation scenarios. The Company recognized a gain of $2,088,797 on the change in fair value of the debt resulting from risk-free valuation scenarios, which is included within (Gain)/loss on change in fair value of debt within the condensed consolidated statement of operations and comprehensive income for the three months ended September 30, 2023.

The total change in fair value of the debt resulted in a gain of $1,945,461. This gain is comprised of $952,661, net of tax, which is included within accumulated other comprehensive income and $295,348 net of tax, which is included in equity of noncontrolling interests resulting from risk-adjusted valuation scenarios. The Company recognized a loss of $309,865 on the change in fair value of the debt resulting from risk-free valuation scenarios, which is included within (Gain) loss on change in fair value of debt within the condensed consolidated statement of operations and comprehensive income for the nine months ended September 30, 2023.

The following table provides a roll forward of the fair value of the issued notes for the nine months ended September 30, 2023:


Fair value at December 31, 2022	$	28,249,653
Debt issued to third parties		88,618,714
Unrealized loss on change in fair value (risk-free)		309,865
Unrealized loss on change in fair value (credit-adjusted) included in OCI		1,635,596

Change in estimated fair value resulted into gain		1,945,461

Fair value at September 30, 2023	$	118,813,828

Private Placement Warrants

—Simultaneously with the closing of the Initial Public Offering, ERES consummated the sale of 8,900,000.00 warrants (the “Private Placement Warrants”) to East Sponsor, LLC (the “Sponsor”), which included the sale of an additional 900,000.00 Private Placement Warrants in connection with the full exercise by the underwriters of their over-allotment option on August 25, 2020, at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of 8,900,000.00. Each Private Placement Warrant is exercisable for one share of Class A common stock at a price of $11.50 per share, subject to adjustment.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that (x) the Private Placement Warrants and the shares of Class A common stock issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions, (y) the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees and (z) the Private Placement Warrants and the shares of Class A common stock issuable upon exercise of the Private Placement Warrants will be entitled to registration rights. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Private Placement Warrants were accounted for as liabilities in accordance with ASC 815-40. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented separately in the condensed consolidated statements of operations.

The Private Placement Warrants were considered a Level 3 fair value measurement using a binomial lattice model in a risk-neutral framework. The binomial lattice model’s primary unobservable input utilized in determining the fair value of the Private Placement Warrants is the expected volatility of the common stock. The implied volatility as of the reporting date was derived from observable public warrant traded price provided by Bloomberg LP.

The following table presents the key assumptions in the analysis:


	Private Placement Warrants
Expected implied volatility		de minimis
Risk-free interest rate		4.09	%
Term to expiration		5.0 years
Exercise price	$	11.50
Common Stock Price	$	10.03
Dividend Yield		—	%

Other Noncurrent Assets: S&P 500 Options

—In February 2022, LMATT Series 2024, Inc., which the Company consolidates for financial reporting, purchased and sold S&P 500 call and put options through a broker. The Company purchased and sold additional S&P 500 call options through a broker in June 2022 through their 100% owned and fully consolidated subsidiaries LMATT Growth Series 2.2024, Inc. and LMATT Growth and Income Series 1.2026, Inc. The options are exchange traded, and fair value is determined using Level 1 inputs of quoted market prices as of the condensed consolidated balance sheets dates. Changes in fair value are classified as unrealized (gain)/loss on investments within the condensed consolidated statements of operations and comprehensive income.

Financial Instruments Measured at Fair Value on a Nonrecurring Basis

—The following financial assets, composed of equity securities without readily determinable fair values, are adjusted to fair value when observable price changes are identified, or an impairment charge is recognized. Such fair value measurements are based predominantly on Level 3 inputs.

Available-for-Sale Investment

—The Convertible Promissory Note is classified as an available-for-sale security. Available-for-sale investments are subsequently measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in other comprehensive income until realized. The Company determines fair value of its available-for-sale investments using unobservable inputs by considering the initial investment value, next round financing, and the likelihood of conversion or settlement based on the contractual terms in the agreement. The Company initially purchased a $250,000 convertible promissory note from the issuer in 2021 and then on January 7, 2022, the Company purchased an additional $250,000 convertible promissory note from the same issuer and then an additional $500,000 in October 2022. As of September 30, 2023 and December 31, 2022, the Company evaluated the fair value of its Promissory Note and determined that the fair value approximates the carrying value of $1,000,000 and $1,000,000, respectively.

Other Investments

—The Company determines fair value using Level 3 inputs under the measurement alternative. These investments are recorded at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Impairment is assessed qualitatively. As of September 30, 2023, and December 31, 2022, the Company did not identify any impairment indicators and determined that the carrying value of $1,650,000 and $1,300,000 is the fair value for these equity investments in privately held companies, given that there have been no observable price changes.

Financial Instruments Where Carrying Value Approximates Fair Value

—The carrying value of cash, cash equivalents, accounts receivables, and due to affiliates approximates fair value due to the short-term nature of their maturities.

10.	FAIR VALUE MEASUREMENTS

•

Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•

Level 2 inputs: Other than quoted prices in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•

Recurring Fair Value Measurements

—The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below.


As of December 31, 2022	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	13,809,352	$	13,809,352
Available-for-sale securities, at fair value		—		—		1,000,000		1,000,000
Other Investments		—		—		1,300,000		1,300,000
S&P 500 options		890,829		—		—		890,829

Tot assets held at fair value	$	890,829	$	—	$	16,109,352	$	17,000,181

Liabilities:
Long-term debt	$	—	$	—	$	28,249,653	$	28,249,653


	Fair Value Hierarchy
As of December 31, 2021	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies	$	—	$	—	$	—	$	—
Available-for-sale securities, at fair value		—		—		250,000		250,000
Other investments		—		—		1,250,000		1,250,000
Other non-current assets		—		—		—		—

Tot assets held at fair value	$	—	$	—	$	1,500,000	$	1,500,000

Liabilities:
Long-term debt	$	—	$	—	$	—	$	—

Life Settlement Policies

—

The Company separately accounts for each owned life settlement policy using either the fair value method, or investment method (cost, plus premiums paid). The valuation method is chosen upon contract acquisition and is irrevocable.

For policies carried at fair value, the Company utilizes valuation services of third-party actuarial firm, who value the contracts using Level 3 unobservable inputs, including actuarial assumptions, such as life expectancies and cash flow discount rates. The valuation model is based on a discounted cash flow analysis and is sensitive to changes in the discount rate used. The Company utilizes a discount rate of 12% for policy valuation, which is based on economic and company-specific factors.

For life settlement policies carried using the investment method, the Company measures these at the cost of the policy plus premiums paid. The policies accounted for using the investment method totaled $8,716,111 at December 31, 2022 and $0 at December 31, 2021, respectively.

Discount Rate Sensitivity

—Changes in the 12% discount rate on the death benefit and premiums used to estimate the policies issued under LMATT Series 2024, Inc (“LMATT Policies”) fair value has been analyzed. If the discount rate increased or decreased by 2 percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of December 31, 2022, would be as follows:


As of December 31, 2022			Change in
Rate Adjustment	Fair Value		Fair Value
+2%	$	12,376,891	$	(1,432,461	)
No change		13,809,352		—
-2%		15,571,704		1,762,352

Credit Exposure to Insurance Companies

—The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit or 10% of total fair value of the Company’s life insurance policies as of December 31, 2022:


Carrier	Face Value			Fair Value			Rating
American General Life Insurance Company		17	%		15	%	A
John Hancock Life Insurance Company		31			30		A+
ReliaStar Life Insurance Company		5			10		NR
Principal Life		10			10		A+
Securian Life Insurance Company		12			4		A+

The following table provides a roll forward of the fair value of life insurance as of December 31, 2022:


Fair value at December 31, 2021	$	—

Policies purchased		8,161,975

Realized gain on matured/sold policies		105,000
Premius Paid		(433,626	)
Unrealized gain on held policies		5,742,377

Change in estimated fair value		5,413,751
Matured/sold policies		(200,000	)
Premiums paid		433,626

Fair value at December 31, 2022	$	13,809,352

Long-Term Debt

—See Note 11. “Long-Term Debt” for background information on the market-indexed debt. The Company has elected the fair value option in accounting for the instruments. Fair value is determined using Level 3 inputs. The valuation methodology is based on the Black-Scholes-Merton option-pricing formula and a discounted cash flow analysis. Inputs to the Black-Scholes-Merton model include

(i) the S&P 500 Index price, (ii) S&P 500 Index volatility, (iii) a risk-free rate based on data published by the US Treasury, and (iv) a term assumption based on the contractual term of the LMATT Notes. The discounted cash flow analysis includes a discount rate that is based on the implied discount rate developed by calibrating a valuation model to the purchase price on the initial investment date. The implied discount rate is evaluated for reasonableness by benchmarking it to yields on actively traded comparable securities.

The total change in fair value of the debt resulted in a gain of $1,778,987. This comprises of a gain of $1,052,836, net of tax, which is included within accumulated other comprehensive income and $342,994 net of tax, is included in equity of noncontrolling interests resulting from risk-adjusted valuation scenarios and a recognized a loss of $90,719 on the change in fair value of the debt resulting from risk-free valuation scenarios, which is included within

Change in fair value of debt

within the consolidated Statements of Operations and Comprehensive Income (Loss) for the year-ended December 31, 2022.

The following table provides a roll forward of the fair value of the issued as of December 31, 2022:


Fair value at December 31, 2021	$	—

Debt issued to third parties	$	30,028,640

Unrealized loss on change in fair value (risk-free)		90,719
Unrealized (gain) on change in fair value (credit-adjusted)		(1,869,706	)

Change in estimated fair value		(1,778,987	)

Fair value at December 31, 2022	$	28,249,653

Other Noncurrent Assets: S&P 500 Options

—In February 2022, LMATT Series 2024, Inc., which the Company consolidates for financial reporting, purchased and sold S&P 500 call and put options through a broker. The Company purchased and sold additional S&P 500 call options through a broker in September 2022 through their 100% owned and fully consolidated subsidiaries LMATT Growth Series 2.2024, Inc. and LMATT Growth & Income Series 1.2026, Inc. The options are exchange traded, and fair value is determined using Level 1 inputs of quoted market prices as of the consolidated balance sheet date. Changes in fair value are classified as unrealized gain/loss on investments within the consolidated Statements of Operations and Comprehensive Income (Loss).

Financial Instruments Measured at Fair Value on a Nonrecurring Basis

Available-for-Sale

Investment

—The Convertible Promissory Note is classified as an

available-for-sale

security.

Available-for-sale

investments are subsequently measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in other comprehensive income until realized. The Company determines fair value of its

available-for-sale

investments using unobservable inputs by considering the initial investment value, next round financing, and the likelihood of conversion or settlement based on the contractual terms in the agreement. On January 7, 2022, the Company purchased an additional $250,000 Convertible Promissory Note from the same issuer. As of December 31, 2022 and 2021, the Company evaluated the fair value of its convertible promissory note and determined that the fair value approximates the carrying value of $1,000,000 and $250,000, respectively.

Other Investments

not identify any impairment indictors and determined that the carrying value of $1,300,000 and $1,250,000, respectively, is the fair value for these equity investments in privately held companies, given that there have been no observable price changes.

Long-Term Debt – LMATT 1.2026 Issuance

—The Company has issued $

400,000

in market-indexed note, which include participation in S&P 500 index returns and offer downside market protection. See additional information in the Long-Term Debt footnote. The company evaluates the fair value the note using Level 3 unobservable inputs. As of December 31, 2022, the Company evaluated the fair value of the note and determined that the fair value approximates the carrying value of $400,000.

Financial Instruments Where Carrying Value Approximates Fair Value

—The carrying value of cash, cash equivalents, accounts receivables, and due to affiliates approximates fair value due to the short-term nature of their maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

STOCK-BASED COMPENSATION - CEO Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 4,583,632		$ 4,583,632
CEO Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 4,583,632	$ 0	$ 4,583,632	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by reportable segments were as follows:


	Portfolio Servicing		Active Management		Originations
Goodwill at January 1, 2023	$	—	$	—	$	—
Additions		—		—		140,287,000
Goodwill at September 30, 2023	$	—	$	—	$	140,287,000

Schedule of Finite-Lived Intangible Assets

Intangible Assets Acquired comprised of the following:


Asset Type	Fair Value		Useful Life		Valuation Methodology
Customer Relationships—Agents	$	12,600,000		5 years	Multi-period excess-earnings method
Customer Relationships—Financial Relationships		11,000,000		8 years	Multi-period excess-earnings method
Internally Developed and Used Technology-APA		1,600,000		2 years	Relief from Royalty Method
Internally Developed and Used Technology-Market Place		100,000		3 years	Replacement Cost Method
Trade Name		900,000		Indefinite	Relief from Royalty Method
Non-Compete Agreements		4,000,000		2 years	With or Without Method
State Insurance Licenses		2,700,000		Indefinite	Replacement Cost Method

	$	32,900,000

Schedule of Indefinite-Lived Intangible Assets

Intangible assets and related accumulated amortization as of September 30, 2023 and December 31,2022 are as follows:


	September 30, 2023
Definite Lived Intangible Assets:	Gross Value		Accumulated Amortization		Net Book Value
Customer Relationships—Agents	$	12,600,000	$	630,000	$	11,970,000
Customer Relationships—Financial Relationships		11,000,000		343,750		10,656,250
Internally Developed and Used Technology-APA		1,600,000		200,000		1,400,000
Internally Developed and Used Technology-Market Place		100,000		8,333		91,667
Non-Compete Agreements		4,000,000		500,000		3,500,000

Balance at September 30, 2023	$	29,300,000	$	1,682,083	$	27,617,917


Indefinite Lived Intangible Assets:
Trade Name		900,000		—		900,000
State Insurance Licenses		2,700,000		—		2,700,000
Total Intangible Asset Balance at September 30, 2023	$	32,900,000	$	1,682,083	$	31,217,917

Schedule of Estimated Annual Amortization for Intangible Assets

Estimated annual amortization of intangible assets for the next five years ending December 31 and thereafter is as follows:


Remainder of 2023	$	1,682,083
2024		6,728,333
2025		5,328,333
2026		3,911,667
2027		3,895,000
Thereafter		6,072,501

Total	$	27,617,917

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

ACCRUED PAYROLL AND OTHER EXPENSES (Tables)

12 Months Ended

Dec. 31, 2022

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

Schedule of Company's Accrued Payroll and Other Expenses

The Company’s accrued payroll and other expenses were as follows:


	2022		2021
Accrued payroll	$	224,168	$	188,529
Accrued credit card fees		235,680		172,189
Other expenses		82,018		150,128

Total accrued payroll and other expenses	$	541,866	$	510,846

LONG-TERM DEBT - SPV Purchase and Sale and SPV Investment Facility (Details)		9 Months Ended
	Jul. 05, 2023 USD ($) extension	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Non-cash interest expense		$ 1,064,130	$ 0
Policy APA
Debt Instrument [Line Items]
Insurance policies fair value	$ 10,000,000
SPV Investment Facility \| Line of Credit
Debt Instrument [Line Items]
Face amount	$ 25,000,000
Debt instrument term	3 years
Number of extensions \| extension	2
Debt instrument extension term	1 year
Interest rate (as a percent)	12.00%
Non-cash interest expense		750,000
Default rate	2.00%
Interest expense paid		$ 0	$ 0
SPV Investment Facility \| Line of Credit \| Secured borrowing
Debt Instrument [Line Items]
Face amount	$ 15,000,000
SPV Investment Facility \| Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Face amount	$ 10,000,000

DESCRIPTION OF BUSINESS

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

DESCRIPTION OF BUSINESS

1.	DESCRIPTION OF BUSINESS

Organization and Merger

Abacus Life, Inc. (the “Company”) was formerly known as East Resources Acquisition Company (“ERES”), a blank check company incorporated in Delaware on May 22, 2020. Abacus Life, Inc. conducts its business through its wholly-owned, consolidated subsidiaries, primarily Abacus Settlements, LLC (“Abacus Settlements”, or “Abacus”) and Longevity Market Assets, LLC (“LMA”), which are Delaware limited liability companies (collectively, the “Companies”). On June 30, 2023, (the “Closing Date”), ERES, LMA and Abacus Settlements, LLC consummated the combining of the Companies as contemplated by the Merger Agreement dated as of August 30, 2022 (as amended on October 14, 2022 and April 20, 2023) with LMA Merger Sub, LLC, a wholly owned subsidiary of ERES (“LMA Merger Sub”), Abacus Merger Sub, LLC, a wholly owned subsidiary of ERES (“Abacus Merger Sub”), LMA and Abacus (together with LMA, the “Legacy Companies”). Pursuant to the Merger Agreement, on June 30, 2023, (i) LMA Merger Sub merged with and into LMA, with LMA surviving such merger (the “LMA Merger”) and (ii) Abacus Merger Sub merged with and into Abacus, with Abacus surviving such merger (the “Abacus Merger” and, together with the LMA Merger, the “Mergers” and, along with the other transactions contemplated by the Merger Agreement, the “Business Combination”) and the Legacy Companies became direct wholly owned subsidiaries of Abacus and ERES changed its name to Abacus Life, Inc.

The condensed consolidated assets, liabilities and statements of operations and comprehensive income prior to the Business Combination are those of legacy LMA. The shares of common stock and corresponding capital amounts and income per share, prior to the Business Combination, have been retroactively restated based on share reflecting the exchange ratio established in the Business Combination.

The equity structure has been recast in all comparative periods up to the Closing Date to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to legacy LMA’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and income per share related to legacy LMA common stock prior to the Business Combination have been retroactively recast as shares reflecting the exchange ratio of 0.8 established in the Business Combination.

Business Activity

The Company, through its LMA subsidiary, is a provider of services pertaining to life insurance settlements and offers policy servicing to owners and purchasers of life settlement assets, as well as consulting, valuation, and actuarial services. The Company is also engaged in buying and selling of life settlement policies in which it uses its own capital, and purchases life settlement contracts with the intent to either hold to maturity to receive the associated death claim payout or to sell to another purchaser of life settlement contracts for a gain on the sale.

The Company, through its Abacus subsidiary, also is an originator of outstanding life insurance policies as a licensed life settlement provider on behalf of investors (“Financing Entities”). Abacus locates and screens policies for eligibility as a commercially desirable life settlement, including verifying that the policy is in force, obtaining consents and disclosures, and submitting cases for life expectancy estimates, also known, collectively, as origination services. When the sale of a policy is completed, this is deemed “settled” and the policy is then referred to as either a “life settlement” in which the insured’s life expectancy is greater than two years or “viatical settlement,” in which the insured’s life expectancy is less than two years. The Company is not an insurance company, and therefore the Company does not underwrite insurable risks for its own account.

1.	DESCRIPTION OF BUSINESS

Abacus Life, Inc. (“the Company”) was formerly known as East Resources Acquisition Company (“ERES”), a blank check company incorporated in Delaware on May 22, 2020. Abacus Life, Inc. conducts its business through its wholly-owned, consolidated subsidiaries, primarily Abacus Settlements LLC (“Abacus”) and Longevity Market Assets, LLC (“LMA”), which are incorporated in the state of Delaware (collectively, the “Companies”). On June 30, 2023, (the “Closing Date”), ERES, Longevity Market Assets, LLC and Abacus Settlements, LLC consummated the combining of the Companies as contemplated by the Merger Agreement dated as of August 30, 2022 (as amended on October 14, 2022 and April 20, 2023) with LMA Merger Sub, LLC, a wholly owned subsidiary of ERES (“LMA Merger Sub”), Abacus Merger Sub, LLC, a wholly owned subsidiary of ERES (“Abacus Merger Sub”), Longevity Market Assets, LLC (“LMA”) and Abacus Settlements, LLC (“Legacy Abacus” and, together with LMA, the “Legacy Companies”). Pursuant to the Merger Agreement, on June 30, 2023, (i) LMA Merger Sub merged with and into LMA, with LMA surviving such merger (the “LMA Merger”) and (ii) Abacus Merger Sub merged with and into Legacy Abacus, with Legacy Abacus surviving such merger (the “Abacus Merger” and, together with the LMA Merger, the “Mergers” and, along with the other transactions contemplated by the Merger Agreement, the “Business Combination”) and the Legacy Companies became direct wholly owned subsidiaries of Abacus and ERES changed its name to Abacus Life, Inc.

The consolidated balance sheets, statements of operations and comprehensive income (loss) and consolidated statement of changes in shareholder equity prior to the Business Combination are those of legacy LMA. The stocks and corresponding capital amounts and income per stock, prior to the Business Combination, have been retroactively restated based on stocks reflecting the exchange ratio established in the Business Combination.

The equity structure has been recast in all comparative periods up to the Closing Date to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to legacy LMA’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to legacy LMA common stock prior to the Business Combination have been retroactively recast as shares reflecting the exchange ratio of 0.8 established in the Business Combination.

The Company is a provider of services pertaining to life insurance settlements and offers policy servicing to owners and purchasers of life settlement assets, as well as consulting, valuation, and actuarial services. The Company offers value to the owners of life settlements by monitoring and maintaining the policy, and performing all administrative work involved to keep the policy in force and at the premium level most advantageous to the owner.

The Company is also engaged in buying and selling of life settlement policies in which it uses its own capital, and purchases life settlement contracts with the intent to either hold to maturity to receive the associated death claim payout, or to sell to another purchaser of life settlement contracts for a gain on the sale. The Company is headqu

tered in Orlando, Florida.

Abacus Settlements, LLC

DESCRIPTION OF BUSINESS

1.	DESCRIPTION OF THE BUSINESS

Abacus Settlements, LLC d/b/a Abacus Life (the “Company”) was formed in 2004 in the state of New York. In 2016, the Company obtained its licensure in Florida and re-domesticated to that state.

The Company acts as a purchaser of outstanding life insurance policies on behalf of investors (“financing entities”) by locating policies and screening them for eligibility for a life settlement, including verifying that the policy is in force, obtaining consents and disclosures, and submitting cases for life expectancy estimates, also known as origination services. When the sale of a policy is completed, this is deemed “settled” and the policy is then referred to as either a “life settlements,” in which the insured’s life expectancy is greater than two years or “viatical settlements,” in which the insured’s life expectancy is less than two years.

The Company is not an insurance company, and therefore does not underwrite insurable risks for its own account.

On August 30, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with East Resources Acquisition Company (“ERES”), which was subsequently amended on October 14, 2022 and April 20, 2023. As part of the Merger Agreement, the total transaction value is $618,000,000, where the holders of the Company’s common units together with the holders of Longevity Markets Assets, LLC (“LMA”), a commonly owned affiliate, will receive aggregate consideration of approximately $531,800,000, payable in a number of newly issued shares of ERES Class A common stock, par value $0.0001 per share (“ERES Class A common stock”), with a value ascribed to each share of ERES Class A common stock of $10.00 and, to the extent the aggregate transaction proceeds exceed $200.0 million, at the election of the Company’s and LMA’s members, up to $20.0 million of the aggregate consideration will be payable in cash to the Company’s and LMA’s members. The transaction is expected to close in Q2 2023, subject to shareholder approval and customary closing conditions.

COVER	9 Months Ended
COVER	Sep. 30, 2023
Document Information [Line Items]
Document Type	S-1/A
Entity Registrant Name	Abacus Life, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1210472
Entity Address, Address Line One	2101 Park Center Drive
Entity Address, Address Line Two	Suite 170
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32835
City Area Code	800
Local Phone Number	561-4148
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Central Index Key	0001814287
Amendment Flag	false
Entity Primary SIC Number	6282
Business Contact
Document Information [Line Items]
Contact Personnel Name	Jay J. Jackson
Entity Address, Address Line One	2101 Park Center Drive
Entity Address, Address Line Two	Suite 170
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32835
City Area Code	800
Local Phone Number	561-4148

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental cash flow information

For the years ended December 31, 2022 and December 31, 2021, respectively, supplemental cash flow information and supplemental disclosure of non-cash investing and financing activity consists of the following:


	2022		2021
Supplemental cash flow information:
Cash paid for income taxes	$	0	$	1,200
Supplemental disclosure of non-cash investing and financing activity:
Distributions owed to the members		1,411		11,857

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS - Narrative (Details)	3 Months Ended							6 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) insurance_contract	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) insurance_contract	Jun. 30, 2023 USD ($) INSURANCE_CONTRACT	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) insurance_contract	Sep. 30, 2022 USD ($) INSURANCE_CONTRACT	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) insurance_contract	Jun. 30, 2023 USD ($) INSURANCE_CONTRACT	Sep. 30, 2023 USD ($) INSURANCE_CONTRACT	Sep. 30, 2022 USD ($) insurance_contract	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Total cost of revenue	$ 3,364,957				$ 1,754,894						$ 4,827,907	$ 3,840,969	$ 6,245,131	$ 735,893
Other assets	$ 998,469										$ 998,469		0
Related Party \| Nova Funds
Related Party Transaction [Line Items]
Total policies \| insurance_contract	7
Face value	$ 46,650,000												87,143,005	106,633,792
Origination revenue percent	2.00%										2.00%
Origination revenue											$ 20,000
Revenue	$ 254,517
Affiliated Entity \| Nova Funds
Related Party Transaction [Line Items]
Revenue	$ 168,899				132,220						$ 711,975	752,379	$ 818,300	$ 699,884
Abacus Settlements, LLC
Related Party Transaction [Line Items]
Revenue		$ 6,884,690			6,031,480			$ 13,184,676				19,046,144
Total cost of revenue		4,897,980			3,864,079			9,293,303				12,651,704
Abacus Settlements, LLC \| Related Party
Related Party Transaction [Line Items]
Revenue		5,195,602			4,264,628			9,931,938				14,094,223
Total cost of revenue		3,392,647			2,930,990			6,558,354				$ 8,453,302
Abacus Settlements, LLC \| Related Party \| Nova Funds
Related Party Transaction [Line Items]
Total policies			38	38		82	82		72	72	265	265
Face value		$ 56,688,680			93,605,072			$ 96,674,080			$ 376,409,910	$ 376,409,910
Origination revenue percent		2.00%	2.00%	2.00%				2.00%	2.00%	2.00%
Origination revenue								$ 20,000
Revenue		$ 1,579,864			8,244,271			3,093,797			$ 8,244,271
Abacus Settlements, LLC \| Related Party \| LMA
Related Party Transaction [Line Items]
Other assets		19,246	$ 19,246	$ 19,246	190,805	$ 190,805	$ 190,805	19,246	$ 19,246	$ 19,246		190,805
Abacus Settlements, LLC \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue		3,615,738			1,155,000			6,838,141				2,066,700
Total cost of revenue		2,623,201			1,055,000			5,020,603				1,667,700
Abacus Settlements, LLC \| Affiliated Entity \| LMA
Related Party Transaction [Line Items]
Revenue		3,615,739			955,000			6,794,641				1,425,200
Total cost of revenue		$ 2,623,201			$ 875,000			$ 5,012,103				$ 1,201,200
Abacus Settlements, LLC \| Nova Funds
Related Party Transaction [Line Items]
Ownership percentage		11.00%	11.00%	11.00%				11.00%	11.00%	11.00%			11.00%

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)

Total

Class A Common Stock

Common Stock

Class A Common Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income

Non- Controlling Interests

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

Common Stock

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

Additional Paid-In Capital

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

Retained Earnings

Beginning balance (in shares) at Dec. 31, 2020

50,639,350

400

Beginning balance at Dec. 31, 2020

$ 1,300,502

$ 5,037

$ 704,963

$ 590,502

$ 2,083,796

$ 4,000

$ 80,000

$ 1,999,796

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions

(400,000)

(358,216)

Net Income (Loss)

$ (133,609)

14,546

$ (148,155)

997,415

Ending balance (in shares) at Dec. 31, 2021

5,000

50,639,350

50,369,350

^[1]

400

Ending balance at Dec. 31, 2021

$ 766,893

^[1]

$ 5,037

^[1]

704,963

^[1]

205,048

^[1]

$ 0

^[1]

(148,155)

^[1]

2,722,995

$ 4,000

80,000

2,638,995

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions

(2,400,000)

Other Comprehensive Income

1,494,476

1,127,983

366,493

Net Income (Loss)

22,277,795

21,507,702

770,093

Ending balance (in shares) at Sep. 30, 2022

^[1],[2]

50,369,350

Ending balance at Sep. 30, 2022

^[1],[2]

$ 22,139,164

$ 5,037

704,963

19,312,750

1,127,983

988,431

Beginning balance (in shares) at Dec. 31, 2021

5,000

50,639,350

50,369,350

^[1]

400

Beginning balance at Dec. 31, 2021

$ 766,893

^[1]

$ 5,037

^[1]

704,963

^[1]

205,048

^[1]

(148,155)

^[1]

2,722,995

$ 4,000

80,000

2,638,995

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions

(6,400,000)

(659,363)

Other Comprehensive Income

1,395,829

1,052,836

342,994

Net Income (Loss)

$ 32,386,975

31,682,275

704,699

(52,495)

Ending balance (in shares) at Dec. 31, 2022

50,639,350

50,369,350

50,639,350

50,369,350

^[1]

400

Ending balance at Dec. 31, 2022

$ 28,149,697

^[1]

$ 5,037

^[1]

704,963

^[1]

25,487,323

^[1]

1,052,836

^[1]

899,538

^[1]

2,011,137

$ 4,000

80,000

1,927,137

Beginning balance (in shares) at Jun. 30, 2022

^[2]

50,369,350

Beginning balance at Jun. 30, 2022

^[2]

12,306,791

$ 5,037

704,963

9,320,746

1,412,291

863,754

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other Comprehensive Income

(523,083)

(284,308)

(238,775)

Net Income (Loss)

10,355,456

9,992,004

363,452

Ending balance (in shares) at Sep. 30, 2022

^[1],[2]

50,369,350

Ending balance at Sep. 30, 2022

^[1],[2]

$ 22,139,164

$ 5,037

704,963

19,312,750

1,127,983

988,431

Beginning balance (in shares) at Dec. 31, 2022

50,639,350

50,369,350

50,639,350

50,369,350

^[1]

400

Beginning balance at Dec. 31, 2022

$ 28,149,697

^[1]

$ 5,037

^[1]

704,963

^[1]

25,487,323

^[1]

1,052,836

^[1]

899,538

^[1]

2,011,137

$ 4,000

80,000

1,927,137

Ending balance (in shares) at Jun. 30, 2023

^[2]

62,961,688

Ending balance at Jun. 30, 2023

^[2]

$ 160,498,915

$ 6,296

188,641,886

(29,382,362)

877,306

355,789

Beginning balance (in shares) at Dec. 31, 2022

50,639,350

50,369,350

50,639,350

50,369,350

^[1]

400

Beginning balance at Dec. 31, 2022

$ 28,149,697

^[1]

$ 5,037

^[1]

704,963

^[1]

25,487,323

^[1]

1,052,836

^[1]

899,538

^[1]

$ 2,011,137

$ 4,000

$ 80,000

$ 1,927,137

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Distributions

(34,451,607)

Deferred transaction costs

(10,841,551)

Public warrants

960,900

4,726,500

(3,765,600)

Merger with East Resources Acquisition Company (in shares)

12,980,473

Merger with East Resources Acquisition Company

(2,796,225)

$ 1,298

17,849,052

(20,646,575)

Acquisition of Abacus Settlements, LLC

165,361,332

Proceeds received from SPAC trust

972,262

Stock based compensation

4,583,632

Transfer of non-controlling interest

(24,751)

24,751

Other Comprehensive Income

(1,248,010)

(952,661)

(295,349)

Net Income (Loss)

$ 15,399,317

15,739,009

(339,692)

Ending balance (in shares) at Sep. 30, 2023

63,349,823

Ending balance at Sep. 30, 2023

$ 166,089,747

$ 6,335

194,197,741

(28,503,752)

100,175

289,248

Ending balance (in shares) at Jun. 30, 2023

^[2]

62,961,688

Ending balance at Jun. 30, 2023

^[2]

160,498,915

$ 6,296

188,641,886

(29,382,362)

877,306

355,789

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Merger with East Resources Acquisition Company (in shares)

388,135

Merger with East Resources Acquisition Company

$ 39

(39)

Proceeds received from SPAC trust

972,262

Stock based compensation

4,583,632

Transfer of non-controlling interest

(24,751)

24,751

Other Comprehensive Income

(1,016,034)

(777,131)

(238,903)

Net Income (Loss)

$ 1,050,972

903,361

147,611

Ending balance (in shares) at Sep. 30, 2023

63,349,823

Ending balance at Sep. 30, 2023

$ 166,089,747

$ 6,335

$ 194,197,741

$ (28,503,752)

$ 100,175

$ 289,248

[1]	Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life Inc. as a result of the successful Business Combination.
[2]	Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the successful Business Combination.

INCOME TAXES (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Income tax expense	$ 1,710,315		$ 352,081		$ 2,238,419	$ 648,887	$ 889,943	$ 0
Effective tax rate percentage	61.90%		3.30%		12.70%	2.80%
Percentage of federal net operating losses may be used to offset taxable income in a given year							80.00%
Domestic Tax Authority
Net operating losses carryforwards							$ 661,092
State and Local Jurisdiction
Net operating losses carryforwards								661,092
Subsidiaries
Income tax expense		$ 0	$ 582	$ 2,289		$ 1,907	$ 889,943	$ 0
Effective tax rate percentage				0.24%		1.26%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Acquired (Details)	Sep. 30, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 32,900,000
Trade Names
Finite-Lived Intangible Assets [Line Items]
Fair Value	900,000
Licensing Agreements
Finite-Lived Intangible Assets [Line Items]
Fair Value	2,700,000
Customer Relationships—Agents
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 12,600,000
Useful Life	5 years
Customer Relationships—Financial Relationships
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 11,000,000
Useful Life	8 years
Internally Developed and Used Technology—APA
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 1,600,000
Useful Life	2 years
Internally Developed and Used Technology—Market Place
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 100,000
Useful Life	3 years
Non-Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 4,000,000
Useful Life	2 years

SHAREHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023 Vote $ / shares shares	Dec. 31, 2022 Vote $ / shares shares	Aug. 30, 2022 USD ($) $ / shares	Dec. 31, 2021 shares
Class of Warrant or Right [Line Items]
Common stock, shares authorized (in shares) \| shares	200,000,000			5,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares) \| shares	1,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Preferred stock, shares issued (in shares) \| shares	0
Preferred stock, shares outstanding (in shares) \| shares	0
Number of votes per share \| Vote	1	1
Common stock, shares issued (in shares) \| shares	63,349,823	50,639,350		5,000
Common stock, shares outstanding (in shares) \| shares	63,349,823	50,639,350		5,000
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares	17,249,984
Number of securities called by each warrant (in shares) \| shares	1
Exercise price of warrants (in dollars per share) \| $ / shares	$ 11.5
Warrants, business combination exercisable term	30 days
Warrants, proposed offering exercisable term	12 months
Warrants term	5 years
Redemption price per warrant (in dollars per share) \| $ / shares	$ 0.01
Warrant redemption notice period	30 days
Common stock price threshold (in dollars per share) \| $ / shares	$ 18
Trading days	20 days
Trading day period	30 days
Common stock price threshold for redemption for common stock (in dollars per share) \| $ / shares	$ 10
Warrants, common stock issuance threshold price (in dollars per share) \| $ / shares	$ 9.2
Warrants, common stock issuance trading day period	20 days
Warrant price adjustment percentage	115.00%
Redemption trigger price adjustment percentage	100.00%
Redemption for common stock trigger price adjustment percentage	180.00%
Warrants outstanding \| $			$ 4,730
Warrant outstanding fair value per share (in dollars per share) \| $ / shares			$ 0.274
Public Warrants \| Binomial Lattice Model
Class of Warrant or Right [Line Items]
Warrants term	5 years
Public Warrants \| Risk-free interest rate \| Binomial Lattice Model
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	0.0409
Public Warrants \| Exercise price \| Binomial Lattice Model
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	11.5
Public Warrants \| Common Stock Price \| Binomial Lattice Model
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	10.03
LMA
Class of Warrant or Right [Line Items]
Exchange ratio	0.8	0.8

LEASES - ROU Assets and Lease Liabilities (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Operating lease right-of-use assets	$ 171,295	$ 77,011	$ 122,503
Liabilities:
Operating lease liability, current	173,799	48,127	45,107
Operating lease liability, non-current	0	29,268	77,396
Total lease liability	$ 173,799	77,395	122,503
Abacus Settlements, LLC
Assets:
Operating lease right-of-use assets		300,866	367,508
Liabilities:
Operating lease liability, current		214,691	135,321
Operating lease liability, non-current		87,806	232,187
Total lease liability		$ 302,497	$ 367,508

STOCK-BASED COMPENSATION - CEO Restriction Agreement (Details) - shares		9 Months Ended
	Apr. 21, 2023	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based awards vesting period		3 years
CEO Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)	4,569,922
CEO Restricted Stock \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	50.00%
Stock-based awards vesting period	25 months
CEO Restricted Stock \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	50.00%
Stock-based awards vesting period	30 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

BUSINESS COMBINATION - Value Conveyed (Details)	Jun. 30, 2023 USD ($)
Abacus Settlements
Business Acquisition [Line Items]
Consideration	$ 165,361,332
LMA
Business Acquisition [Line Items]
Consideration	366,388,668
LMA and Abacus
Business Acquisition [Line Items]
Consideration	$ 531,750,000

BUSINESS COMBINATION - Pro Forma Financial Information (Details) - LMA and Abacus - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Proforma revenue	$ 21,120,930	$ 17,538,734	$ 55,890,580	$ 48,830,191
Proforma net income	$ 1,050,972	$ 10,232,457	$ 14,424,416	$ 22,427,585

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

—In connection with the Business Combination, the Merger is accounted for as a reverse recapitalization with ERES in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Under U.S. GAAP, ERES has been treated as the “acquired” company for financial reporting purposes. This determination was primarily based on the LMA shareholders having a relative majority of the voting power of the Company, the LMA shareholders having the authority to appoint a majority of directors on the Board of Directors, and senior management of LMA comprising the majority of the senior management of the post-combination Company. LMA was then determined to be the “acquirer” for financial reporting purposes based on the relative size of LMA as compared to Abacus, represented by their revenue, equity, gross profit and net income. Accordingly, for accounting purposes, the financial statements of the combined entity will represent a continuation of the financial statements of LMA with the LMA Merger being treated as the equivalent of LMA issuing stock for the net assets of ERES, accompanied by a recapitalization. The net assets of ERES will be stated at historical cost, with no goodwill or other intangible assets recorded.

The Abacus Merger has been accounted for using the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of Abacus were recorded at the fair value as of the acquisition date. The excess of the purchase price over the estimated fair values of the net assets acquired was recognized as goodwill.

As a result of the Business Combination, the Company evaluated if ERES, Abacus, or LMA is the predecessor for accounting purposes.

In considering the foregoing principles of predecessor determination and in light of the Company’s specific facts and circumstances, management determined that LMA and Abacus are dual predecessors for accounting purposes. The financial statement presentation for Abacus Life, Inc. includes the purchase accounting effects of the Abacus Merger as of the Closing Date with the financial statements of LMA as the comparative period. The predecessor financial statements for Abacus are included separately within this report.

The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and are prepared in accordance with U.S. GAAP.

Unaudited Condensed Consolidated Financial Statements

—The condensed consolidated financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2022, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of September 30, 2023, and the condensed consolidated statements of operations and comprehensive income for the three months and nine months ended September 30, 2023 and 2022, respectively, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022, respectively. The condensed consolidated statements of operations and comprehensive income for the three months and nine months ended September 30, 2023, are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, or any other period. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes for Abacus for the year ended December 31, 2022, and the financial statements and notes for LMA for the year ended December 31, 2022. All references to financial information as of and for the periods ended September 30, 2023, and 2022 in the notes to condensed consolidated financial statements are unaudited.

Refer to this note in the LMA annual financial statements for the full list of the Company’s significant accounting policies. The details in those notes have not changed, except as discussed below and as a result of normal adjustments in the interim periods.

Consolidation of Variable Interest Entities

—For entities in which the Company has variable interests, the Company first evaluates whether the entity meets the definition of a variable interest entity (“VIE”) or a voting interest entity (“VOE”). If the entity is a VIE, the Company focuses on identifying whether it has the power to direct the activities that most significantly impact the VIE’s economic performance and whether it has the obligation to absorb losses or the right to receive benefits from the VIE. If the Company is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the VIE will be included in the Company’s condensed consolidated financial statements. The proportionate share not owned by the Company is recognized as noncontrolling interest and net income attributable to noncontrolling interest on the condensed consolidated balance sheets and condensed consolidated statements of operations and comprehensive income, respectively. If the entity is a VOE, the Company evaluates whether it has the power to control the VOE through a majority voting interest or through other arrangements.

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810,

Consolidations

, (“ASC 810”) requires the Company to separately disclose on its condensed consolidated balance sheets the assets of consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of September 30, 2023, total assets and liabilities of consolidated VIEs were $62,831,856 and $56,775,736, respectively. As of December 31, 2022, total assets and liabilities of consolidated VIEs were $30,073,972 and $27,116,762, respectively.

On January 1, 2021, the Company entered into an option agreement with two commonly owned full-service origination, servicing, and investment providers (the “Providers”), in which the Company agreed to fund certain capital needs with an option to purchase the outstanding equity ownership of the Providers (the “Option Agreement”).

The Company accounted for its investment in the call options under the Option Agreement as an equity security, pursuant to ASC 321,

Investments-Equity Securities

. In arriving at this accounting conclusion, the Company first considered whether the call options met the definition of a derivative pursuant to ASC 815,

Derivatives and Hedging

, and concluded that the options do not provide for net settlement and accordingly are not a derivative. The Company also concluded that the call options do not provide the Company with a controlling financial interest in the legal entity pursuant to ASC 810. The call options include material contingencies prior to exercisability that the Company does not anticipate will be resolved; additionally, the call options are in a legal entity for which the share price has no readily determinable fair value. The Company’s basis in the call options, pursuant to ASC 321, is zero and accordingly the call options are not reflected in the statement of financial position.

The Company provided $0 and $40,800 of funding for the three months ended September 30, 2023 and September 30, 2022, respectively, and provided $29,721 and $283,047 of funding for the nine months ended September 30, 2023 and September 30, 2022, respectively, which is included in other (expense) income on the condensed consolidated statements of operations and comprehensive income. Refer to Note 11 for further details.

For the period ended September 30, 2023, and for the year ended December 31, 2022, the Providers were considered to be VIEs, but were not consolidated in the Company’s condensed consolidated financial statements due to a lack of the power criterion or the losses/benefits criterion. As of September 30, 2023, the unaudited financial information for the unconsolidated VIEs are as follows: held assets of $824,375 and liabilities of $191,632. As of December 31, 2022, the unaudited financial information for the unconsolidated VIEs are as follows: held assets of $987,964 and liabilities of $358,586.

On October 4, 2021, the Company entered into an operating agreement with LMX Series, LLC (“LMX”) and three other unaffiliated investors to obtain a 70% ownership interest in LMX, which was newly formed in August 2021. LMX had no operating activity prior to the operating agreement being signed. LMX has a wholly owned subsidiary, LMATT Series 2024, Inc., a Delaware C corporation. While the Company and three other investors each contributed $100 to LMX, the Company directs the most significant activities by managing the investment offerings, and sponsoring and creating structured investment grade insurance liabilities, and thus was provided a 70% ownership interest. LMX is a VIE and the Company is the primary

beneficiary of LMX. The Company has included the results of LMX and its subsidiaries in its condensed consolidated financial statements for the period ended September 30, 2023.

On November 30, 2022, LMA Series, LLC, a wholly owned subsidiary of the Company, signed an Operating Agreement to be the sole member of a newly created general partnership, LMA Income Series, GP, LLC. Subsequent to that, LMA Income Series, GP, LLC formed a limited partnership, LMA Income Series, LP and issued partnership interests to limited partners in a private placement offering. It was determined that LMA Series, LLC is the primary beneficiary of LMA Income Series, LP and thus has fully consolidated the limited partnership in its condensed consolidated financial statements for the nine months ended September 30, 2023.

On January 31, 2023, LMA Series, LLC, a wholly owned subsidiary of the Company, signed an Operating Agreement to be the sole member of a newly created general partnership, LMA Income Series II, GP, LLC. Subsequent to that, LMA Income Series II, GP, LLC formed a limited partnership, LMA Income Series II, LP and issued partnership interests to limited partners in a private placement offering. It was determined that LMA Series, LLC is the primary beneficiary of LMA Income Series II, LP and thus has fully consolidated the limited partnership in its condensed consolidated financial statements for the nine months ended September 30, 2023.

Noncontrolling Interest

—Noncontrolling interest represents the share of consolidated entities owned by third parties. At the date of formation or upon acquisition, the Company recognizes noncontrolling interest on the condensed consolidated balance sheets at an amount equal to the noncontrolling interest’s proportionate share of the relative fair value of any assets and liabilities acquired. Noncontrolling interest is subsequently adjusted for the noncontrolling shareholder’s additional contributions, distributions, and the shareholder’s share of the net earnings or losses of each respective consolidated entity.

Net income of a consolidated entity is allocated to noncontrolling interests based on the noncontrolling shareholder’s ownership interest during the period. The net income or loss that is not attributable to the Company is reflected in net income (loss) attributable to noncontrolling interests in the condensed consolidated statements of operations and comprehensive income.

Use of Estimates

—The preparation of U.S. GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, disclosure of contingent assets and liabilities at the date of financial statements, and the reports amounts of revenue and expenses during the reporting periods. Company’s estimates, judgments, and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from the estimates. Estimates are used when accounting for revenue recognition and related costs, purchase price allocation, the selection of useful lives of property and equipment, valuation of other receivables, valuation of life settlement policies, valuation of other investments and available-for-sale securities, valuation of long-term debt, impairment testing, income taxes, and legal reserves.

Life Insurance Settlement Policies

—The Company accounts for its holdings of life insurance settlement policies in accordance with ASC 325-30,

Investments in Insurance Contracts

. For all policies purchased after June 30, 2023, the Company accounts for these under the fair value method. For policies purchased before June 30, 2023, the Company elected to use either the fair value method or the investment method (cost, plus premiums paid). The valuation method is chosen upon contract acquisition and is irrevocable.

The Company follows ASC 820,

Fair Value Measurements and Disclosures

included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s valuation of life settlements is considered to be Level 3, as there is currently no active market where we are able to observe quoted prices for identical assets. The Company’s valuation model incorporates significant inputs that are not observable. Refer to Note 10 for further details. For policies held at fair value, changes in fair value are reflected in the unaudited condensed consolidated statement of operations and comprehensive income under active management revenue in the period the change is calculated.

For policies held under the investment method, the Company tests the impairment if we become aware of information indicating that the carrying value plus undiscounted future premiums of a policy may not be recoverable. This information is gathered initially through extensive underwriting procedures at purchase of the settlement contract, as well as through periodic underwriting review that include medical reports and life expectancy evaluations. The policies held by the Company using the investment method are expected to be owned for a shorter-term, and are actively marketed to potential buyers. The market feedback received through these interactions provides the Company with information related to a potential impairment. If a policy is determined to be impaired, the Company will adjust the carrying value to the fair value determined through the impairment analysis.

The Company accounts for cash proceeds from sale and maturity of life insurance settlement policies, as well as cash outflows for premium payments, as operating activities within the condensed consolidated statements of cash flows.

Goodwill and Intangible Assets

—Goodwill and intangible assets are recorded as a result of a business combination. Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed. The Company amortizes identifiable intangible assets with a finite useful life over the period that the intangible asset is expected to contribute directly or indirectly to its future cash flows; however, it does not amortize indefinite lived intangible assets. The Company evaluates goodwill and identifiable intangible assets for recoverability annually in the fourth quarter or on an interim basis should events or changes in circumstances indicate that a carrying amount may not be recoverable.

To test for impairment, a qualitative assessment is performed to determine if it is more likely-than-not that the fair value of a reporting unit is less than its carrying value, including goodwill. This initial assessment includes, among other factors, consideration of: (i) past, current and projected future earnings and equity; (ii) recent trends and market conditions; and (iii) valuation metrics involving similar companies that are publicly traded and acquisitions of similar companies, if available. If the more likely-than-not threshold is met, a quantitative impairment test is performed by comparing the estimated fair value with the carrying value. If the carrying value of the net assets associated with the reporting unit exceeds the fair value of the reporting unit, goodwill is considered impaired and will be determined as the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.

The Company’s reporting units are at the operating segment level; each operating segment represents a business and discrete financial information is available and reviewed regularly by management. Determining the fair value of its reporting units is subjective in nature and involves the use of significant estimates and assumptions, including projected net cash flows, discount and long-term growth rates.

The Company determines the fair value of its reporting units based on an income approach and market approach, whereby the fair value of the reporting unit is derived from the present value of estimated future cash flows associated with the reporting unit. The assumptions about estimated cash flows include factors such as future premiums, loss and expenses, general and administrative expenses and industry trends. The Company considers historical rates and current market conditions when determining the discount and long-term growth rates to use in its analysis.

The Company considers other valuation methods if the facts and circumstances indicate these methods provide a more representative approximation of fair value. Changes in these estimates based on evolving economic conditions or business strategies could result in material impairment charges in future periods. The Company bases its fair value estimates on assumptions it believes to be reasonable. Actual results may

differ from those estimates. As of September 30, 2023, there were no events or changes in circumstances that indicated that a

carrying

amount of goodwill or intangible asset may not be recoverable. Refer Note 6, Goodwill and Other Intangible Assets, for additional information on goodwill and intangible assets.

Cost of Revenues (excluding Depreciation and Amortization)

—Cost of revenue represents the direct costs associated with fulfilling the Company’s obligations to its customers, primarily policy servicing fees, commissions expense, escrow fees, servicing and active management payroll costs, and active management consulting expenses.

Income Taxes

—The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted.

Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not (greater than 50%) that a tax benefit will not be realized. In evaluating the need for a valuation allowance, management considers all potential sources of taxable income, including income available in carryback periods, future reversals of taxable temporary differences, projections of taxable income, and income from tax planning strategies, as well as all available positive and negative evidence. Positive evidence includes factors such as a history of profitable operations, projections of future profitability within the carryforward period, including from tax planning strategies, and the Company’s experience with similar operations. Existing favorable contracts are additional positive evidence. Negative evidence includes items such as cumulative losses, projections of future losses, or carryforward periods that are not long enough to allow for the utilization of a deferred tax asset based on existing projections of income. Deferred tax assets for which no valuation allowance is recorded may not be realized upon changes in facts and circumstances, resulting in a future charge to establish a valuation allowance. Existing valuation allowances are re-examined under the same standards of positive and negative evidence. If it is determined that it is more likely than not that a deferred tax asset will be realized, the appropriate amount of the valuation allowance, if any, is released. Deferred tax assets and liabilities are also remeasured to reflect changes in underlying tax rates due to law changes and the granting and lapse of tax holidays.

Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute of limitations has expired or the appropriate taxing authority has completed their examination even though the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized.

Concentrations

—Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, and available-for-sale securities. The Company maintains its cash in bank deposit accounts with high-quality financial institutions, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash and cash equivalents. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the accompanying condensed consolidated balance sheets. The Company extends different levels of credit to its customers and maintains allowance for doubtful accounts based upon the expected collectability of accounts receivable. The Company’s procedures for determining this allowance includes evaluating individual customer receivables, considering a customer’s fin

anc

ial condition, monitoring credit history and current economic conditions, and using historical experience applied to an aging of accounts.

Two related party customers accounted for 5% and 5% of the total balance of accounts receivable and related party receivables as of September 30, 2023, respectively, and two related party customers accounted for 75% and 16% of the total accounts receivable and related party receivables as of December 31, 2022, respectively. The largest receivables balances are from related parties where the exposed credit risk is estimated to be low. As such, there is no allowance for doubtful accounts as of September 30, 2023, and December 31, 2022.

One customer accounted for 13% of active management revenue for the three months ended September 30, 2023. Two related party customers each accounted for 39% and 39% of the portfolio servicing revenue for the three months ended September 30, 2023.

One customer accounted for 22% of active management revenue, while 9% of revenue related to 2 policies that matured that were accounted for under the investment method and 1 policy that matured that was accounted for under the fair-value method for the nine months ended September 30, 2023. Two related party customers each accounted for 36% and 37% of the portfolio servicing revenue for the nine months ended September 30, 2023. Two customers accounted for 44% and 29% of the total revenues for the nine months ended September 30, 2022.

Warrants

—The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480,

Distinguishing Liabilities from Equity

, and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether they meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the condensed consolidated statements of operations and comprehensive income.

Stock-Based Compensation

—We account for stock-based compensation in accordance with ASC 718,

Compensation - Stock Compensation

, which requires that we measure the expense of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Generally, stock-based awards granted to our employees vest ratably over a three-year period. For stock-based awards with service only vesting conditions, we record compensation expense on a straight-line basis over the requisite service period. We account for forfeitures when they occur. The fair value of stock-based awards, granted or modified, is determined on the grant date (or modification dates, if applicable) at fair value, using appropriate valuation techniques. For stock-based awards granted to non-employee directors, we reco

gnize

compensation expense on the grant date based on the fair value of the awards as of that date.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

—The accompanying consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the financial statements of Longevity Market Assets,

LLC and its wholly owned and controlled subsidiaries and subsidiaries in which the Company holds a controlling financial interest or is the primary beneficiary. Intercompany transactions and accounts have been eliminated in consolidation.

Consolidation of Variable Interest Entities

—For entities in which the Company has variable interests, the Company first evaluates whether the entity meets the definition of a variable interest entity (“VIE”) or a voting interest entity (“VOE”). If the entity is a VIE, the Company focuses on identifying whether it has the power to direct the activities that most significantly impact the VIE’s economic performance and whether it has the obligation to absorb losses or the right to receive benefits from the VIE. If the Company is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the variable interest entity will be included in the Company’s consolidated financial statements. The proportionate share not owned by the Company is recognized as Noncontrolling interest and Net income (loss) attributable to noncontrolling interest on the Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive (Loss) Income, respectively. If the entity is a VOE, the Company evaluates whether it has the power to control the VOE through a majority voting interest or through other arrangements.

Accounting Standards Codification (“ASC”) Topic 810, Consolidations, requires the Company to separately disclose on its Consolidated Balance Sheets the assets of consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company. As of December 31, 2022, total assets and liabilities of consolidated VIEs is $30,073,972 and $27,116,762, respectively. As of December 31, 2021, total assets and liabilities of consolidated VIEs is $400 and $0, respectively.

On October 4, 2021, the Company entered into an Operating Agreement with LMX Series, LLC (“LMX“) and three other unaffiliated investors to obtain a 70% ownership interest in LMX, which was newly formed in August 2021. LMX had no operating activity prior to the Operating Agreement being signed. LMX has a wholly owned subsidiary, LMATT Series 2024, Inc., a Delaware

C-Corporation.

While the Company and three other investors each contributed $100 to LMX, the Company directs the most significant activities by managing the investment offerings, and sponsoring and creating structured investment grade insurance liabilities, and thus was provided a 70% ownership interest. LMX is a VIE and the Company is the primary beneficiary of LMX. The Company has included the results of LMX and its subsidiaries in its consolidated financial statements for the year ended December 31, 2022.

On March 3, 2022, the Company formed Longevity Market Advisors, LLC (“Longevity Market Advisors”), which they have an 80% ownership interest in. The Longevity Market Advisors legal entity was established primarily for the purpose of acquiring the assets of a broker/dealer, Regional Investment Services, Inc. (RIS), an Ohio corporation. Longevity Market Advisors is a VIE and the Company is the primary beneficiary of Longevity Market Advisors. The purchase price in exchange for RIS was $60,000. The Company evaluated whether this represented a business combination or an asset acquisition under ASC 805. While the purchase of the RIS represents a business, it was further determined that as RIS was purchased for the primary reason of being registered by the Financial Industry Regulatory Authority (“FINRA”). As there are no tangible or intangible assets of value from the RIS that would meet the capitalization criteria that have standalone value, the Company has expensed the purchase in general and administrative costs. Upon closing of the transaction, Longevity Market Advisors will comprise 100% of the ownership structure of RIS, and RIS will be a wholly owned subsidiary. The Company has included the results of Longevity Market Advisors and its subsidiaries in its consolidated financial statements for the year ended December 31, 2022.

On November 30, 2022, LMA Series, LLC, a wholly owned subsidiary of the Company, signed an Operating Agreement to be the sole member of a newly created partnership general partnership, LMA Income Series, GP, LLC. Subsequent to that, LMA Income Series, GP, LLC formed a limited partnership, LMA Income Series, LP and issued partnership interests to limited partners in a private placement offering. It was determined that LMA Series, LLC is the primary beneficiary of LMA Income Series, LP and thus has fully consolidated the limited partnership in its consolidated financial statements for the year ended December 31, 2022.

Non-Consolidated

Variable Interest Entities

—On January 1, 2021, the Company entered into an option agreement with

two

commonly owned full-service origination, servicing and investment providers (“the Providers”) in which the Company agreed to fund certain capital needs with an option to purchase the outstanding equity ownership of the Providers.

The Company accounted for its investment in the call options as an equity security, pursuant to ASC 321. In arriving at this accounting conclusion, the Company first considered whether the call option met the definition of a derivative pursuant to ASC 815 and concluded that it did not as the instrument does not provide for net settlement and accordingly is not a derivative. The Company also concluded that the call option does not provide the Company with a controlling financial interest in the legal entity pursuant to ASC 810. The call option includes material contingencies prior to exercisability that the Company does not anticipate will be resolved; additionally, the call option is in a legal entity for which the share price has no readily determinable fair value. The Company’s basis in the call option, pursuant to ASC 321, is zero and accordingly the call option is not reflected in the statement of financial position

The Company provided $347,013 of funding for the year-ended December 31, 2022 which is included in Other (Expense) Income on the Consolidated Statements of Operations and Comprehensive Income (Loss) and $

120,000

of funding for the year ended December 31, 2021 which was repaid in full by the Providers during that same year. See Note 9, Commitments and Contingencies.

For the year ended December 31, 2022 and 2021, the Providers were considered to be VIEs, but were not consolidated in our consolidated financial statements due to a lack of the power criterion or the losses/benefits criterion. For the year ended December 31, 2022, the unaudited financial information for the unconsolidated VIE’s are as follows: held assets of $

126,040

and liabilities of $

and held assets of $

861,924

and liabilities of $

358,586

, respectively. As of December 31, 2021, unaudited financial information for the

non-consolidated

VIEs were as follows: held assets of $

122,279

and liabilities of $

and held assets of $

474,288

and liabilities of $

2,218

, respectively.

Noncontrolling Interest

—Noncontrolling interest represents the share of consolidated entities owned by third parties. At the date of formation or upon acquisition, the Company recognizes noncontrolling interest on the Consolidated Balance Sheets at an amount equal to the noncontrolling interest’s proportionate share of the relative fair value of any assets and liabilities acquired. Noncontrolling interest is subsequently adjusted for the noncontrolling shareholder’s additional contributions, distributions, and the shareholder’s share of the net earnings or losses of each respective consolidated entity.

Net income of a consolidated entity is allocated to noncontrolling interests based on the noncontrolling shareholder’s ownership interest during the period. The net income or loss that is not attributable to the Company is reflected in Net income (loss) attributable to noncontrolling interests in the Consolidated Statement of Operations and Comprehensive Income (Loss).

Use of Estimates

periods. Company’s estimates, judgments and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from the estimates. Estimates are used when accounting for revenue recognition and related costs, the selection of useful lives of property and equipment, valuation of other receivables, valuation of other investments, valuation of life settlement policies, valuation of available for sale securities, impairment testing, income taxes and legal reserves.

Life Insurance Settlement Policies

—The Company accounts for its holdings of life insurance settlement policies in accordance with

ASC 325-30,

Investments in Insurance Contracts

. The Company accounts for life settlement policies purchased that we intend to hold to maturity at fair value and life settlement policies that we intend to trade in the near term at cost plus premiums paid.

The Company follows ASC 820,

Fair Value Measurements and Disclosures

, in estimating the fair value of its life insurance policies held at fair value. ASC 820 defines fair value as an exit price representing the amount that would be received if an asset were sold or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-level, fair value hierarchy that prioritizes the inputs used to measure fair value. Level 1 relates to quoted prices in active markets for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s valuation of life settlements is considered to be Level 3, as there is currently no active market where we are able to observe quoted prices for identical assets. The Company’s valuation model incorporates significant inputs that are not observable. See Note 10, “Fair Value Measurements.” For policies held at fair value, changes in fair value are reflected in operations in the period the change is calculated.

For policies held under the investment method, the Company tests the impairment if we become aware of information indicating that the carrying value plus undiscounted future premiums of a policy may not be recoverable. This information is gathered initially through extensive underwriting procedures at purchase of the settlement contract, as well as through periodic underwriting review that include medical reports and life expectancy evaluations. The policies held by the Company using the investment method are expected to be owned for a shorter-term and are actively marketed to potential buyers. The market feedback received through these interactions provides the Company with information related to a potential impairment. If a policy is determined to be impaired, the Company will adjust the carrying value to the fair value determined through the impairment analysis.

Going Concern

—Management evaluates at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. Management’s evaluation is based on relevant conditions and events that are known and reasonably knowable at the date that the consolidated financial statements are issued. Management has concluded that there are no conditions or events, considered in the aggregate, that raise substantial doubt about Company’s ability to continue as a going concern within one year after the date these consolidated financial statements were issued.

Cash and Cash Equivalents

—Cash and cash equivalents include short-term and all

highly-liquid

debt instruments purchased with an original maturity of three months or less.

Fair Value Measurements

—The following fair value hierarchy is used in selecting inputs for those assets and liabilities measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The Company evaluates these inputs and recognizes transfers between levels, if any, at the end of each reporting period. The hierarchy consists of three levels:

Level

—Valuation based on quoted market prices in active markets for identical assets or liabilities.

Level

—Valuation based on inputs other than Level 1 inputs that are observable for the assets or liabilities either directly or indirectly.

Level

—Valuation based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and supported by little or no observable market activity.

The Company’s financial instruments consist of cash, cash equivalents, accounts receivables, due to affiliates, equity investments in privately held companies, S&P options, life settlement policies, available

for sale securities, market-indexed debt and secured borrowings. Cash, cash equivalents, accounts receivables, and due to affiliates are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.

Equity investments in privately held companies without readily determinable fair values are recognized at fair value on a nonrecurring basis when observable price changes from orderly transactions for identical or similar investments become available.

Available-for-sale

securities are measured at fair value using inputs that are not readily determinable. Unrealized holding gains and losses are excluded from earnings and reported in other comprehensive income until realized.

S&P options are recognized at fair value using quoted market prices in active markets, with changes in fair value included in net income. Market-indexed debt is measured on a quarterly basis, with qualifying changes in fair value recognized in net income, except for the portion of the total change in the fair value of the liability that results from a change in the instrument-specific credit risk, which is separately included in other comprehensive income in accordance with ASC

825-10-45-5.

The measurement approach for life settlement policies is included above within the Life Settlement Policies disclosure.

Related party receivables

—Related party receivable are amounts owed to the Company by related party customers for services delivered. Management regularly reviews customer accounts for collectability and will record an allowance for these accounts when deemed necessary. Management determines the allowance for credit losses based on a review of outstanding receivables, historical collection experience, current economic conditions, and reasonable and supportable forecasts. Related party receivables are charged off against the allowance for credit losses when deemed uncollectible (after all means of collection have been exhausted and the potential for recovery is deemed remote). Recoveries of related party receivables previously written off are recorded when received. Due to the nature of operations, related party receivables are due primarily from parties which the Company serves. As a result, management deems all amounts due to be collectable. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company did not record material allowance for credit losses as of December 31, 2022 and December 31, 2021, respectively.

Other Investments

—Equity investments without readily determinable fair values include the Company’s investments in privately-held companies in which the Company holds less than a 20% ownership interest and does not have the ability to exercise significant influence. The Company measures these investments at cost, and these investments are adjusted through net earnings when they are deemed to be impaired or when there is an adjustment from observable price changes (referred to as the “measurement alternative”). These investments are included in other investments on the financial statements, at cost on the Consolidated Balance Sheets. In addition, the Company monitors these investments to determine if impairment charges are required based primarily on the financial condition and near-term prospects of these companies.

Available-For-Sale

Securities

—The Company has investments in securities that are classified as

available-for-sale

securities, and which are reflected on the Consolidated Balance Sheets at fair value. These securities solely consist of a convertible promissory note in a private company that was entered into at arms-length. The Company determines the fair value using unobservable inputs by considering the initial investment value, next round financing, and the likelihood of conversion or settlement based on the contractual terms in the agreement. If any unrealized gains and losses on these investments are incurred, these would be included as a separate component of accumulated other comprehensive loss, net of tax, on the Consolidated Balance Sheets. The Company classifies its

available-for-sale

securities as short-term or long-term based on the nature of the investment, its maturity date and its availability for use in current operations. The Company monitors the fair value of the securities fall below amortized cost basis. Credit losses identified are reflected in the allowance for credit losses and any credit losses reversed are recognized in earnings. As of December 31, 2022 and 2021, the fair value of the securities were determined to materially approximate amortized cost basis, thus no unrealized gains or losses were recorded and the Company did not record any allowance for credit losses. The Company writes off uncollectible accrued interest receivable balances in a timely manner. The Company did not have material accrued interest on our

Available-for-Sale

Securities as of December 31, 2022 and December 31, 2021.

Other Noncurrent Assets, at fair value

—

The other noncurrent assets balance consists of S&P 500 put and call options that were purchased through a broker as an economic hedge related to the market-indexed instruments that are included in Long-Term Debt. The Company records these options at fair value and recognizes changes in fair value as part of net income.

Concentrations

—Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable and

available-for-sale

securities. The Company maintains its cash in bank deposit accounts with high-quality financial institutions which, at times, may exceed federally i

nsu

red limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash and cash equivalents. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the accompanying Consolidated Balance Sheets. The Company extends different levels of credit to its customers and maintains allowance for doubtful accounts based upon the expected collectability of accounts receivable. The Company’s procedures for determining this allowance includes evaluating individual customer receivables, considering a customer’s financial condition, monitoring credit history and current economic conditions, and using historical experience applied to an aging of accounts.

Two related party customers accounted for 75% and 16% of the total accounts receivable as of December 31, 2022 and two related party customers accounted for 51% and 49% as of December 31, 2021. The largest receivables balances are from related parties where exposed credit risk is low. As such, there is no allowance for doubtful accounts as of December 31, 2022 and December 31, 2021.

One customer accounted for 51% of active management revenue, while 22% of revenue related to two policies that matured that were accounted for under the investment method for the year-ended December 31, 2022. Two related party customers each accounted for 28% of the portfolio servicing revenue for the year ended December 31, 2022. Three customers accounted for 29%, 29% and 20% of the total revenues for the year ended December 31, 2021, respectively.

Property and Equipment, Net

—Property and equipment are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the following estimated useful lives:


		Estimated Useful Life
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Expenditures for maintenance and repairs that do not extend the useful lives of property and equipment are expensed as incurred. Upon retirement or sale of assets, the cost and related accumulated depreciation are written off and any resulting gain or loss is reflected in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss).

Property and equipment are tested for recoverability whenever events or changes in circumstance indicate that their carrying amounts may not be recoverable. An impairment loss is recognized if the carrying amount of property and equipment is not recoverable and exceeds its fair value. Recoverability is determined based on the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. There were no impairments recognized during the years ended December 31, 2022 and 2021, respectively. Property and equipment to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Revenue Recognition

—The Company generally derives its revenue from life settlement servicing and consulting activities (Portfolio Servicing Revenue) and life settlement trading activities (Active Management Revenue).

Portfolio Servicing Revenue

—

Portfolio servicing is comprised of servicing activities and consulting activities. The Company enters into service agreements with the owners of life settlement contracts and is responsible for maintaining the policy, manages processing of claims in the event of death of the insured

and ensuring timely payment of optimized premiums computed to derive maximum return on maturity of the policy. The company neither assumes the ownership of the contracts nor undertakes the responsibility to make the premium payments, which remains with the owner of the policy. These service arrangements have contractual terms typically ranging from

one-month

to ten years and include fixed charges within its contracts as part of the total transaction price which are recognized on gross basis. To the extent that variable consideration is not constrained, the Company includes an estimate of the variable amount, as appropriate, within the total transaction price and updates its assumptions over the duration of the contract. Variable consideration has not been material. The duties performed by the company under these arrangements is considered as a single performance obligation that is satisfied on a monthly basis as the customer simultaneously receives and consumes the benefit provided by the Company as the Company performs the service. As such, revenue is recognized for services provided for the corresponding month.

Under consulting engagements, the Company provides services typically for the owners of life settlement contracts who are often customers of the servicing business line, or customers of Abacus. These consulting engagements are comprised of valuation, actuarial services, and overall policy assessments related life settlement contracts and are short-term in nature. The performance obligations are typically identified as separate services with a specific deliverable or a group or deliverables to be provided in tandem, as agreed to in the engagement letter or contract. Each service provided under a contract is considered as a performance obligation and revenue is recognized at a point in time when the deliverable or group of deliverables is transferred to the customer.

Active Management Revenue

—

The Company also engages in buying and selling life settlement policies whereby each potential policy is independently researched to determine if it would be a profitable investment. Some of the policies are purchased with the intent to hold to maturity, while others are held for trading to be sold for a gain. The company elects to account for each investment in life settlement contracts using either the investment method or the fair value method. Once the accounting method is elected for each policy, it cannot be changed. Under the investment method, investments in contracts are based on the initial investment at the purchase price plus all initial direct costs. Continuing costs (e.g., policy premiums, statutory interest and direct external costs, if any) to keep the policy in force are capitalized. Under the fair value method, the company will record the initial investment of the transaction price and remeasures the investment at fair value at each subsequent reporting period. Changes in fair value are reported on earnings when they occur. Upon sale of a life settlement contract, the company will record revenue (gain/loss) for the difference between the agreed-upon purchase price with the buyer, and the carrying value of the contract.

Other Consideration

—

Payment terms and conditions vary by contract type, although terms generally require payment within 30 days of the invoice date. In certain arrangements, we receive payment from a customer either before or after the performance obligation has been satisfied; however, our contracts do not contain a significant financing component.

Cost to Obtain and Fulfill Contracts

—

Costs to obtain contracts solely relate to commissions for brokers agents and employees who are directly involved in buying and selling policies as part of the Active Management revenue stream. The Company has elected to apply the ASC 606, Revenue from Contracts with Customers, ‘practical expedient’ which allows us to expense these costs as incurred if the amortization period related to the resulting asset would be one year or less. The Company has no significant instances of contracts that would be amortized for a period greater than a year, and therefore has no contract costs capitalized for these arrangements.

Segments

—Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is the President and Chief Executive Officer (“CEO”). The Company has determined that it operates in two operating segments and two reportable segments, Portfolio Servicing and Active Management as the CODM reviews financial information presented for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Income Taxes

—The Company is taxed as an

S-corporation

for U.S. federal income tax purposes as provided in Section 1362(a) of the Internal Revenue Code with the exception of three consolidated entities that are Delaware

C-

corporations. These VIE’s and subsidiaries include LMATT Series 2024, Inc., the wholly owned subsidiary of LMX Series, LLC., which is consolidated into ABL as a VIE, as well as LMATT Growth Series 2.2024, Inc., a wholly owned subsidiary of LMATT Growth Series, Inc. and LMATT Growth and Income Series 1.2026, Inc., a wholly owned subsidiary of LMATT Growth and Income Series, Inc., which are all included in the consolidated financial statements. As such, the Company’s income or loss and credits are passed through to the shareholders and reported on their individual Federal income tax return. The three

C-corporations

file federal returns and in the state of Florida, where the business operates.

For LMATT Series 2024, Inc. taxes on earnings are based on pretax financial accounting income (losses).

The Company records uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a

two-step

process whereby: (i) management determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and (ii) for those tax positions that meet the more likely than not recognition threshold, management recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. There are currently no uncertain tax positions.

The Company recognizes interest and penalties as a component of income tax expense. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

Leases

—The Company accounts for its leases in accordance with ASC 842,

Leases

. A contract is or contains a lease if there is identified property, plant and equipment that is either explicitly or implicitly specified in the contract and the lessee has the right to control the use of the property, plant and equipment throughout the contract term, which is based on an evaluation of whether the lessee has the right to direct the use of the property, plant and equipment.

The Company has one lease for office space in Orlando, FL that is accounted for as an operating lease and goes through July 31, 2024. The Company is responsible for utilities, maintenance, taxes and insurance, which are variable payments based on a reimbursement to the lessor of the lessor’s costs incurred. The Company excludes variable lease payments from the measurement of lease liabilities and

right-of-use

(“ROU”) assets recognized on the Company’s consolidated Balance Sheets. Variable lease payments are recognized as a lease expense on the Company’s Consolidated Statements of Operations and Comprehensive Income in the period incurred. The Company has elected the practical expedient to account for lease components and

non-lease

components together as a single lease component for its real estate lease noted above.

The Company has elected the short-term lease exemption, which permits the Company to not recognize a lease liability and ROU asset for leases with an original term of one year or less. Currently the Company does not have any short-term leases. The Company’s current lease includes a renewal option. The Company has determined that the renewal option is not reasonably certain of exercise based on an evaluation of contract, market and asset-based factors, and therefore does not include periods covered by renewal options in its lease term. The Company’s leases generally do not include purchase options, residual value guarantees, or material restrictive covenants.

The Company determines its lease liability and ROU by calculating the present value of future lease payments. The present value of future lease payments is discounted using the Company’s incremental borrowing rate. As the Company’s leases generally do not have a readily determinable implicit rate, the Company uses its incremental borrowing rate based on market yields and comparable credit ratings, adjusted for lease term, to determine the present value of fixed lease payments based on information available at the lease commencement date.

The Company does not have any finance leases, nor is the Company a lessor (or sublessor).

See Note 16 for additional disclosures related to leases.

Earnings Per Unit

—The Company has only one class of equity for net income (loss)per unit. Basic net income per unit is calculated by dividing net income by the weighted average number of units outstanding during the applicable period. If the number of units outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of basic net income per unit are adjusted retroactively for all periods

esented to reflect that change in capital structure. If such changes occur aft

r the close of the reporting period but before issuance of the financial statements, the

per-unit

computations for that period and any prior-period financial statements presented are based on the new number of units.

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

—The accompanying financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Use of Estimates

—The preparation of U.S. GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities at the date of financial statements and the reports amounts of revenue and expenses during the reporting periods. Company’s estimates, judgments and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from the estimates. Estimates are used when accounting for revenue recognition and related costs, the selection of useful lives of property and equipment, impairment testing, valuation of other receivables, income taxes and legal reserves.

Going Concern

—Management evaluates at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management’s evaluation is based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. Management has concluded that there are no conditions or events, considered in the aggregate, that raise substantial doubt about Company’s ability to continue as a going concern within one year after the date these financial statements were issued.

Cash and Cash Equivalents

—Cash and cash equivalents include short-term and all highly-liquid debt instruments purchased with an original maturity of three months or less.

Related party receivables

—Related party receivables include fees to be reimbursed to the Company from life expectancy reports, assisted physician services and escrow services incurred on policies that related party financing entities purchase as part of the origination agreement with the Company. Related party receivables are stated at their net realizable value. Approximately, three-quarters of the outstanding receivables as of December 31, 2022 were collected in January 2023 and half of these fees as of December 31, 2021 were collected in January 2022. The Company recognizes allowances for credit losses equal to the estimated collection losses that will be incurred in collection of all receivables. Management determines the allowance for credit losses based on a review of outstanding receivables, historical collection experience, current economic conditions, and reasonable and supportable forecasts. Account balances are charged off against the allowance for credit losses when deemed uncollectible (after all means of collection have been exhausted and the potential for recovery is deemed remote). The Company does not have any material allowance for credit losses as of December 31, 2022 or December 31, 2021. Refer to Note 12—Related Party Transactions for additional information.

Other receivables

—Other receivables include origination fees for policies in which the recission period has ended, but the funds have not been received yet from financing entities. These fees were collected in the subsequent month.

The Company provides an allowance for credit losses equal to the estimated collection losses that will be incurred in collection of all receivables. Management determines the allowance for credit losses based on a review of outstanding receivables, historical collection experience, current economic conditions, and reasonable and supportable forecasts. Account balances are charged off against the allowance for credit losses after all means of collection have been exhausted and the potential for recovery is deemed remote. The Company does not have any material allowance for credit losses as of December 31, 2022 or December 31, 2021.

If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company did not record material allowance for credit losses as of December 31, 2022 and December 31, 2021, respectively.

Concentrations

—All of the Company’s revenues are derived from life settlement transactions in which the Company represents financing entities that purchased existing life insurance policies. One financing entity, a company in which the Company’s members’ own interests, represented 60% and 76% of the Company’s revenues in 2022 and 2021, respectively. The Company works with licensed life settlement brokers and agents who represent the sellers. No single broker or agent represented the sellers for over 10% of the Company’s life settlement commission expense in 2022 and 2021.

The Company maintains cash deposits with a major bank which from time to time may exceed federally insured limits. The Company periodically assesses the financial condition of the institution and believes that the risk of loss is minimal. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the accompanying Balance Sheet. The Company extends different levels of credit to its customers and maintains allowance for credit loss accounts based upon the expected collectability of accounts receivable. The Company’s procedures for determining this allowance includes evaluating individual customer receivables, considering a customer’s financial condition, monitoring credit history and current economic conditions, using historical experience applied to an aging of accounts, and reasonable and supportable forecasts.

Property and Equipment—Net

—Property and equipment, net is stated at cost less accumulated depreciation. Depreciation expense is recognized over the useful lives of the assets using the straight-line method. The estimated useful life of each asset category is as follows:


	Years
Computer equipment		5
Office furniture		5

Expenditures for repairs and maintenance are charged to expense in the period incurred. When items of property and equipment are sold or retired, the related costs and accumulated depreciation are removed from the accounts. The difference between the net book value of the assets and proceeds from disposal is recognized as a gain or loss on disposal, which is included in other income), in the statements of operations and comprehensive (loss) income.

Intangible Assets—Net

—Intangible assets are stated at cost, less accumulated amortization, and consist of capitalized costs incurred for the development of internal use software. The costs incurred exclusively consist of fees incurred from an external consulting firm during the development stage of the project and are subject to capitalization under Accounting Standards Codification (“ASC”)350-40,

Internal-Use Software

. The software is amortized on the straight-line basis over an estimated useful life of 3 years. Company reviews definite-lived intangible assets and other long-lived assets for impairment whenever an event occurs that indicates the carrying amount of an asset may not be recoverable. No impairment was recorded for the years ended December 31, 2022 and 2021.

State security deposit and Certificate of Deposit

—As a requirement of the licensing process, the Company is required to maintain a security deposit with a depository bank for the New Jersey Department of Banking and Insurance. The Company maintains a money market account in TD Wealth (NJ) to comply with these requirements. Additionally, a deposit was made with the Florida Department of Financial Services to meet a similar requirement in the state of Florida. Further, Bank of America required the Company to purchase a certificate of deposit as collateral for an irrevocable letter of credit, which supports the bonds that are required by certain states for licensing. As these deposits cannot be withdrawn due to regulatory requirements, they are not short term in nature and are classified as noncurrent assets on the balance sheets.

Fair Value Measurements

Level 1

—Valuation based on quoted market prices in active markets for identical assets or liabilities;

Level 2

—Valuation based on inputs other than Level 1 inputs that are observable for the assets or liabilities either directly or indirectly;

Level 3

—Valuation based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and supported by little or no observable market activity.

The carrying values of the Company’s financial assets and liabilities, including cash and cash equivalents, premiums, commissions and fees receivable, premiums payable and accrued expenses and other current liabilities, approximate their fair values because of the short period of time to maturity and liquidity of those instruments.

Revenue Recognition

—The Company recognizes revenue from origination activities by acting as a provider of life settlements and viatical settlements representing investors that are interested in purchasing life settlements on the secondary or tertiary market. Revenue from origination services consists of fees negotiated for each purchase and sale of a policy to an investor, which also include any agent and broker

commissions received and the reimbursement of transaction costs. For revenue disaggregation based upon the source of the policy, see disclosure in Note 8—Revenue.

The Company’s revenue-generating arrangements are within the scope of ASC 606,

Revenue from Contracts with Customers

. The Company originates life settlements policies with third parties that include settlement brokers, life insurance agents, and direct consumers or policyholders. The Company then provides the administration services needed to initiate the transfer of the life settlement policies to investors in exchange for an origination fee. Such transactions are entirely performed through an escrow agent. In these arrangements, the customer is the investor, and the Company has a single performance obligation to originate a life settlement policy for the investor. The consideration transferred upon each policy is negotiated directly with the investor by the Company and is dependent upon the policy death benefits held by each life settlement policy. The revenue is recognized when the performance obligation under the terms of the contracts with customers are satisfied. The Company recognizes revenue from life settlement transactions when the closing has occurred and any right of rescission under applicable state law has expired (i.e., the customer obtains control over the policy and has the right to use and obtain the benefits from the policy). While rescission periods may vary by state, most states grant the owner the right to rescind the contract before the earlier of 30 calendar days after the execution date of the contract or 15 calendar days after life settlement proceeds have been sent to the owner. Purchase and sale of the policies generally occurs simultaneously, and only the fees received, including any agent and broker commissions and transaction costs reimbursed, are recorded as gross revenue.

For agent and broker commissions received and transaction costs reimbursed, the Company has determined that it is acting as the principal in the relationship as it maintains control of the services being performed as part of performance obligation prior to facilitating the transfer of the life settlement policy to the investor.

While the origination fees are fixed amounts based on the face value of the policy death benefit, there is variable consideration present due to the owners recission right. When variable consideration is present in a contract, the Company estimates the amount of variable consideration to which it expects to be entitled at contract inception and again at each reporting period until the amount is known. The entity applies the variable consideration constraint so that variable consideration is included in the transaction price only to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal. While origination fees are variable due to the recission periods, given that the recission periods are relatively short in nature, the Company has concluded that such fees are fully constrained until the rescission period lapses and thus records revenue at a fixed amount based on the face value of the policy death benefit after the recission period is over.

Cost to Obtain or Fulfill Contracts

—Costs to obtain or fulfill contracts include commissions for brokers or agents under specific agreements that would not be incurred without a contract being signed and executed. The Company has elected to apply the ASC 606 ‘practical expedient’ which allows us to expense these costs as incurred if the amortization period related to the resulting asset would be one year or less. The Company has no instances of contracts that would be amortized for a period greater than a year, and therefore has no contract costs capitalized for these arrangements.

Contract Balances

—The timing of revenue recognition, customer billing and cash collection can result in billed accounts receivable, unbilled receivables (contract assets), and deferred revenues (contract liabilities). Contract liabilities consist of deposits on pending settlements, where origination fees and commissions were received from policies that had closed in December, but the right of rescission period had not expired as of December 31.

Commissions

—The Company receives a fee from the purchaser for their part in arranging the life settlement transactions. Out of that fee income, the Company pays commissions to the licensed representative of the seller, if one is required. Commission expense is recorded at the same time revenue is recognized and is included in the accompanying statements of operations and comprehensive (loss) income as cost of sales.

Segment

—Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its President and Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Income Taxes

—The Company is taxed as an S-corporation for U.S. federal income tax purposes as provided in Section 1362(a) of the Internal Revenue Code. As such, the Company’s income or loss and credits are passed through to the members and reported on their individual Federal income tax return. The Company is required to file tax returns in most of the states in which it does business. Not all of the states recognize S-corporations as pass-through entities, and the Company is taxed at the corporate level. Accordingly, the Company pays income taxes to those states that do not treat S corporations as pass-through entities for tax purposes. The income tax expense or benefit is based on taxable income allocated to the states that do not recognize S-corporations as pass-through entities.

The Company records uncertain tax positions in accordance with ASC 740,

Income Taxes

, on the basis of a two-step process whereby: (i) management determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and (ii) for those tax positions that meet the more likely than not recognition threshold, management recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

Advertising

—All advertising expenditures incurred by the Company are charged to expense in the period to which they relate and are included in general and administrative expenses on the accompanying statements of operations and comprehensive (loss) income. Advertising expense totaled $1,414,828 and $1,803,000 for the years ended December 31, 2022 and 2021, respectively.

Leases

—The Company accounts for its leases in accordance with ASC 842,

Leases

In April 2022, the Company entered into an agreement to lease additional office space in Orlando, Florida from a vendor. The lease commenced on May 1, 2022 and goes through October 30, 2023.

Historically, the Company’s lease portfolio consisted of a single lease of office space in Orlando, Florida, which is accounted for as an operating lease. In April 2021, the lease was modified to expand the office space leased by the Company and also extend the term of the lease through July 31, 2024. The Company is responsible for utilities, maintenance, taxes and insurance, which are variable payments based on a reimbursement to the lessor of the lessor’s costs incurred. The Company excludes variable lease payments from the measurement of lease liabilities and right-of-use(“ROU”) assets recognized on the Company’s balance sheets. Variable lease payments are recognized as a lease expense on the Company’s statements of operations and comprehensive (loss) income in the period incurred. The Company has elected the practical expedient to account for lease components and non-lease components together as a single lease component for its real estate leases noted above.

contract, market and asset-based factors, and therefore does not include periods covered by renewal options in its lease term. The Company’s leases generally do not include purchase options, residual value guarantees, or material restrictive covenants.

The Company does not have any finance leases, nor is the Company a lessor (or sublessor).

See Note 14 for additional disclosures related to leases.

Earnings Per Unit

—The Company has only one class of equity. Basic net (loss) income per unit is calculated by dividing net (loss) income by the weighted average number of units outstanding during the applicable period. If the number of units outstanding increases as a result of a unit dividend or unit split or decreases as a result of a reverse unit split, the computations of basic net (loss) income per unit are adjusted retroactively for all periods presented to reflect that change in capital structure. If such changes occur after the close of the reporting period but before issuance of the financial statements, the per-units computations for that period and any prior-period financial statements presented are based on the new number of units.

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Maximum annual contributions (as a percent)			100.00%		100.00%
Employer match (as a percent)					50.00%	50.00%
Percent of employees gross pay (as a percent)					4.00%
Benefit plan expense	$ 61,586	$ 4,511	$ 86,901	$ 12,559	$ 22,559	$ 8,368
Deferred Profit Sharing \| Abacus Settlements, LLC
Employer match (as a percent)					4.00%
Minimum Service Period required to participate in the plan					1 year
Discretionary contribution amount					$ 0	$ 100,000

DESCRIPTION OF BUSINESS (Details)	Jun. 30, 2023 USD ($)	Jun. 29, 2023 USD ($) $ / shares	Aug. 30, 2022 USD ($)	Sep. 30, 2023 $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) \| $ / shares				$ 0.0001	$ 0.0001
LMA
Business Acquisition [Line Items]
Exchange ratio				0.8	0.8
Consideration	$ 366,388,668
LMA and Abacus
Business Acquisition [Line Items]
Consideration	$ 531,750,000
Abacus Settlements, LLC
Business Acquisition [Line Items]
Consideration		$ 531,800,000	$ 618,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 10	$ 10
Aggregate transaction proceeds threshold		$ 200,000,000
Abacus Settlements, LLC \| LMA
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001
Aggregate consideration election		$ 20,000,000
Abacus Settlements, LLC \| LMA and Abacus
Business Acquisition [Line Items]
Share price (in dollars per share) \| $ / shares		$ 10

SEGMENT REPORTING - Revenue by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 21,120,930	$ 11,507,748	$ 42,705,904	$ 29,784,048	$ 44,713,553	$ 1,199,986
Portfolio servicing
Segment Reporting Information [Line Items]
Revenue					1,470,973	1,079,986
Active management
Segment Reporting Information [Line Items]
Active management					$ 43,242,581	$ 120,000
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	29,365,202	11,507,748	50,950,176	29,784,048
Operating Segments \| Portfolio servicing
Segment Reporting Information [Line Items]
Revenue	224,569	382,245	814,626	1,372,573
Operating Segments \| Active management
Segment Reporting Information [Line Items]
Active management	18,926,144	11,125,503	39,921,061	28,411,475
Operating Segments \| Originations
Segment Reporting Information [Line Items]
Revenue	10,214,489	0	10,214,489	0
Intercompany Elimination
Segment Reporting Information [Line Items]
Total revenues	$ (8,244,272)	$ 0	$ (8,244,272)	$ 0

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted weighted average shares outstanding and earnings per share were as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net income attributable to Longevity Market Assets	$	903,361	$	9,992,004	$	15,739,009	$	21,507,702
Weighted-average shares used in computing net income per share, basic and diluted		63,349,823		50,369,350		54,632,826		50,369,350
Basic and diluted earnings per share:	$	0.01	$	0.20	$	0.29	$	0.43

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS (Tables)

6 Months Ended

9 Months Ended

Jun. 30, 2023

Sep. 30, 2023

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Schedule of Related Party Transactions

For the three and nine months ended September 30, 2023, revenue earned, and contracts originated are below.


	Three and Nine Months Ended September 30, 2023
Origination fee revenue	$	254,517
Transaction reimbursement revenue		—

Total	$	254,517

Cost	$	7,981
Face value		46,650,000
Total policies		7
Average Age		70

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Schedule of Related Party Transactions

For three months ended June 30, 2023 and 2022, and for the six months ended June 30, 2023 and nine months ended September 30, 2022, revenue earned, and contracts originated are as follows:


	Three Months Ended June 30, 2023		Three Months Ended September 30, 2022		Six Months Ended June 30, 2023		Nine Months Ended September 30, 2022
Origination fee revenue	$	1,504,532	$	8,008,816	$	2,952,837	$	8,008,816
Transaction reimbursement revenue		75,332		235,455		140,960		235,455

Total	$	1,579,864	$	8,244,271	$	3,093,797	$	8,244,271

Cost	$	5,290,504	$	4,511,346	$	11,656,637	$	4,511,346
Face value		56,688,680		93,605,072		96,674,080		376,409,910
Total policies		38		82		72		265
Average Age		76		75		75		75

STOCK-BASED COMPENSATION - Restricted Stock Activity (Details) - CEO Restricted Stock	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares)	0
Granted (in shares)	4,569,922
Forfeited (in shares)	0
Settled (in shares)	0
Outstanding at end of period (in shares)	4,569,922
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	10.03
Outstanding at end of period (in dollars per share) \| $ / shares	$ 10.03
Unamortized stock-based compensation expense for unvested stock \| $	$ 41,252,686
Unamortized stock-based compensation expense weighted-average remaining contractual life	2 years 3 months 18 days

LEASES - Lease Expense (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
LEASES - Lease Expense (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Operating lease cost	$ 69,904	$ 12,471	$ 94,846	$ 36,313	$ 48,784	$ 19,868
Variable lease cost	20,540	1,221	29,465	2,444	3,664	1,019
Total lease cost	$ 90,444	$ 13,692	$ 124,311	$ 38,757	52,449	20,887
Abacus Settlements, LLC
Operating lease cost					190,183	126,178
Variable lease cost					9,403	10,756
Total lease cost					$ 199,586	$ 136,935

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
REVENUES:
Investment Income from life insurance policies held using investment method	$ 1,817,764	$ 10,629,978	$ 18,473,597	$ 24,610,444	$ 37,828,829	$ 120,000
Change in fair value of life insurance policies (policies held using fair value method)	17,108,380	495,525	21,447,464	3,801,031	5,413,751	0
Total active management revenue	18,926,144	11,125,503	39,921,061	28,411,475	43,242,581	120,000
Total revenues	21,120,930	11,507,748	42,705,904	29,784,048	44,713,553	1,199,986
COST OF REVENUES (excluding depreciation and amortization stated below)
Total cost of revenue	3,364,957	1,754,894	4,827,907	3,840,969	6,245,131	735,893
Gross Profit	17,755,973	9,752,854	37,877,997	25,943,079	38,468,422	464,093
OPERATING EXPENSES:
Sales and marketing	1,704,154	14,905	3,116,999	1,664,403	2,596,140	0
General and administrative	9,838,951	59,816	11,113,382	706,523	1,066,403	101,406
(Gain) loss on change in fair value of debt	(2,088,797)	(1,235,032)	309,865	(859,519)	90,719	0
Unrealized loss (gain) on investments	306,800	246,846	(491,356)	1,301,821	1,045,623	0
Other operating expenses					0	493,849
Depreciation and amortization	1,694,853	1,071	1,696,994	3,211	4,282	2,447
Total operating expenses	11,455,961	(912,394)	15,745,884	2,816,439	4,803,168	597,702
Operating income (loss)	6,300,012	10,665,248	22,132,113	23,126,640	33,665,255	(133,609)
OTHER INCOME (EXPENSE)
Loss on change in fair value of warrant liability	(943,400)	0	(943,400)	0
Interest (expense)	(2,679,237)	0	(3,620,695)	0	(41,324)	0
Interest income	63,826	0	71,283	0	1,474
Other income (expense)	20,086	42,289	(1,565)	(199,958)	(347,013)	0
Total other income (expense)	(3,538,725)	42,289	(4,494,377)	(199,958)	(388,337)	0
Net income before provision for income taxes	2,761,287	10,707,537	17,637,736	22,926,682	33,276,917	(133,609)
Income tax expense	1,710,315	352,081	2,238,419	648,887	889,943	0
NET INCOME	1,050,972	10,355,456	15,399,317	22,277,795	32,386,975	(133,609)
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST	147,611	363,452	(339,692)	770,093	704,699	(148,155)
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS	$ 903,361	$ 9,992,004	$ 15,739,009	$ 21,507,702	$ 31,682,275	$ 14,546
EARNINGS PER SHARE:
Earnings per share - basic (in dollars per share)	$ 0.01	$ 0.2	$ 0.29	$ 0.43	$ 0.63	$ 0
Earnings per share - diluted (in dollars per share)	$ 0.01	$ 0.2	$ 0.29	$ 0.43	$ 0.63	$ 0
Weighted-average units outstanding - basic (in shares)	63,349,823	50,369,350	54,632,826	50,369,350	50,639,350	50,639,350
Weighted-average units outstanding - diluted (in shares)	63,349,823	50,369,350	54,632,826	50,369,350	50,639,350	50,639,350
NET INCOME	$ 1,050,972	$ 10,355,456	$ 15,399,317	$ 22,277,795	$ 32,386,975	$ (133,609)
Other comprehensive income, net of tax:
Change in fair value of debt (risk adjusted)	(1,016,034)	(523,083)	(1,248,010)	1,494,476	1,395,829	0
Comprehensive income before non-controlling interests	34,938	9,832,373	14,151,307	23,772,271	33,782,804	0
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST					704,699
Net and comprehensive income (loss) attributable to non-controlling interests	(91,292)	124,677	(635,041)	1,136,586	342,994	0
Comprehensive income attributable to Abacus Life, Inc.	126,230	9,707,696	14,786,348	22,635,685	32,735,111	0
Portfolio servicing revenue
REVENUES:
Revenue	224,569	382,245	814,626	1,372,573	1,470,973	1,079,986
Originations revenue
REVENUES:
Revenue	1,970,217	0	1,970,217	0
Related Party \| Portfolio servicing revenue
REVENUES:
Revenue	168,899	132,220	711,975	752,379	818,300	699,884
Related Party \| Originations revenue
REVENUES:
Revenue	254,517	0	254,517	0
Nonrelated Party \| Portfolio servicing revenue
REVENUES:
Revenue	55,670	250,025	102,651	620,194	652,672	380,102
Nonrelated Party \| Originations revenue
REVENUES:
Revenue	$ 1,715,700	$ 0	$ 1,715,700	$ 0
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
REVENUES:
Revenue					25,203,463	22,592,144
COST OF REVENUES (excluding depreciation and amortization stated below)
Total cost of revenue					16,561,005	14,205,341
Gross Profit					8,642,458	8,386,803
OPERATING EXPENSES:
General and administrative					8,674,425	7,439,549
Depreciation and amortization					12,165	10,139
Total operating expenses					8,686,590	7,449,688
Operating income (loss)					(44,132)	937,115
OTHER INCOME (EXPENSE)
Interest (expense)					(8,817)	0
Interest income					2,199	11,500
Consulting income					273	50,000
Total other income (expense)					(6,345)	61,500
Net income before provision for income taxes					(50,477)	998,615
Income tax expense					2,018	1,200
NET INCOME					$ (52,495)	$ 997,415
EARNINGS PER SHARE:
Earnings per share - basic (in dollars per share)					$ 400	$ 400
Earnings per share - diluted (in dollars per share)					$ 400	$ 400
Weighted-average units outstanding - basic (in shares)					131.24	2,493.54
Weighted-average units outstanding - diluted (in shares)					131.24	2,493.54
NET INCOME					$ (52,495)	$ 997,415
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE \| Originations revenue
REVENUES:
Revenue					25,203,463	22,592,144
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE \| Related Party
COST OF REVENUES (excluding depreciation and amortization stated below)
Total cost of revenue					11,022,535	11,527,312
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE \| Related Party \| Originations revenue
REVENUES:
Revenue					18,153,456	17,685,770
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE \| Nonrelated Party
COST OF REVENUES (excluding depreciation and amortization stated below)
Total cost of revenue					5,538,470	2,678,029
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE \| Nonrelated Party \| Originations revenue
REVENUES:
Revenue					$ 7,050,007	$ 4,906,374

RELATED-PARTY TRANSACTIONS (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Schedule of Related Party Transactions

For the three and nine months ended September 30, 2023, revenue earned, and contracts originated are below.


	Three and Nine Months Ended September 30, 2023
Origination fee revenue	$	254,517
Transaction reimbursement revenue		—

Total	$	254,517

Cost	$	7,981
Face value		46,650,000
Total policies		7
Average Age		70

Abacus Settlements, LLC

Schedule of Related Party Transactions

For the years ended December 31, 2022 and December 31, 2021, revenue earned and contracts originated are as follows:


	December 31,		December 31,
	2022		2021
Origination fee revenue	$	6,586,922	$	6,158,458
Commissions and transaction reimbursement revenue	$	8,656,885	$	11,093,512

Total revenue	$	15,243,806	$	17,251,970

Cost		87,143,005		106,633,792
Face value		481,648,010		459,217,638
Total policies		333		313
Average Age		75		78

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Other income (expense)		$ 20,086	$ 42,289	$ (1,565)	$ (199,958)	$ (347,013)	$ 0
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Other Commitments [Line Items]
Loss contingency, damages sought, value						$ 4,000,000
Loss contingency, expected trial commencement						2023-04
Amount of loss contingency liability.						$ 0
Loss contingency, estimate of possible loss						5,000,000
Loss contingency, estimate of possible loss,deductible per occurrence						50,000
Letter of Credit \| State Penal Bonds \| ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Other Commitments [Line Items]
Debt instrument term	1 year
Maximum borrowing capacity	$ 1,012,500
Letter of credit outstanding						0
Financing fees incurred						23,450
Prime Rate \| Letter of Credit \| State Penal Bonds \| ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Other Commitments [Line Items]
Variable interest rate	6.50%
Expense Support Agreement \| Variable Interest Entity, Not Primary Beneficiary
Other Commitments [Line Items]
Other income (expense)		$ 0		$ 29,721		$ 347,013	0
Funds received for operation							$ 120,000

FAIR VALUE MEASUREMENTS - Assumptions (Details) - Private Placement Warrant	Sep. 30, 2023 yr
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.0409
Term to expiration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	5
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	11.5
Common Stock Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	10.03
Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0

INCOME TAXES - Schedule of Reconciliation of the Statutory Federal Income Tax Rate (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Effective income tax rate	61.90%	3.30%	12.70%	2.80%
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Tax at federal statutory rate					21.00%	21.00%
State taxes, net of federal benefit					(4.00%)	0.12%
U.S. income attributable to pass-through entity					(21.00%)	(21.00%)
Effective income tax rate					(4.00%)	0.12%

FAIR VALUE MEASUREMENTS - Issued Notes (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period			$ 28,249,653	$ 0	$ 0
Debt issued to third parties			88,618,714		30,028,640
Unrealized loss on change in fair value (risk-free)	$ (2,088,797)	$ (1,235,032)	309,865	$ (859,519)	90,719	$ 0
Unrealized (gain) on change in fair value (credit-adjusted)			1,635,596		(1,869,706)
Change in estimated fair value	760,457		1,945,461		(1,778,987)
Fair value at end of period	$ 118,813,828		$ 118,813,828		$ 28,249,653	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

6.	GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill of $140,287,000 was recognized as a result of the Business Combination, which represents the excess fair value of consideration over the fair value of the underlying net assets, largely arising from the extensive industry expertise that has been established by Abacus. This was considered appropriate based on the determination that the Abacus Merger would be accounted for as a business acquisition under ASC 805. The estimates of fair value are based upon preliminary valuation assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. Refer to Note 3, Business Combination, for further details.

The changes in the carrying amount of goodwill by reportable segments were as follows:


	Portfolio Servicing		Active Management		Originations
Goodwill at January 1, 2023	$	—	$	—	$	—
Additions		—		—		140,287,000
Goodwill at September 30, 2023	$	—	$	—	$	140,287,000

Intangible Assets Acquired comprised of the following:


Asset Type	Fair Value		Useful Life		Valuation Methodology
Customer Relationships—Agents	$	12,600,000		5 years	Multi-period excess-earnings method
Customer Relationships—Financial Relationships		11,000,000		8 years	Multi-period excess-earnings method
Internally Developed and Used Technology-APA		1,600,000		2 years	Relief from Royalty Method
Internally Developed and Used Technology-Market Place		100,000		3 years	Replacement Cost Method
Trade Name		900,000		Indefinite	Relief from Royalty Method
Non-Compete Agreements		4,000,000		2 years	With or Without Method
State Insurance Licenses		2,700,000		Indefinite	Replacement Cost Method

	$	32,900,000

Intangible assets and related accumulated amortization as of September 30, 2023 and December 31,2022 are as follows:


	September 30, 2023
Definite Lived Intangible Assets:	Gross Value		Accumulated Amortization		Net Book Value
Customer Relationships—Agents	$	12,600,000	$	630,000	$	11,970,000
Customer Relationships—Financial Relationships		11,000,000		343,750		10,656,250
Internally Developed and Used Technology-APA		1,600,000		200,000		1,400,000
Internally Developed and Used Technology-Market Place		100,000		8,333		91,667
Non-Compete Agreements		4,000,000		500,000		3,500,000

Balance at September 30, 2023	$	29,300,000	$	1,682,083	$	27,617,917


Indefinite Lived Intangible Assets:
Trade Name		900,000		—		900,000
State Insurance Licenses		2,700,000		—		2,700,000
Total Intangible Asset Balance at September 30, 2023	$	32,900,000	$	1,682,083	$	31,217,917

Substantially all intangible assets with finite useful lives are subject to amortization when they are available for their intended use. Amortization expense for definite lived intangible assets was $1,682,083 and $0 for the three months ended September 30, 2023 and 2022, respectively, and $1,682,083 and $0 for the nine months ended September 30, 2023 and 2022, respectively.

Estimated annual amortization of intangible assets for the next five years ending December 31 and thereafter is as follows:


Remainder of 2023	$	1,682,083
2024		6,728,333
2025		5,328,333
2026		3,911,667
2027		3,895,000
Thereafter		6,072,501

Total	$	27,617,917

Abacus Settlements LLC - DESCRIPTION OF THE BUSINESS

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

DESCRIPTION OF THE BUSINESS

1.	DESCRIPTION OF BUSINESS

Organization and Merger

Business Activity

1.	DESCRIPTION OF BUSINESS

The equity structure has been recast in all comparative periods up to the Closing Date to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to legacy LMA’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to legacy LMA common stock prior to the Business Combination have been retroactively recast as shares reflecting the exchange ratio of 0.8 established in the Business Combination.

tered in Orlando, Florida.

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

DESCRIPTION OF THE BUSINESS

1.	DESCRIPTION OF THE BUSINESS

Abacus Settlements, LLC d/b/a Abacus Life (“Abacus”) was formed in 2004 in the state of New York. In 2016, the Company obtained its licensure in Florida and re-domesticated to that state. On June 13, 2023, the Company re-domesticated to Delaware.

Abacus acts as a purchaser of outstanding life insurance policies (“Provider”) on behalf of investors (“Financing Entities”) by locating policies and screening them for eligibility for a life settlement, including verifying that the policy is in force, obtaining consents and disclosures, and submitting cases for life expectancy estimates, also known as origination services. When the sale of a policy is completed, this is deemed “settled” and the policy is then referred to as either a “life settlement” in which the insured’s life expectancy is greater than two years or “viatical settlement,” in which the insured’s life expectancy is less than two years.

Abacus is not an insurance company, and therefore Abacus does not underwrite insurable risks for its own account. On August 30, 2022, Abacus entered into an Agreement and Plan of Merger (the “Merger Agreement”) with East Resources Acquisition Company (“ERES”), which was subsequently amended on October 14, 2022. As part of the Merger Agreement, the holders of Abacus’ common units together with the holders of Longevity Markets Assets, LLC (“LMA”), a commonly owned affiliate, will receive aggregate consideration of $531,750,000, payable in a number of newly issued shares of ERES Class A common stock, par value $0.0001 per share (“ERES Class A common stock”), with a value ascribed to each share of ERES Class A common stock of $10.00 and, to the extent the aggregate transaction proceeds exceed $200.0 million, at the election of Abacus’ and LMA’s members, up to $20.0 million of the aggregate consideration will be payable in cash to the Abacus’ and LMA’s members. The transaction closed on June 30, 2023 upon shareholder approval and customary closing conditions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-Based Compensation (Details)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Stock-based awards vesting period	3 years

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

15.	STOCK- BASED COMPENSATION

CEO Restriction Agreement:

Vesting Conditions.

The Company shall issue the shares of Restricted Stock either (a) in certificate form or (b) in book entry form, registered in the CEO’s name, referring to the terms, conditions and restrictions applicable to the shares as outlined below. The CEO’s Ownership Interest Grant (“Restricted Stock”) shall vest as follows:

50% of the shares on the 25th month following the Effective Date,

ii.

50% of the shares on the 30th month following the Effective Date,

iii.

Additionally, the Restricted Stock will become fully vested upon the first to occur of one of the following events: (i) separation from service due to disability, (ii) death, (iii) separation from service without cause; or (iv) separation from service for good reason.

CEO Stock-based compensation expense is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock-based compensation expense	$	4,583,632	$	—	$	4,583,632	$	—

Restricted Stock activity relative to the CEO for the nine months ended September 30, 2023 is summarized as follows:


	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022		—	$	—
Granted		4,569,922		10.03
Forfeited		—		—
Settled		—		—

Outstanding at September 30, 2023		4,569,922	$	10.03

As of September 30, 2023, unamortized stock-based compensation expense for unvested Restricted Stock relative to the CEO was $41,252,686 with a remaining contractual life of 2.3 years.

Abacus Settlements LLC - INCOME TAXES (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Income tax expense	$ 1,710,315		$ 352,081		$ 2,238,419	$ 648,887	$ 889,943	$ 0
Effective tax rate percentage	61.90%		3.30%		12.70%	2.80%
Abacus Settlements, LLC
Income Tax Contingency [Line Items]
Income tax expense		$ 0	$ 582	$ 2,289		$ 1,907	$ 889,943	$ 0
Effective tax rate percentage				0.24%		1.26%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill by Reportable Segments (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 0
Goodwill at end of period	140,287,000
Portfolio servicing
Goodwill [Roll Forward]
Goodwill at beginning of period	0
Additions	0
Goodwill at end of period	0
Active management
Goodwill [Roll Forward]
Goodwill at beginning of period	0
Additions	0
Goodwill at end of period	0
Originations
Goodwill [Roll Forward]
Goodwill at beginning of period	0
Additions	140,287,000
Goodwill at end of period	140,287,000
LMA and Abacus
Goodwill [Roll Forward]
Goodwill at end of period	$ 140,287,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

INTANGIBLE ASSETS—NET (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Schedule of Finite-Lived Intangible Assets

Intangible Assets Acquired comprised of the following:


Asset Type	Fair Value		Useful Life		Valuation Methodology
Customer Relationships—Agents	$	12,600,000		5 years	Multi-period excess-earnings method
Customer Relationships—Financial Relationships		11,000,000		8 years	Multi-period excess-earnings method
Internally Developed and Used Technology-APA		1,600,000		2 years	Relief from Royalty Method
Internally Developed and Used Technology-Market Place		100,000		3 years	Replacement Cost Method
Trade Name		900,000		Indefinite	Relief from Royalty Method
Non-Compete Agreements		4,000,000		2 years	With or Without Method
State Insurance Licenses		2,700,000		Indefinite	Replacement Cost Method

	$	32,900,000

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

Schedule of Finite-Lived Intangible Assets

Intangible assets—net, consist of the following:


	2022		2021
Software	$	241,664	$	226,664
Less: accumulated amortization		92,731		12,593

Intangible assets—net	$	148,933	$	214,071

INCOME TAXES - Schedule of the Components of Expense for Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Current					$ 0	$ 0
Deferred					152,567	0
Expense for income taxes	$ 1,710,315	$ 352,081	$ 2,238,419	$ 648,887	889,943	0
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Current					2,018	1,200
Deferred					0	0
Expense for income taxes					$ 2,018	$ 1,200

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

LEASES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

ROU Assets and Lease Liabilities

The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts as of September 30, 2023 and December 31, 2022:


	Nine Months Ended September 30, 2023		Year Ended December 31, 2022
Assets:
Operating lease right-of-use assets	$	171,295	$	77,011
Liabilities:
Operating lease liability, current		173,799		48,127
Operating lease liability, non-current		—		29,268

Total lease liability	$	173,799	$	77,395

The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:


	Nine Months Ended September 30, 2023			Year Ended December 31, 2022
Weighted-average remaining lease term (in years)		0.80			1.58
Weighted-average discount rate		3.42	%		3.36	%

The Company’s ROU assets and lease liabilities for its operating leases consisted of the following amounts as of December 31, 2022 and 2021:


	Year Ended		Year Ended
	December 31, 2022		December 31, 2021
Assets:
Operating lease right-of-use assets	$	77,011	$	122,503
Liabilities:
Operating lease liability, current		48,127		45,107
Operating lease liability, non-current		29,268		77,396
Total lease liability		—		—

		77,395		122,503

The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:


	Year Ended			Year Ended
	December 31, 2022			December 31, 2021
Weighted-average remaining lease term (in years)		1.58			2.58
Weighted-average discount rate		3.36	%		3.36	%

Lease Expense

The Company’s lease expense for the periods presented consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	69,904	$	12,471	$	94,846	$	36,313
Variable lease cost		20,540		1,221		29,465		2,444

Total lease cost	$	90,444	$	13,692	$	124,311	$	38,757

The following table shows supplemental cash flow information related to lease activities for the periods presented:


	Nine Months Ended September 30,
	2023		2022
Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases	$	96,891	$	36,121
ROU assets obtained in exchange for new lease liabilities		—		—

The Company’s lease expense for the periods presented consisted of the following:


	Year Ended		Year Ended
	December 31, 2022		December 31, 2021
Operating lease cost	$	48,784	$	19,868
Variable lease cost		3,664		1,019

		52,449		20,887

The following table shows supplemental cash flow information related to lease activities for the periods presented:


Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases	$	48,399	$	19,868

ROU assets obtained in exchange for new lease liabilities		—	$	139,025

Future Minimum Noncancellable Lease Payments

Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at September 30, 2023 are as follows:


	Operating leases
Remaining of 2023	$	117,527
2024		118,058
2025		—
2026		—
2027		—
Thereafter		—

Total operating lease payments (undiscounted)		235,585
Less: Imputed interest		(61,786	)

Lease liability as of September 30, 2023	$	173,799

Future minimum noncancelable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at December 31, 2022 are as follows:


	Operating leases
2023	$	49,855
2024		29,514
2025		—
2026		—
2027		—
Thereafter		—

Total operating lease payments (undiscounted)		79,369
Less: Imputed interest		(1,974	)

Lease liability as of December 31, 2022	$	77,395

Abacus Settlements, LLC

ROU Assets and Lease Liabilities

The Company’s ROU assets and lease liabilities for its operating leases consisted of the following amounts as of December 31, 2022 and 2021:


	As of December 31,
	2022		2021
Assets
Operating lease right-of-use asset	$	300,866	$	367,508
Liabilities
Operating lease liability, current		214,691		135,321
Operating lease liability, noncurrent		87,806		232,187

Total operating lease liabilities	$	302,497	$	367,508

The table below shows a weighted-average analysis for lease term and discount rate for all operating leases as of December 31, 2022 and 2021:


	As of December 31,
	2022			2021
Weighted-average remaining lease term (in years)		1.41			2.58
Weighted-average discount rate		3.71	%		3.36	%

Lease Expense

The Company’s lease expense for the periods presented consisted of the following:


	Year Ended December 31,
	2022		2021
Operating lease cost	$	190,183	$	126,178
Variable lease cost		9,403		10,756

Total lease cost	$	199,586	$	136,935

The following table shows supplemental cash flow information related to lease activities for the periods presented:


	Year Ended December 31,
	2022		2021
Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases		201,478		126,178
ROU assets obtained in exchange for new lease liabilities		123,541		417,076

Future Minimum Noncancellable Lease Payments

Future minimum noncancelable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at December 31, 2022 are as follows:


	Operating Leases
2023		221,182
2024		88,543
2025		—
2026		—
2027		—
Thereafter		—

Total operating lease payments (undiscounted)	$	309,726
Less: Imputed interest		(7,229	)

Lease liability as of December 31, 2022	$	302,497

LONG-TERM DEBT - LMA Income Series II, LP and LMA Income Series II, GP LLC Secured Borrowing (Details) - LMATT Income Series II, LP - Secured borrowing	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) option	Dec. 31, 2022 option
Debt Instrument [Line Items]
Debt instrument term	3 years	3 years
Debt Instrument extension options \| option	2	2
Debt instrument extension term	1 year
Long-term debt, gross	$ 24,535,851
General Partner
Debt Instrument [Line Items]
Dividend percentage	100.00%
Capital Commitment Threshold One \| Limited Partner
Debt Instrument [Line Items]
Dividend percentage	7.50%
Capital Commitment Threshold One \| Maximum \| Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 500,000
Capital Commitment Threshold Two \| Limited Partner
Debt Instrument [Line Items]
Dividend percentage	7.75%
Capital Commitment Threshold Two \| Maximum \| Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 1,000,000
Capital Commitment Threshold Two \| Minimum \| Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 500,000
Capital Commitment Threshold Three \| Limited Partner
Debt Instrument [Line Items]
Dividend percentage	8.00%
Capital Commitment Threshold Three \| Minimum \| Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 1,000,000

CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets	$ 304,301,937	$ 59,094,847	$ 1,840,218
Liabilities	138,212,190	30,945,150	1,073,325
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	62,831,856	30,073,972	400
Liabilities	56,775,736	27,116,762	0
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	824,375	987,964	596,567
Liabilities	$ 191,632	$ 358,586	$ 2,218

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

LONG-TERM DEBT - Long-Term Debt (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Market-indexed notes \| LMATT Series 2024, Inc.
Debt Instrument [Line Items]
Long-term debt, fair value	$ 9,866,900	$ 9,886,900
Cost
Debt Instrument [Line Items]
Long-term debt, fair value		30,028,640	$ 0
Total long-term debt	118,294,506	30,028,640
Cost \| Market-indexed notes \| LMATT Series 2024, Inc.
Debt Instrument [Line Items]
Long-term debt, fair value	9,866,900	9,866,900	0
Cost \| Market-indexed notes \| LMATT Series 2.2024, Inc.
Debt Instrument [Line Items]
Long-term debt, fair value	2,333,391	2,333,391	0
Cost \| Market-indexed notes \| LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Long-term debt, fair value	400,000	400,000	0
Cost \| Secured borrowing \| LMATT Income Series, LP
Debt Instrument [Line Items]
Long-term debt, fair value	21,889,444	17,428,349	0
Cost \| Secured borrowing \| LMATT Income Series II, LP
Debt Instrument [Line Items]
Long-term debt, fair value	24,535,851	0
Cost \| Unsecured borrowing
Debt Instrument [Line Items]
Deferred Financing Cost	(2,266,858)	0
Cost \| Unsecured borrowing \| Owl Rock Credit Facility
Debt Instrument [Line Items]
Long-term debt, fair value	25,000,000	0
Cost \| Unsecured borrowing \| SPV Purchase and Sale Note
Debt Instrument [Line Items]
Long-term debt, fair value	25,750,000	0
Cost \| Unsecured borrowing \| Sponsor PIK Note
Debt Instrument [Line Items]
Long-term debt, fair value	10,785,778	0
Fair value
Debt Instrument [Line Items]
Long-term debt, fair value		28,249,653	0
Total long-term debt	118,813,827	28,249,653
Fair value \| Market-indexed notes \| LMATT Series 2024, Inc.
Debt Instrument [Line Items]
Long-term debt, fair value	9,311,800	8,067,291	0
Fair value \| Market-indexed notes \| LMATT Series 2.2024, Inc.
Debt Instrument [Line Items]
Long-term debt, fair value	3,027,681	2,354,013	0
Fair value \| Market-indexed notes \| LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Long-term debt, fair value	427,284	400,000	0
Fair value \| Secured borrowing \| LMATT Income Series, LP
Debt Instrument [Line Items]
Long-term debt, fair value	22,242,291	17,428,349	$ 0
Fair value \| Secured borrowing \| LMATT Income Series II, LP
Debt Instrument [Line Items]
Long-term debt, fair value	24,535,851	0
Fair value \| Unsecured borrowing
Debt Instrument [Line Items]
Deferred Financing Cost	(2,266,858)	0
Fair value \| Unsecured borrowing \| Owl Rock Credit Facility
Debt Instrument [Line Items]
Long-term debt, fair value	25,000,000	0
Fair value \| Unsecured borrowing \| SPV Purchase and Sale Note
Debt Instrument [Line Items]
Long-term debt, fair value	25,750,000	0
Fair value \| Unsecured borrowing \| Sponsor PIK Note
Debt Instrument [Line Items]
Long-term debt, fair value	$ 10,785,778	$ 0

SUBSEQUENT EVENTS (Details)			9 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details)	Nov. 10, 2023 USD ($)	Jul. 05, 2023 USD ($) extension	Sep. 30, 2023 USD ($) option	Dec. 31, 2022 option	Nov. 06, 2023 USD ($)	Jun. 30, 2023 USD ($)
Sponsor PIK Note \| Unsecured borrowing
Subsequent Event [Line Items]
Face amount						$ 10,471,648
Interest rate (as a percent)						12.00%
LMATT Income Series II, LP \| Secured borrowing
Subsequent Event [Line Items]
Debt instrument term			3 years	3 years
Debt instrument extension term			1 year
Debt Instrument extension options \| option			2	2
LMATT Income Series II, LP \| Secured borrowing \| General Partner
Subsequent Event [Line Items]
Dividend percentage			100.00%
LMATT Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold One \| Limited Partner
Subsequent Event [Line Items]
Dividend percentage			7.50%
LMATT Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold Two \| Limited Partner
Subsequent Event [Line Items]
Dividend percentage			7.75%
LMATT Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold Three \| Limited Partner
Subsequent Event [Line Items]
Dividend percentage			8.00%
LMATT Income Series II, LP \| Secured borrowing \| Minimum \| Capital Commitment Threshold Two \| Limited Partner
Subsequent Event [Line Items]
Capital commitment threshold to determine dividend rate			$ 500,000
LMATT Income Series II, LP \| Secured borrowing \| Minimum \| Capital Commitment Threshold Three \| Limited Partner
Subsequent Event [Line Items]
Capital commitment threshold to determine dividend rate			1,000,000
LMATT Income Series II, LP \| Secured borrowing \| Maximum \| Capital Commitment Threshold One \| Limited Partner
Subsequent Event [Line Items]
Capital commitment threshold to determine dividend rate			500,000
LMATT Income Series II, LP \| Secured borrowing \| Maximum \| Capital Commitment Threshold Two \| Limited Partner
Subsequent Event [Line Items]
Capital commitment threshold to determine dividend rate			$ 1,000,000
Policy APA
Subsequent Event [Line Items]
Insurance policies fair value		$ 10,000,000
SPV Investment Facility \| Line of Credit
Subsequent Event [Line Items]
Face amount		$ 25,000,000
Interest rate (as a percent)		12.00%
Debt instrument term		3 years
Debt instrument extension term		1 year
Number of extensions \| extension		2
Default rate		2.00%
SPV Investment Facility \| Line of Credit \| Secured borrowing
Subsequent Event [Line Items]
Face amount		$ 15,000,000
SPV Investment Facility \| Line of Credit \| Line of Credit
Subsequent Event [Line Items]
Face amount		$ 10,000,000
Owl Rock Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Debt instrument term		5 years
Default rate		2.00%
Additional borrowing capacity availability period		180 days
Commitment fee		0.50%
Owl Rock Credit Facility \| Line of Credit \| Unsecured borrowing
Subsequent Event [Line Items]
Face amount		$ 25,000,000
Subsequent Event \| Fixed Unsecured Notes
Subsequent Event [Line Items]
Face amount					$ 40,000,000
Interest rate (as a percent)	9.875%
Debt instrument term	5 years
Redemption percentage	100.00%
Subsequent Event \| Fixed Unsecured Notes \| Unsecured borrowing
Subsequent Event [Line Items]
Face amount	$ 35,650,000
Interest rate (as a percent)	9.875%
Debt instrument term	5 years
Redemption percentage	100.00%
Subsequent Event \| Sponsor PIK Note \| Unsecured borrowing
Subsequent Event [Line Items]
Face amount						$ 10,471,648
Interest rate (as a percent)						12.00%
Subsequent Event \| LMATT Income Series II, LP \| Secured borrowing
Subsequent Event [Line Items]
Debt instrument extension term			1 year
Subsequent Event \| LMATT Income Series II, LP \| Secured borrowing \| General Partner
Subsequent Event [Line Items]
Dividend percentage			100.00%
Subsequent Event \| LMATT Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold One \| Limited Partner
Subsequent Event [Line Items]
Dividend percentage			7.50%
Subsequent Event \| LMATT Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold Two \| Limited Partner
Subsequent Event [Line Items]
Dividend percentage			7.75%
Subsequent Event \| LMATT Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold Three \| Limited Partner
Subsequent Event [Line Items]
Dividend percentage			8.00%
Subsequent Event \| LMATT Income Series II, LP \| Secured borrowing \| Minimum \| Capital Commitment Threshold Two \| Limited Partner
Subsequent Event [Line Items]
Capital commitment threshold to determine dividend rate			$ 500,000
Subsequent Event \| LMATT Income Series II, LP \| Secured borrowing \| Minimum \| Capital Commitment Threshold Three \| Limited Partner
Subsequent Event [Line Items]
Capital commitment threshold to determine dividend rate			1,000,000
Subsequent Event \| LMATT Income Series II, LP \| Secured borrowing \| Maximum \| Capital Commitment Threshold One \| Limited Partner
Subsequent Event [Line Items]
Capital commitment threshold to determine dividend rate			500,000
Subsequent Event \| LMATT Income Series II, LP \| Secured borrowing \| Maximum \| Capital Commitment Threshold Two \| Limited Partner
Subsequent Event [Line Items]
Capital commitment threshold to determine dividend rate			$ 1,000,000
Subsequent Event \| Policy APA
Subsequent Event [Line Items]
Insurance policies fair value		10,000,000
Subsequent Event \| SPV Investment Facility \| Line of Credit
Subsequent Event [Line Items]
Face amount		$ 25,000,000
Interest rate (as a percent)		12.00%
Debt instrument term		3 years
Debt instrument extension term		1 year
Number of extensions		2
Default rate		2.00%
Subsequent Event \| SPV Investment Facility \| Line of Credit \| Secured borrowing
Subsequent Event [Line Items]
Face amount		$ 15,000,000
Subsequent Event \| SPV Investment Facility \| Line of Credit \| Line of Credit
Subsequent Event [Line Items]
Face amount		$ 10,000,000
Subsequent Event \| Owl Rock Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Debt instrument term		5 years
Additional borrowing capacity availability period		180 days
Commitment fee		0.50%
Subsequent Event \| Owl Rock Credit Facility \| Line of Credit \| Unsecured borrowing
Subsequent Event [Line Items]
Face amount		$ 25,000,000

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Income Statement [Abstract]
Stock-based compensation	$ 4,583,632	$ 4,583,632

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of the Components of Expense for Income Taxes

The components of provision for income taxes are as follows:


	December 31, 2022		December 31, 2021
Current provision:
Federal	$	—	$	—
State		—		—
Foreign		—		—

Total current tax		—		—

Deferred provision (benefit):
Federal		737,376		—
State		152,567		—
Foreign		—		—

Total deferred tax		889,943		—

Provision for income taxes	$	889,943		—

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differs from the federal statutory income tax rate applied to the profit loss before provision for income taxes due to the following:


	Year Ended December 31, 2022			Year Ended December 31, 2021
Income tax benefit computed at federal statutory rate	$	6,988,153		$	(28,058	)
Effect of pass through entities	$	(6,147,068	)	$	(75,650	)
State taxes, net of federal benefit		174,024			(21,458	)
Valuation allowance		(125,166	)		125,166

Income tax benefit at effective tax rate	$	889,943		$	—

Schedule of Deferred Tax Assets and Liabilities

The effects of temporary differences that give rise to significant portions of the deferred tax assets are as follows:


	Year Ended			Year Ended
	December 31, 2022			December 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$	167,554		$	125,166
Basis Difference in Life Insurance Contracts	$	109,903
Other		—			—

Gross deferred tax assets		277,457			125,166

Less: valuation allowance		—			(125,166	)

Total deferred tax assets		277,457			—

Deferred tax liabilities:
Unrealized Gain		(1,641,277	)		—

Other		—			—

Gross deferred tax liabilities		(1,641,277	)		—

Deferred tax liabilities—net of allowance	$	(1,363,820	)	$	—

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

Schedule of the Components of Expense for Income Taxes

The components of expense for income taxes for the years ended December 31, 2022 and 2021 are as follows:


	2022		2021
State income taxes:
Current	$	2,018	$	1,200
Deferred		—		—

Expense for income taxes	$	2,018	$	1,200

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:


Tax at federal statutory rate	21.00	%	21.00	%
State taxes, net of federal benefit	(4.00	)	0.12
U.S. income attributable to pass-through entity	(21.00	)	(21.00	)

Effective income tax rate	(4.00	)%	0.12	%

SEGMENT REPORTING (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Summary of Revenue by Segment

Revenue related to the Company’s reporting segments for the three-month and nine-month periods ended September 30, 2023, and September 30, 2022, is as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2023			2022		2023			2022
Portfolio servicing	$	224,569		$	382,245	$	814,626		$	1,372,573
Active management		18,926,144			11,125,503		39,921,061			28,411,475
Originations		10,214,489			—		10,214,489			—
Segment revenue (including inter-segment)		29,365,202			11,507,748		50,950,176			29,784,048
Inter-segment elimination		(8,244,272	)		—		(8,244,272	)		—

Total revenue	$	21,120,930		$	11,507,748	$	42,705,904		$	29,784,048

Summary of Segment Information

Information related to the Company’s reporting segments for the three-month and nine-month periods ended September 30, 2023 and September 30, 2022 is as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Portfolio servicing	$	(626,045	)	$	(106,817	)	$	(792,173	)	$	561,935
Active management		13,856,637			9,859,671			34,144,789			25,381,144
Originations		4,525,381			—			4,525,381			—
Total gross profit		17,755,973			9,752,854			37,877,997			25,943,079

Sales and marketing		(1,704,154	)		(14,905	)		(3,116,999	)		(1,664,403	)
General and administrative (including stock based compensation of $4,583,632)		(9,838,951	)		(59,816	)		(11,113,382	)		(706,523	)
Depreciation and amortization expense		(1,694,853	)		(1,071	)		(1,696,994	)		(3,211	)
Other (expense) income		20,086			42,289			(1,565	)		(199,958	)
Loss on change in fair value of warrant liability		(943,400	)		—			(943,400	)		—
Interest expense		(2,679,237	)		—			(3,620,695	)		—
Interest income		63,826			—			71,283			—
Gain (Loss) on change in fair value of debt		2,088,797			1,235,032			(309,865	)		859,519
Unrealized (loss) gain on investments		(306,800	)		(246,846	)		491,356			(1,301,821	)
Provision for income taxes		(1,710,315	)		(352,081	)		(2,238,419	)		(648,887	)
Less: Net gain (loss) attributable to non-controlling interests		(147,611	)		(363,452	)		339,692			(770,093	)

Net income attributable to Abacus Life, Inc.	$	903,361		$	9,992,004		$	15,739,009		$	21,507,702

Information related to the Company’s reporting segments for December 31, 2022 and December 31, 2021 is as follows:


	As of December 31, 2022			As of December 31, 2021
Portfolio Servicing	$	1,470,973		$	1,079,986
Active Management		43,242,581			120,000

Total Revenue	$	44,713,553		$	1,199,986

Portfolio Servicing	$	300,235		$	406,093
Active Management		38,168,187			58,000

Gross profit	$	38,468,422		$	464,093

Sales and Marketing	$	(2,596,140	)	$	—
General, administrative and other		(1,066,403	)		(101,406	)
Other operating expenses		—			(493,849	)
Depreciation		(4,282	)		(2,447	)
Other expense		(347,013	)		—
Interest (expense)		(42,798	)
Interest income		1,474
Change on fair value of debt		(90,719	)		—
Unrealized gain(loss) on investments		(1,045,623	)		—
Income tax expense		(889,943	)		—
Net loss attributable to non-controlling interest		(704,699	)		148,155

Net income attributable to Longevity Market Assets, LLC	$	31,682,275		$	14,546

SHAREHOLDERS' EQUITY

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Equity [Abstract]

SHAREHOLDERS' EQUITY

14.	SHAREHOLDERS’ EQUITY

The Company is authorized to issue up to 200,000,000 shares of common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share. No shares of preferred stock are issued or outstanding. Holders of the Company’s common stock are entitled to one vote for each share. As of September 30, 2023, there were 63,349,823 shares of common stock issued and outstanding. Holders of shares were entitled to receive, in the event of a liquidation, dissolution or winding up, ratably the assets available for distribution to the shareholders after payment of all liabilities.

The equity structure has been recast in all comparative periods up to the Closing Date to reflect the number of shares of the Company’s common stock, 0.0001 par value per share, issued to legacy LMA’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to legacy LMA common stock prior to the Business Combination have been retroactively recast as shares reflecting the exchange ratio of 0.8 established in the Business Combination. As of December 31, 2022, this resulted in

50,369,350

shares of common stock issued and outstanding.

Public Warrants

As of September 30, 2023, the Company has 17,249,984 Public Warrants outstanding. Each redeemable whole Public Warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per full share, subject to adjustment as described. The Public Warrants represent a freestanding financial instrument as it is traded on the Nasdaq under the symbol “ABLLW” and legally detachable and separately exercisable from the related underlying shares of the Company’s common stock. Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public

Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Proposed Offering. The Public Warrants will expire five years from the completion of a Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable and the Company will not be obligated to issue a share of Class A common stock upon exercise of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.

Redemption of Warrants for Cash—Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants for cash:

•

in whole and not in part;

•

at a price of $0.01 per Public Warrant;

•

upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

•

if, and only if, the last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

If and when the Public warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. However, the Company will not redeem the warrants unless an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act.

Redemption of Warrants for Shares of Class A Common Stock—Once the Public warrants become exercisable, the Company may redeem the outstanding warrants for shares of Class A common stock:

•

in whole and not in part;

•

at a price equal to a number of shares of Class A common stock to be determined by reference to the agreed table set forth in the warrant agreement based on the redemption date and the “fair market value” of the Class A common stock;

•

upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

•

if, and only if, the last sale price of the Class A common stock equals or exceeds $10.00 per share (as adjusted per share splits, share dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the Company’s initial Business Combination at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined in good faith by our board of directors), (y) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Price”) is

below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of Market Price and the newly issued price. Further, the $10.00 and $18.00 per share redemption trigger prices will be adjusted to be equal to 100% and 180%, respectively, of the higher of the market value and the newly issued price.

If the Company elects to redeem all of the Public Warrants or the common stock is at the time of any exercise of a Public Warrant not listed on a national securities exchange, management has the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. In such event, each holder would pay the exercise price by surrendering the whole warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. However, in no instance can the warrant holder unilaterally decide to exercise its Public Warrant on a cashless basis.

Upon the Business Combination, the Company accounted for the Public Warrants issued with the IPO as equity instruments. The Company accounted for the warrant as an expense of the IPO resulting in a charge directly to stockholders’ equity. The Company estimates that the fair value of the warrants upon the Business Combination is approximately $4.73 million, or $0.274 per Public Warrant, using the binomial lattice model. The fair value of the warrants is estimated as of the date of grant using the following assumptions: (1) risk-free interest rate of 4.09%, (2) term to expiration of 5.00 years, (3) exercise price of $11.50 and (4) stock price of $10.03.

12.	SHAREHOLDERS’ EQUITY

The Company is authorized to issue up to 5,000 units of par value common units. Holders of the Company’s common units are entitled to one vote for each share. At December 31, 2022 and 2021, there were 5,000 units issued and outstanding. Holders of the common units were entitled to receive, in the event of a liquidation, dissolution or winding up, ratably the assets available for distribution to the stockholders after payment of all liabilities.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Expense

CEO Stock-based compensation expense is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Stock-based compensation expense	$	4,583,632	$	—	$	4,583,632	$	—

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

Restricted Stock activity relative to the CEO for the nine months ended September 30, 2023 is summarized as follows:


	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022		—	$	—
Granted		4,569,922		10.03
Forfeited		—		—
Settled		—		—

Outstanding at September 30, 2023		4,569,922	$	10.03

EMPLOYEE BENEFIT PLAN

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

EMPLOYEE BENEFIT PLAN

16.	EMPLOYEE BENEFIT PLAN

The Company has a defined contribution plan in the U.S. intended to qualify under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer up to 100% of their annual compensation on a pretax basis. For the year ended December 31, 2022, the Company elected to match 50% of employee contributions up to a maximum of 4% of eligible employee compensation. For the three months ended September 30, 2023 and 2022, the Company recognized expenses related to the 401(k) Plan amounting to $61,586 and $4,511, respectively and for the nine months ended September 30, 2023 and 2022, the Company recognized expenses related to the 401(k) Plan amounting to $86,901 and $12,559, respectively.

13.	EMPLOYEE BENEFIT PLAN

pre-tax

basis. For the years ended December 31, 2022 and 2021, the Company elected to match 50% of employee contributions up to a maximum of 4% of eligible employee compensation. For the years ended December 31, 2022 and 2021, the Company recognized expenses related to the 401(k) Plan amounting to $22,559 and $8,368, respectively.

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

EMPLOYEE BENEFIT PLAN

10.	RETIREMENT PLAN

The Company had a 401(k) Safe Harbor and Discretionary Profit-Sharing Plan (the Plan) with a service provider until May 30, 2021, at which time the Company switched to Paychex’s Retirement Services 401(k) Profit Sharing Plan. All eligible employees are able to participate in voluntary salary reduction contributions to the Profit-Sharing Plan. All employees who have completed one year of service with the Company are eligible to receive employer matching contributions. The Company may match contributions to the Profit-Sharing Plan, up to 4% of compensation. For the years ended December 31, 20

2 and 2021, the Company made a discretionary contribution of $0 and $100,000 to the Profit Sharing

an, respectively.

LONG-TERM DEBT - Owl Rock Credit Facility (Details) - Owl Rock Credit Facility - Line of Credit $ in Thousands	Jul. 05, 2023 USD ($)
Debt Instrument [Line Items]
Additional borrowing capacity availability period	180 days
Commitment fee	0.50%
Debt instrument term	5 years
Default rate	2.00%
Amortization payment percentage	1.00%
Amortization payment per quarter	0.25%
Mandatory prepayment percentage	100.00%
Maximum leverage ratio	2.5
Liquid asset minimum coverage ratio	1.8
Maximum securities related activities percentage of aggregate gross revenues	15.00%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate (as a percent)	7.25%
Base Rate
Debt Instrument [Line Items]
Interest rate (as a percent)	6.25%
Variable Rate Component One \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Basis spread on variable rate, term	1 month
Variable Rate Component Two \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.15%
Basis spread on variable rate, term	3 months
Variable Rate Component Three \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Basis spread on variable rate, term	6 months
Unsecured borrowing
Debt Instrument [Line Items]
Face amount	$ 25,000

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

20.	EARNINGS PER SHARE

Basic earnings per share (“EPS”) represents income available to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the reported period. Net income per ordinary share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. The Company has not considered the effect of the Public and Private Placement Warrants to purchase an aggregate of 26,150,000 shares in the calculation of diluted income per ordinary share, since the average market price of the Company’s Class A common shares for the three and nine months ended September 30, 2023 was below the warrants’ $11.50 exercise price. As a result, diluted income per share is the same as basic net income per share for the period presented.

Basic and diluted weighted average shares outstanding and earnings per share were as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net income attributable to Longevity Market Assets	$	903,361	$	9,992,004	$	15,739,009	$	21,507,702
Weighted-average shares used in computing net income per share, basic and diluted		63,349,823		50,369,350		54,632,826		50,369,350
Basic and diluted earnings per share:	$	0.01	$	0.20	$	0.29	$	0.43

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

13.	SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION.


	2022		2021
Supplemental cash flow information:
Cash paid for income taxes	$	0	$	1,200
Supplemental disclosure of non-cash investing and financing activity:
Distributions owed to the members		1,411		11,857

Abacus Settlements LLC - RETIREMENT PLAN

6 Months Ended

Jun. 30, 2023

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

RETIREMENT PLAN

6.	RETIREMENT PLAN

Abacus provides a defined contribution plan to its employees, Abacus Settlements LLC 401(k) Profit Sharing Plan & Trust (the “Plan”). All eligible employees are able to participate in voluntary salary reduction contributions to the Profit-Sharing Plan. All employees who have completed one year of service with Abacus are eligible to receive employer-matching contributions. Abacus may match contributions to the Plan, up to 4% of compensation. For the three months ended June 30, 2023 and September 30, 2022, and for six months ended June 30, 2023 and nine months ended September 30, 2022, Abacus made no discretionary contribution to the

Plan

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

INCOME TAXES

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

INCOME TAXES

17.	INCOME TAXES

14.	INCOME TAXES

100

The components of provision for income taxes are as follows:


	December 31, 2022		December 31, 2021
Current provision:
Federal	$	—	$	—
State		—		—
Foreign		—		—

Total current tax		—		—

Deferred provision (benefit):
Federal		737,376		—
State		152,567		—
Foreign		—		—

Total deferred tax		889,943		—

Provision for income taxes	$	889,943		—

The effective income tax rate differs from the federal statutory income tax rate applied to the profit loss before provision for income taxes due to the following:


	Year Ended December 31, 2022			Year Ended December 31, 2021
Income tax benefit computed at federal statutory rate	$	6,988,153		$	(28,058	)
Effect of pass through entities	$	(6,147,068	)	$	(75,650	)
State taxes, net of federal benefit		174,024			(21,458	)
Valuation allowance		(125,166	)		125,166

Income tax benefit at effective tax rate	$	889,943		$	—

The effects of temporary differences that give rise to significant portions of the deferred tax assets are as follows:


	Year Ended			Year Ended
	December 31, 2022			December 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$	167,554		$	125,166
Basis Difference in Life Insurance Contracts	$	109,903
Other		—			—

Gross deferred tax assets		277,457			125,166

Less: valuation allowance		—			(125,166	)

Total deferred tax assets		277,457			—

Deferred tax liabilities:
Unrealized Gain		(1,641,277	)		—

Other		—			—

Gross deferred tax liabilities		(1,641,277	)		—

Deferred tax liabilities—net of allowance	$	(1,363,820	)	$	—

Abacus Settlements, LLC

INCOME TAXES

9.	INCOME TAXES

Since the Company elected to file as an S-corporation for Federal and State income tax purposes, the Company incurred no Federal or State income taxes. Accordingly, tax expense is attributable to minimum state tax payments that are due regardless of their S-corporation status and income position.

The components of expense for income taxes for the years ended December 31, 2022 and 2021 are as follows:


	2022		2021
State income taxes:
Current	$	2,018	$	1,200
Deferred		—		—

Expense for income taxes	$	2,018	$	1,200

This expense solely relates to state minimum tax for state taxes that have been paid and settled during the respective years shown above.

For the years ended December 31, 2022 and 2021, the income tax expense differs from the provision that would result from applying state statutory tax rates to the income before income taxes due to the Company’s S-corporation election. A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:


Tax at federal statutory rate	21.00	%	21.00	%
State taxes, net of federal benefit	(4.00	)	0.12
U.S. income attributable to pass-through entity	(21.00	)	(21.00	)

Effective income tax rate	(4.00	)%	0.12	%

Given the company’s S-Corporation status, temporary book and tax differences do not create a deferred tax asset or liability on the balance sheets. Accordingly, an assessment of realizability of any deferred tax asset balances is not relevant.

On March 27, 2020, the CARES Act was enacted. The CARES Act includes provisions, among others, addressing the carryback of net operating losses for specific periods, refunds of alternative minimum tax credits, temporary modifications to the limitations placed on the tax deductibility of net interest expenses, and technical amendments for qualified improvement property. Additionally, the CARES Act provides for various payroll incentives, including PPP loans, refundable employee retention tax credits, and the deferral of the employer-paid portion of social security payroll taxes.

- Definition

+ References

+ Details

BUSINESS COMBINATION - Narrative (Details)	Jun. 30, 2023 USD ($)
LMA and Abacus
Business Acquisition [Line Items]
Consideration	$ 531,750,000
LMA and Abacus \| Customer Relationships - Agents
Business Acquisition [Line Items]
Useful Life	5 years
LMA and Abacus \| Customer Relationships - Financial Relationships
Business Acquisition [Line Items]
Useful Life	8 years
LMA
Business Acquisition [Line Items]
Consideration	$ 366,388,668
Enterprise value	366,400,000
LMA \| Minimum \| Discounted cash flow method
Business Acquisition [Line Items]
Enterprise value	380,000,000
LMA \| Minimum \| Market approach
Business Acquisition [Line Items]
Enterprise value	400,000,000
LMA \| Maximum \| Discounted cash flow method
Business Acquisition [Line Items]
Enterprise value	460,000,000
LMA \| Maximum \| Market approach
Business Acquisition [Line Items]
Enterprise value	$ 440,000,000
LMA \| Discount rate
Business Acquisition [Line Items]
Measurement input	0.145
Abacus Settlements
Business Acquisition [Line Items]
Consideration	$ 165,361,332
Enterprise value	165,400,000
Abacus Settlements \| Minimum \| Discounted cash flow method
Business Acquisition [Line Items]
Enterprise value	180,000,000
Abacus Settlements \| Minimum \| Market approach
Business Acquisition [Line Items]
Enterprise value	180,000,000
Abacus Settlements \| Maximum \| Discounted cash flow method
Business Acquisition [Line Items]
Enterprise value	195,000,000
Abacus Settlements \| Maximum \| Market approach
Business Acquisition [Line Items]
Enterprise value	$ 190,000,000
Abacus Settlements \| Discount rate
Business Acquisition [Line Items]
Measurement input	0.165

CONDENSED CONSOLIDATE BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000
Common stock, shares issued (in shares)	63,349,823	50,639,350
Common stock, shares outstanding (in shares)	63,349,823	50,639,350
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	63,349,823	50,369,350
Common stock, shares outstanding (in shares)	63,349,823	50,369,350
ABACUS SETTLEMENTS LLC DBA ABACUS LIFE
Common stock, par value (in dollars per share)		$ 10
Common unit, issued		400
Common unit, outstanding		400

OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS (Details)			1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS (Details)	Dec. 21, 2020 USD ($) shares	Jul. 22, 2020 USD ($) shares	Dec. 31, 2022 USD ($) Payment shares	Sep. 30, 2023 USD ($) entity	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) entity	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Payment	Dec. 31, 2021 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)
Conversion of Stock [Line Items]
Number of entities, convertible preferred stock ownership \| entity				2		2
Equity securities without readily determinable fair value, amount			$ 1,300,000	$ 1,650,000		$ 1,650,000		$ 1,300,000	$ 1,250,000
Increase in series seed preferred units			$ 800,000					800,000
Impairment of investments				0	$ 0	0	$ 0	0	$ 0
Series Seed Preferred Units
Conversion of Stock [Line Items]
Units purchased (in shares) \| shares		224,551	119,760
Equity securities without readily determinable fair value, amount		$ 750,000	$ 400,000	$ 1,150,000		$ 1,150,000		400,000		$ 1,100,000	$ 950,000
Increase in series seed preferred units			$ 14,970					$ 14,970
Number of monthly payments \| Payment			8					8
Monthly payment amount			$ 50,000
Equity ownership percentage			8.10%	8.60%		8.60%		8.10%
Series B-1 Preferred Stock
Conversion of Stock [Line Items]
Units purchased (in shares) \| shares	207,476
Equity securities without readily determinable fair value, amount	$ 500,000
Equity ownership percentage	1.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Abacus Settlements, LLC
Advertising expense	$ 1,414,828	$ 1,803,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Basis of Presentation and Unaudited Condensed Consolidated Financial Statements

Basis of Presentation

As a result of the Business Combination, the Company evaluated if ERES, Abacus, or LMA is the predecessor for accounting purposes.

Basis of Presentation

Unaudited Condensed Consolidated Financial Statements

Consolidation of Variable Interest Entities

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810,

Consolidations

The Company accounted for its investment in the call options under the Option Agreement as an equity security, pursuant to ASC 321,

Investments-Equity Securities

. In arriving at this accounting conclusion, the Company first considered whether the call options met the definition of a derivative pursuant to ASC 815,

Derivatives and Hedging

beneficiary of LMX. The Company has included the results of LMX and its subsidiaries in its condensed consolidated financial statements for the period ended September 30, 2023.

Consolidation of Variable Interest Entities

—For entities in which the Company has variable interests, the Company first evaluates whether the entity meets the definition of a variable interest entity (“VIE”) or a voting interest entity (“VOE”). If the entity is a VIE, the Company focuses on identifying whether it has the power to direct the activities that most significantly impact the VIE’s economic performance and whether it has the obligation to absorb losses or the right to receive benefits from the VIE. If the Company is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the variable interest entity will be included in the Company’s consolidated financial statements. The proportionate share not owned by the Company is recognized as Noncontrolling interest and Net income (loss) attributable to noncontrolling interest on the Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive (Loss) Income, respectively. If the entity is a VOE, the Company evaluates whether it has the power to control the VOE through a majority voting interest or through other arrangements.

C-Corporation.

Non-Consolidated Variable Interest Entities

Non-Consolidated

Variable Interest Entities

—On January 1, 2021, the Company entered into an option agreement with

two

120,000

of funding for the year ended December 31, 2021 which was repaid in full by the Providers during that same year. See Note 9, Commitments and Contingencies.

126,040

and liabilities of $

and held assets of $

861,924

and liabilities of $

358,586

, respectively. As of December 31, 2021, unaudited financial information for the

non-consolidated

VIEs were as follows: held assets of $

122,279

and liabilities of $

and held assets of $

474,288

and liabilities of $

2,218

, respectively.

Noncontrolling Interest

—Noncontrolling interest represents the share of consolidated entities owned by third parties. At the date of formation or upon acquisition, the Company recognizes noncontrolling interest on the Consolidated Balance Sheets at an amount equal to the noncontrolling interest’s proportionate share of the relative fair value of any assets and liabilities acquired. Noncontrolling interest is subsequently adjusted for the noncontrolling shareholder’s additional contributions, distributions, and the shareholder’s share of the net earnings or losses of each respective consolidated entity.

Net income of a consolidated entity is allocated to noncontrolling interests based on the noncontrolling shareholder’s ownership interest during the period. The net income or loss that is not attributable to the Company is reflected in Net income (loss) attributable to noncontrolling interests in the Consolidated Statement of Operations and Comprehensive Income (Loss).

Use of Estimates

Life Insurance Settlement Policies

—The Company accounts for its holdings of life insurance settlement policies in accordance with ASC 325-30,

Investments in Insurance Contracts

The Company follows ASC 820,

Fair Value Measurements and Disclosures

Life Insurance Settlement Policies

—The Company accounts for its holdings of life insurance settlement policies in accordance with

ASC 325-30,

Investments in Insurance Contracts

The Company follows ASC 820,

Fair Value Measurements and Disclosures

For policies held under the investment method, the Company tests the impairment if we become aware of information indicating that the carrying value plus undiscounted future premiums of a policy may not be recoverable. This information is gathered initially through extensive underwriting procedures at purchase of the settlement contract, as well as through periodic underwriting review that include medical reports and life expectancy evaluations. The policies held by the Company using the investment method are expected to be owned for a shorter-term and are actively marketed to potential buyers. The market feedback received through these interactions provides the Company with information related to a potential impairment. If a policy is determined to be impaired, the Company will adjust the carrying value to the fair value determined through the impairment analysis.

Going Concern

Cash and Cash Equivalents

—Cash and cash equivalents include short-term and all

highly-liquid

debt instruments purchased with an original maturity of three months or less.

Fair Value Measurements

Level

—Valuation based on quoted market prices in active markets for identical assets or liabilities.

Level

—Valuation based on inputs other than Level 1 inputs that are observable for the assets or liabilities either directly or indirectly.

Level

—Valuation based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and supported by little or no observable market activity.

Available-for-sale

825-10-45-5.

The measurement approach for life settlement policies is included above within the Life Settlement Policies disclosure.

Related party receivables

Other Investments

Available-For-Sale Securities

Available-For-Sale

Securities

—The Company has investments in securities that are classified as

available-for-sale

Available-for-Sale

Securities as of December 31, 2022 and December 31, 2021.

Other Noncurrent Assets, at fair value

—

Goodwill and Intangible Assets

differ from those estimates. As of September 30, 2023, there were no events or changes in circumstances that indicated that a

carrying

amount of goodwill or intangible asset may not be recoverable. Refer Note 6, Goodwill and Other Intangible Assets, for additional information on goodwill and intangible assets.

Contract Balances

Cost of Revenues (excluding Depreciation and Amortization)

Income Taxes

—The Company is taxed as an

S-corporation

for U.S. federal income tax purposes as provided in Section 1362(a) of the Internal Revenue Code with the exception of three consolidated entities that are Delaware

C-

C-corporations

file federal returns and in the state of Florida, where the business operates.

For LMATT Series 2024, Inc. taxes on earnings are based on pretax financial accounting income (losses).

The Company records uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a

two-step

Concentrations

anc

ial condition, monitoring credit history and current economic conditions, and using historical experience applied to an aging of accounts.

Concentrations

—Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable and

available-for-sale

securities. The Company maintains its cash in bank deposit accounts with high-quality financial institutions which, at times, may exceed federally i

nsu

Warrants

Distinguishing Liabilities from Equity

Stock-Based Compensation

—We account for stock-based compensation in accordance with ASC 718,

Compensation - Stock Compensation

gnize

compensation expense on the grant date based on the fair value of the awards as of that date.

Property and Equipment, Net

—Property and equipment are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the following estimated useful lives:


		Estimated Useful Life
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Revenue Recognition

—The Company generally derives its revenue from life settlement servicing and consulting activities (Portfolio Servicing Revenue) and life settlement trading activities (Active Management Revenue).

Portfolio Servicing Revenue

—

one-month

Active Management Revenue

—

Other Consideration

—

Cost to Obtain and Fulfill Contracts

—

Segments

Lessee

Leases

—The Company accounts for its leases in accordance with ASC 842,

Leases

right-of-use

non-lease

components together as a single lease component for its real estate lease noted above.

The Company does not have any finance leases, nor is the Company a lessor (or sublessor).

See Note 16 for additional disclosures related to leases.

Earnings Per Unit

esented to reflect that change in capital structure. If such changes occur aft

r the close of the reporting period but before issuance of the financial statements, the

per-unit

computations for that period and any prior-period financial statements presented are based on the new number of units.

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Basis of Presentation and Unaudited Condensed Consolidated Financial Statements

Basis of Presentation

—The accompanying condensed financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

Unaudited Condensed Consolidated Financial Statements

Unaudited Condensed Financial Statements

—The condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2022, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of Abacus’ financial position as of June 30, 2023, and the condensed results of its operations and comprehensive income/(loss) and cash flows for the three and six months ended June 30, 2023 and the three and nine months ended September 30, 2022. The condensed results of operations and comprehensive income/(loss) and cash flows for the period January 1, 2023 to June 30, 2023, are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, or any other period.

Use of Estimates

—The preparation of US GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of

contingent assets and liabilities at the date of financial statements and the reports amounts of revenue and expenses during the reporting periods. Abacus’ estimates, judgments, and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from the estimates. Estimates are used when accounting for revenue recognition and related costs, the selection of useful lives of property and equipment, impairment testing, valuation of other receivables from clients, income taxes, and legal reserves.

Going Concern

—Management evaluates at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Abacus’ ability to continue as a going concern within one year after the date that the financial statements are issued. Management’s evaluation is based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. Management has concluded that there are no conditions or events, considered in the aggregate, that raise substantial doubt about Abacus’ ability to continue as a going concern within one year after the date these financial statements were issued.

Other receivables

—Other receivables include origination fees for policies in which the rescission period has ended, but the funds have not been received yet from financing entities. These fees were collected in the subsequent month.

Abacus provides an allowance for credit losses equal to the estimated collection losses that will be incurred in collection of all receivables. Management determines the allowance for credit losses based on a review of outstanding receivables, historical collection experience, current economic conditions, and reasonable and supportable forecasts. Account balances are charged off against the allowance for credit losses after all means of collection have been exhausted and the potential for recovery is deemed remote. Abacus does not have any material allowance for credit losses as of June 30, 2023 or December 31, 2022.

If the financial condition of Abacus’ customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Abacus did not record material allowance for credit losses as of June 30, 2023, and December 31, 2022, respectively.

Concentrations

—All of Abacus’ revenues are derived from life settlement transactions in which Abacus represents Financing Entities that purchased existing life insurance policies. One financing entity, a company in which the Abacus’ members own interests, represented 23% and 63% of Abacus’ revenues in six months ended June 30, 2023 and nine months ended September 30, 2022, respectively. Abacus originates policies through three different channels: Direct to Consumer, Agent, and Broker. Two brokers represented the sellers for over 10% of Abacus’ life settlement commission expense during the period six months ended June 30, 2023. No single broker represented the sellers for over 10% of Abacus’ life settlement commission expense during the period nine months ended September 30, 2022. Abacus maintains cash deposits with a major financial institution, which from time to time may exceed federally insured limits. Abacus periodically assesses the financial condition of the institution and believes that the risk of loss is minimal.

Advertising

—All advertising expenditures incurred by Abacus are charged to expense in the period to which they relate and are included in general and administrative expenses on the accompanying condensed statements of operations and comprehensive income/(loss). Advertising expense totaled $367,418 and $421,088 for three months ended June 30, 2023 and September 30, 2022, respectively. Advertising expense totaled $741,789 and $975,890 for six months ended June 30, 2023 and nine months ended September 30, 2022, respectively.

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Basis of Presentation and Unaudited Condensed Consolidated Financial Statements

Basis of Presentation

Use of Estimates

—The preparation of U.S. GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities at the date of financial statements and the reports amounts of revenue and expenses during the reporting periods. Company’s estimates, judgments and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from the estimates. Estimates are used when accounting for revenue recognition and related costs, the selection of useful lives of property and equipment, impairment testing, valuation of other receivables, income taxes and legal reserves.

Going Concern

—Management evaluates at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management’s evaluation is based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. Management has concluded that there are no conditions or events, considered in the aggregate, that raise substantial doubt about Company’s ability to continue as a going concern within one year after the date these financial statements were issued.

Cash and Cash Equivalents

—Cash and cash equivalents include short-term and all highly-liquid debt instruments purchased with an original maturity of three months or less.

Fair Value Measurements

Level 1

—Valuation based on quoted market prices in active markets for identical assets or liabilities;

Level 2

—Valuation based on inputs other than Level 1 inputs that are observable for the assets or liabilities either directly or indirectly;

Level 3

—Valuation based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and supported by little or no observable market activity.

Related party receivables

Other receivables

Contract Balances

Income Taxes

The Company records uncertain tax positions in accordance with ASC 740,

Income Taxes

Concentrations

Advertising

Property and Equipment, Net

Property and Equipment—Net


	Years
Computer equipment		5
Office furniture		5

Revenue Recognition

commissions received and the reimbursement of transaction costs. For revenue disaggregation based upon the source of the policy, see disclosure in Note 8—Revenue.

The Company’s revenue-generating arrangements are within the scope of ASC 606,

Revenue from Contracts with Customers

Cost to Obtain or Fulfill Contracts

Segments

Segment

—Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its President and Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Lessee

Leases

—The Company accounts for its leases in accordance with ASC 842,

Leases

In April 2022, the Company entered into an agreement to lease additional office space in Orlando, Florida from a vendor. The lease commenced on May 1, 2022 and goes through October 30, 2023.

The Company does not have any finance leases, nor is the Company a lessor (or sublessor).

See Note 14 for additional disclosures related to leases.

Earnings Per Unit

Intangible Assets—Net

Internal-Use Software

State security deposit and Certificate of Deposit

Commissions

LEASES - Supplemental Cash Flow Information (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Operating cash flows from operating leases	$ 96,891	$ 36,121	$ 48,399	$ 19,868
ROU assets obtained in exchange for new lease liabilities	$ 0	$ 0	0	139,025
Abacus Settlements, LLC
Operating cash flows from operating leases			201,478	126,178
ROU assets obtained in exchange for new lease liabilities			$ 123,541	$ 417,076

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 167,554	$ 125,166
Basis Difference in Life Insurance Contracts	109,903
Other	0	0
Gross deferred tax assets	277,457	125,166
Less: valuation allowance	0	(125,166)
Total deferred tax assets	277,457	0
Deferred tax liabilities:
Unrealized Gain	(1,641,277)
Other	0	$ 0
Gross deferred tax liabilities	(1,641,277)
Deferred tax liabilities—net of allowance	$ (1,363,820)

Abacus Settlements LLC - UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2022
Total revenues		$ 11,507,748		$ 29,784,048
Total cost of revenue		1,754,894		3,840,969
Total gross profit		9,752,854		25,943,079
OPERATING EXPENSES:
General and administrative expenses		59,816		706,523
Depreciation				3,211
Total operating expenses		(912,394)		2,816,439
Operating income (loss)		10,665,248		23,126,640
OTHER INCOME (EXPENSE)
Interest income		0		0
Interest (expense)		0		0
Other income (expense)		42,289		(199,958)
Total other income (expense)		42,289		(199,958)
Net income before provision for income taxes		10,707,537		22,926,682
Income tax expense		352,081		648,887
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS		$ 9,992,004		$ 21,507,702
WEIGHTED-AVERAGE UNITS USED IN COMPUTING NET INCOME (LOSS) PER UNIT:
Weighted-average shares used in computing net income per share, basic (in shares)		50,369,350		50,369,350
Weighted-average units outstanding - diluted (in shares)		50,369,350		50,369,350
NET INCOME/(LOSS) PER UNIT:
Basic earnings per unit (in dollars per share)		$ 0.2		$ 0.43
Diluted earnings per unit (in dollars per share)		$ 0.2		$ 0.43
Abacus Settlements, LLC
Origination revenue	$ 6,884,690	$ 6,031,480	$ 13,184,676	$ 19,046,144
Total revenues	6,884,690	6,031,481	13,184,676	19,046,144
Total cost of revenue	4,897,980	3,864,079	9,293,303	12,651,704
Total gross profit	1,986,710	2,167,402	3,891,373	6,394,440
OPERATING EXPENSES:
General and administrative expenses	2,297,577	2,284,061	4,848,580	6,232,419
Depreciation	2,561	3,161	5,597	9,149
Total operating expenses	2,300,138	2,287,222	4,854,177	6,241,568
Operating income (loss)	(313,428)	(119,820)	(962,804)	152,872
OTHER INCOME (EXPENSE)
Interest income	1,193	358	1,917	1,505
Interest (expense)	(5,863)	(2,954)	(11,725)	(2,954)
Other income (expense)	0	0	0	273
Total other income (expense)	(4,670)	(2,596)	(9,808)	(1,176)
Net income before provision for income taxes	(318,098)	(122,417)	(972,612)	151,696
Income tax expense	0	582	2,289	1,907
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS	$ (318,098)	$ (122,999)	$ (974,901)	$ 149,789
WEIGHTED-AVERAGE UNITS USED IN COMPUTING NET INCOME (LOSS) PER UNIT:
Weighted-average shares used in computing net income per share, basic (in shares)	400	400	400	400
Weighted-average units outstanding - diluted (in shares)	400	400	400	400
NET INCOME/(LOSS) PER UNIT:
Basic earnings per unit (in dollars per share)	$ (795.25)	$ (307.5)	$ (2,437.25)	$ 374.47
Diluted earnings per unit (in dollars per share)	$ (795.25)	$ (307.5)	$ (2,437.25)	$ 374.47
Abacus Settlements, LLC \| Nonrelated Party
Origination revenue	$ 1,689,088	$ 1,766,853	$ 3,252,738	$ 4,951,921
Total cost of revenue	1,505,333	933,089	2,734,949	4,198,402
Abacus Settlements, LLC \| Related Party
Origination revenue	5,195,602	4,264,628	9,931,938	14,094,223
Total cost of revenue	$ 3,392,647	$ 2,930,990	$ 6,558,354	$ 8,453,302

FAIR VALUE MEASUREMENTS - Credit Exposure to Insurance Companies (Details) - Life Insurance Carrier Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Life Insurance Contract, Face Value \| American General Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	11.00%	17.00%
Life Insurance Contract, Face Value \| Transamerica
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	14.00%
Life Insurance Contract, Face Value \| John Hancock Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage		31.00%
Life Insurance Contract, Face Value \| ReliaStar Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage		5.00%
Life Insurance Contract, Face Value \| Principal Life
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage		10.00%
Life Insurance Contract, Face Value \| Securian Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage		12.00%
Life Insurance Contract, Fair Value \| American General Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	13.00%	15.00%
Life Insurance Contract, Fair Value \| Transamerica
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	16.00%
Life Insurance Contract, Fair Value \| John Hancock Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage		30.00%
Life Insurance Contract, Fair Value \| ReliaStar Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage		10.00%
Life Insurance Contract, Fair Value \| Principal Life
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage		10.00%
Life Insurance Contract, Fair Value \| Securian Life Insurance Company
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage		4.00%

Abacus Settlements LLC - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

As a result of the Business Combination, the Company evaluated if ERES, Abacus, or LMA is the predecessor for accounting purposes.

Unaudited Condensed Consolidated Financial Statements

Consolidation of Variable Interest Entities

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810,

Consolidations

The Company accounted for its investment in the call options under the Option Agreement as an equity security, pursuant to ASC 321,

Investments-Equity Securities

. In arriving at this accounting conclusion, the Company first considered whether the call options met the definition of a derivative pursuant to ASC 815,

Derivatives and Hedging

beneficiary of LMX. The Company has included the results of LMX and its subsidiaries in its condensed consolidated financial statements for the period ended September 30, 2023.

Noncontrolling Interest

Use of Estimates

Life Insurance Settlement Policies

—The Company accounts for its holdings of life insurance settlement policies in accordance with ASC 325-30,

Investments in Insurance Contracts

The Company follows ASC 820,

Fair Value Measurements and Disclosures

Goodwill and Intangible Assets

differ from those estimates. As of September 30, 2023, there were no events or changes in circumstances that indicated that a

carrying

amount of goodwill or intangible asset may not be recoverable. Refer Note 6, Goodwill and Other Intangible Assets, for additional information on goodwill and intangible assets.

Cost of Revenues (excluding Depreciation and Amortization)

Income Taxes

Concentrations

anc

ial condition, monitoring credit history and current economic conditions, and using historical experience applied to an aging of accounts.

Warrants

Distinguishing Liabilities from Equity

Stock-Based Compensation

—We account for stock-based compensation in accordance with ASC 718,

Compensation - Stock Compensation

gnize

compensation expense on the grant date based on the fair value of the awards as of that date.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Consolidation of Variable Interest Entities

—For entities in which the Company has variable interests, the Company first evaluates whether the entity meets the definition of a variable interest entity (“VIE”) or a voting interest entity (“VOE”). If the entity is a VIE, the Company focuses on identifying whether it has the power to direct the activities that most significantly impact the VIE’s economic performance and whether it has the obligation to absorb losses or the right to receive benefits from the VIE. If the Company is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the variable interest entity will be included in the Company’s consolidated financial statements. The proportionate share not owned by the Company is recognized as Noncontrolling interest and Net income (loss) attributable to noncontrolling interest on the Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive (Loss) Income, respectively. If the entity is a VOE, the Company evaluates whether it has the power to control the VOE through a majority voting interest or through other arrangements.

C-Corporation.

Non-Consolidated

Variable Interest Entities

—On January 1, 2021, the Company entered into an option agreement with

two

120,000

of funding for the year ended December 31, 2021 which was repaid in full by the Providers during that same year. See Note 9, Commitments and Contingencies.

126,040

and liabilities of $

and held assets of $

861,924

and liabilities of $

358,586

, respectively. As of December 31, 2021, unaudited financial information for the

non-consolidated

VIEs were as follows: held assets of $

122,279

and liabilities of $

and held assets of $

474,288

and liabilities of $

2,218

, respectively.

Noncontrolling Interest

—Noncontrolling interest represents the share of consolidated entities owned by third parties. At the date of formation or upon acquisition, the Company recognizes noncontrolling interest on the Consolidated Balance Sheets at an amount equal to the noncontrolling interest’s proportionate share of the relative fair value of any assets and liabilities acquired. Noncontrolling interest is subsequently adjusted for the noncontrolling shareholder’s additional contributions, distributions, and the shareholder’s share of the net earnings or losses of each respective consolidated entity.

Net income of a consolidated entity is allocated to noncontrolling interests based on the noncontrolling shareholder’s ownership interest during the period. The net income or loss that is not attributable to the Company is reflected in Net income (loss) attributable to noncontrolling interests in the Consolidated Statement of Operations and Comprehensive Income (Loss).

Use of Estimates

Life Insurance Settlement Policies

—The Company accounts for its holdings of life insurance settlement policies in accordance with

ASC 325-30,

Investments in Insurance Contracts

The Company follows ASC 820,

Fair Value Measurements and Disclosures

For policies held under the investment method, the Company tests the impairment if we become aware of information indicating that the carrying value plus undiscounted future premiums of a policy may not be recoverable. This information is gathered initially through extensive underwriting procedures at purchase of the settlement contract, as well as through periodic underwriting review that include medical reports and life expectancy evaluations. The policies held by the Company using the investment method are expected to be owned for a shorter-term and are actively marketed to potential buyers. The market feedback received through these interactions provides the Company with information related to a potential impairment. If a policy is determined to be impaired, the Company will adjust the carrying value to the fair value determined through the impairment analysis.

Going Concern

Cash and Cash Equivalents

—Cash and cash equivalents include short-term and all

highly-liquid

debt instruments purchased with an original maturity of three months or less.

Fair Value Measurements

Level

—Valuation based on quoted market prices in active markets for identical assets or liabilities.

Level

—Valuation based on inputs other than Level 1 inputs that are observable for the assets or liabilities either directly or indirectly.

Level

—Valuation based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and supported by little or no observable market activity.

Available-for-sale

825-10-45-5.

The measurement approach for life settlement policies is included above within the Life Settlement Policies disclosure.

Related party receivables

Other Investments

Available-For-Sale

Securities

—The Company has investments in securities that are classified as

available-for-sale

Available-for-Sale

Securities as of December 31, 2022 and December 31, 2021.

Other Noncurrent Assets, at fair value

—

Concentrations

—Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable and

available-for-sale

securities. The Company maintains its cash in bank deposit accounts with high-quality financial institutions which, at times, may exceed federally i

nsu

Property and Equipment, Net

—Property and equipment are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the following estimated useful lives:


		Estimated Useful Life
Furniture and fixtures		5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Revenue Recognition

—The Company generally derives its revenue from life settlement servicing and consulting activities (Portfolio Servicing Revenue) and life settlement trading activities (Active Management Revenue).

Portfolio Servicing Revenue

—

one-month

Active Management Revenue

—

Other Consideration

—

Cost to Obtain and Fulfill Contracts

—

Segments

Income Taxes

—The Company is taxed as an

S-corporation

for U.S. federal income tax purposes as provided in Section 1362(a) of the Internal Revenue Code with the exception of three consolidated entities that are Delaware

C-

C-corporations

file federal returns and in the state of Florida, where the business operates.

For LMATT Series 2024, Inc. taxes on earnings are based on pretax financial accounting income (losses).

The Company records uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a

two-step

Leases

—The Company accounts for its leases in accordance with ASC 842,

Leases

right-of-use

non-lease

components together as a single lease component for its real estate lease noted above.

The Company does not have any finance leases, nor is the Company a lessor (or sublessor).

See Note 16 for additional disclosures related to leases.

Earnings Per Unit

esented to reflect that change in capital structure. If such changes occur aft

r the close of the reporting period but before issuance of the financial statements, the

per-unit

computations for that period and any prior-period financial statements presented are based on the new number of units.

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The condensed balance sheet as of June 30, 2023, was derived from amounts included in Abacus’ annual financial statements for the year ended December 31, 2022. Such amounts are included within the condensed consolidated financial statements of Abacus Life, Inc. (the “Company”). Capitalized terms used herein without definition have the meanings ascribed to them in Abacus’ financial statements for the year ended December 31, 2022. Refer to this note in the annual financial statements for the full list of the Company’s significant accounting policies. The details in those notes have not changed except as discussed below and as a result of normal adjustments in the interim periods.

Basis of Presentation

Unaudited Condensed Financial Statements

Use of Estimates

Going Concern

Other receivables

Concentrations

Advertising

RELATED-PARTY TRANSACTIONS - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Jul. 05, 2023
Related Party Transaction [Line Items]
Origination expenses for life settlement policies							$ 2,268,150
Other assets	$ 998,469				$ 998,469		0
Total cost of revenue	3,364,957		$ 1,754,894		4,827,907	$ 3,840,969	$ 6,245,131	$ 735,893
Subsidiaries
Related Party Transaction [Line Items]
Revenue		$ 6,884,690	6,031,480	$ 13,184,676		19,046,144
Total cost of revenue		$ 4,897,980	3,864,079	$ 9,293,303		12,651,704
Nova Funds \| Subsidiaries
Related Party Transaction [Line Items]
Ownership percentage		11.00%		11.00%			11.00%
SPV Investment Facility \| Line of Credit
Related Party Transaction [Line Items]
Face amount									$ 25,000,000
Affiliated Entity
Related Party Transaction [Line Items]
Other current liabilities	5,236				5,236		$ 263,785	930,630
Other receivables	772,545				772,545		2,904,646	0
Affiliated Entity \| Subsidiaries
Related Party Transaction [Line Items]
Revenue		$ 3,615,738	1,155,000	$ 6,838,141		2,066,700
Total cost of revenue		2,623,201	1,055,000	5,020,603		1,667,700
Affiliated Entity \| Nova Funds
Related Party Transaction [Line Items]
Revenue	168,899		132,220		711,975	752,379	818,300	699,884
Affiliated Entity \| LMA \| Subsidiaries
Related Party Transaction [Line Items]
Revenue		3,615,739	955,000	6,794,641		1,425,200
Total cost of revenue		2,623,201	875,000	5,012,103		1,201,200
Affiliated Entity \| Expense Reimbursements \| Nova Funds
Related Party Transaction [Line Items]
Accounts receivable	174,875				174,875		196,289	67,491
Owners
Related Party Transaction [Line Items]
Other current liabilities	1,159,712	717,429		717,429	1,159,712		0
Related Party
Related Party Transaction [Line Items]
Accounts receivable	174,875				$ 174,875		198,364	67,491
Related Party \| Subsidiaries
Related Party Transaction [Line Items]
Revenue		5,195,602	4,264,628	9,931,938		14,094,223
Total cost of revenue		3,392,647	2,930,990	6,558,354		8,453,302
Related Party \| Nova Funds
Related Party Transaction [Line Items]
Revenue	254,517
Face value	$ 46,650,000						$ 87,143,005	106,633,792
Origination revenue percent	2.00%				2.00%
Origination revenue					$ 20,000
Related Party \| Nova Funds \| Subsidiaries
Related Party Transaction [Line Items]
Revenue		1,579,864	8,244,271	3,093,797	8,244,271
Face value		$ 56,688,680	93,605,072	$ 96,674,080	376,409,910	376,409,910
Origination revenue percent		2.00%		2.00%
Origination revenue				$ 20,000
Related Party \| LMA \| Subsidiaries
Related Party Transaction [Line Items]
Other assets		$ 19,246	190,805	19,246		$ 190,805
Related Party \| Service Fee Agreement
Related Party Transaction [Line Items]
Related party transaction rate	50.00%						50.00%
Related Party \| Expense Reimbursements \| Nova Funds
Related Party Transaction [Line Items]
Revenue	$ 0
Related Party \| Expense Reimbursements \| Nova Funds \| Subsidiaries
Related Party Transaction [Line Items]
Revenue		$ 75,332	$ 235,455	$ 140,960	235,455
Related Party \| SPV Investment Facility \| Line of Credit
Related Party Transaction [Line Items]
Face amount	$ 25,000,000				$ 25,000,000
Abacus Settlements, LLC
Related Party Transaction [Line Items]
Other receivables							$ 122,455	40,000
Revenue							25,203,463	22,592,144
Accounts receivable							402,749	590,371
Other assets							7,246	0
Total cost of revenue							16,561,005	14,205,341
Abacus Settlements, LLC \| Affiliated Entity
Related Party Transaction [Line Items]
Other current liabilities							1,411	11,857
Other assets							1,448	16,536
Abacus Settlements, LLC \| Affiliated Entity \| Subsidiaries
Related Party Transaction [Line Items]
Revenue							2,909,650	433,800
Total cost of revenue							2,365,650	433,800
Abacus Settlements, LLC \| Affiliated Entity \| LMA \| Subsidiaries
Related Party Transaction [Line Items]
Revenue							2,268,150	0
Abacus Settlements, LLC \| Related Party
Related Party Transaction [Line Items]
Total cost of revenue							11,022,535	11,527,312
Abacus Settlements, LLC \| Related Party \| Nova Funds
Related Party Transaction [Line Items]
Revenue							15,243,806	17,251,970
Face value							$ 481,648,010	459,217,638
Origination revenue percent							2.00%
Origination revenue							$ 20,000
Other assets							175,194	590,371
Abacus Settlements, LLC \| Related Party \| Expense Reimbursements \| Nova Funds
Related Party Transaction [Line Items]
Revenue							$ 8,656,885	$ 11,093,512

LONG-TERM DEBT - Sponsor PIK Note (Details) - USD ($)	9 Months Ended
LONG-TERM DEBT - Sponsor PIK Note (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Debt Instrument [Line Items]
Non-cash interest expense	$ 1,064,130	$ 0
Unsecured borrowing \| Sponsor PIK Note
Debt Instrument [Line Items]
Face amount			$ 10,471,648
Interest rate (as a percent)			12.00%
Non-cash interest expense	$ 314,130

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1B
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Sep. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

CURRENT ASSETS:

Cash and cash equivalents

$ 36,649,190

$ 30,052,823

$ 102,420

Prepaid expenses and other current assets

961,427

116,646

24,905

Total current assets

39,518,757

33,282,927

194,816

Property and equipment, net

261,882

18,617

22,899

Intangible assets, net

31,217,917

Goodwill

140,287,000

Operating right-of-use assets

171,295

77,011

122,503

Life settlement policies, at cost

4,116,499

8,716,111

Life settlement policies, at fair value

83,585,374

13,809,352

Available-for-sale securities, at fair value

1,000,000

250,000

Other investments, at cost

1,650,000

1,300,000

1,250,000

Other non-current assets, at fair value

890,829

Other assets

998,469

Equity securities, at fair value

1,494,744

890,829

TOTAL ASSETS

304,301,937

59,094,847

1,840,218

CURRENT LIABILITIES:

Accrued expenses

636,788

Accounts payable

2,000

40,014

Operating lease liability, current

173,799

48,127

45,107

Contract liabilities—deposits on pending settlements

348,836

Accrued transaction costs

908,256

Income taxes payable

80,573

Total current liabilities

5,457,675

1,302,409

995,929

Operating lease liability, noncurrent

29,268

77,396

Deferred tax liability

10,558,687

1,363,820

Warrant liability

3,382,000

TOTAL LIABILITIES

138,212,190

30,945,150

1,073,325

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY

Class A common stock

5,037

Additional paid-in capital

194,197,741

704,963

(Accumulated deficit) retained earnings

(28,503,752)

25,487,323

205,048

Accumulated other comprehensive income

100,175

1,052,836

Non-controlling interest

289,248

899,538

(148,155)

Total shareholders' equity

166,089,747

28,149,697

^[1]

766,893

^[1]

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

304,301,937

59,094,847

1,840,218

Class A Common Stock

SHAREHOLDERS' EQUITY

Class A common stock

6,335

5,037

Nonrelated Party

CURRENT ASSETS:

Accounts receivable

960,720

10,448

CURRENT LIABILITIES:

Other current liabilities

3,050,731

42,227

20,192

Long-term debt

82,278,050

28,249,653

Affiliated Entity

CURRENT ASSETS:

Other receivables

772,545

2,904,646

CURRENT LIABILITIES:

Other current liabilities

5,236

263,785

930,630

Related Party

CURRENT ASSETS:

Accounts receivable

174,875

198,364

67,491

CURRENT LIABILITIES:

Long-term debt

36,535,778

Owners

CURRENT LIABILITIES:

Other current liabilities

$ 1,159,712

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

CURRENT ASSETS:

Cash and cash equivalents

1,458,740

2,599,302

Accounts receivable

402,749

590,371

Other receivables

122,455

40,000

Prepaid expenses

216,150

305,516

Other current assets

15,633

Total current assets

2,215,727

3,535,189

Property and equipment, net

72,218

33,303

Intangible assets, net

148,933

214,071

Operating right-of-use assets

300,866

367,508

Other investments, at cost

1,448

16,536

State security deposits

206,873

206,640

Certificate of deposit

262,500

918,750

Other non-current assets, at fair value

778,933

1,509,434

Other assets

7,246

TOTAL ASSETS

3,215,812

5,291,997

CURRENT LIABILITIES:

Accrued expenses

541,866

510,846

Accounts payable

36,750

Operating lease liability, current

214,691

135,321

Contract liabilities—deposits on pending settlements

322,150

1,678,791

Total current liabilities

1,116,869

2,336,815

Operating lease liability, noncurrent

87,806

232,187

TOTAL LIABILITIES

1,204,675

2,569,002

SHAREHOLDERS' EQUITY

Additional paid-in capital

80,000

(Accumulated deficit) retained earnings

1,927,137

2,638,995

Common units; $10 par value; 400 common units issued and outstanding at December 31, 2022 and 2021

4,000

Total members' equity

2,011,137

2,722,995

Total shareholders' equity

2,011,137

2,722,995

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

3,215,812

5,291,997

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE | Affiliated Entity

CURRENT ASSETS:

Other assets

1,448

16,536

CURRENT LIABILITIES:

Other current liabilities

$ 1,411

$ 11,857

[1]	Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life Inc. as a result of the successful Business Combination.

LONG-TERM DEBT - LMATT Series 2024, Inc. Market-Indexed Notes (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Assets	$ 304,301,937	$ 59,094,847		$ 1,840,218
Fair value
Debt Instrument [Line Items]
Long-term debt, fair value		$ 28,249,653		0
LMATT Series 2024, Inc. \| Market-indexed notes
Debt Instrument [Line Items]
Face amount			$ 10,166,900
Market downturn protection percentage			40.00%
Note reduction ratio for losses below threshold	100.00%	100.00%
Long-term debt, fair value	$ 9,866,900	$ 9,886,900
LMATT Series 2024, Inc. \| Market-indexed notes \| Fair value
Debt Instrument [Line Items]
Long-term debt, fair value	9,311,800	8,067,291		$ 0
LMATT Series 2024, Inc. \| Market-indexed notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Assets	$ 10,358,537	$ 12,200,797

RELATED-PARTY TRANSACTIONS

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

RELATED-PARTY TRANSACTIONS

18.	RELATED-PARTY TRANSACTIONS

For the three and nine months ended September 30, 2023, revenue earned, and contracts originated are below.


	Three and Nine Months Ended September 30, 2023
Origination fee revenue	$	254,517
Transaction reimbursement revenue		—

Total	$	254,517

Cost	$	7,981
Face value		46,650,000
Total policies		7
Average Age		70

15.	RELATED PARTY TRANSACTIONS

Abacus Settlements, LLC

RELATED-PARTY TRANSACTIONS

12.	RELATED PARTY TRANSACTIONS

Due from members and affiliates includes $1,448 and $16,536 of short-term advances to affiliates with no stated terms at December 31, 2022 and 2021, respectively. Due to members and affiliates includes $1,411 and $11,857 of distributions owed to members at December 31, 2022 and 2021, respectively.

The Company has a related party relationship with Nova Trading (US), LLC (“Nova Trading”), a Delaware limited liability company and Nova Holding (US) LP, a Delaware limited partnership (“Nova Holding” and collectively with Nova Trading, the “Nova Funds”) as the owners of the Company jointly own 11% of the Nova Funds. For the years ended December 31, 2022 and December 31, 2021, the Company has originated 333 and 313 policies, respectively, for the Nova Funds with a total value of $87,143,005 and $106,633,792. For its origination services to the Nova Funds, the Company earns origination fees equal to the lesser of (i) 2% of the net death benefit for the policy or (ii) $20,000 in addition to agent and broker commissions and reimbursements for transaction expenses, where the Company has determined that it is acting as the principal. For the years ended December 31, 2022 and December 31, 2021, revenue earned and contracts originated are as follows:


	December 31,		December 31,
	2022		2021
Origination fee revenue	$	6,586,922	$	6,158,458
Commissions and transaction reimbursement revenue	$	8,656,885	$	11,093,512

Total revenue	$	15,243,806	$	17,251,970

Cost		87,143,005		106,633,792
Face value		481,648,010		459,217,638
Total policies		333		313
Average Age		75		78

The Company also has two other affiliated investors that it provides origination services for. Total revenue earned related to the other affiliated investors was $2,909,650 and $433,800, respectively of which $2,268,150 and $0 related to LMA, for the years ended December 31, 2022 and December 31, 2021, respectively. Total cost of sales were $2,365,650 and $433,800 for the other affiliated investors for the years ended December 31, 2022 and December 31, 2021, respectively.

In addition, at December 31, 2022 and 2021, there were $175,194 and $590,371, respectively, in expense reimbursements due from the Nova funds, which are included as related party receivables in the accompanying balance sheets.

- Definition

+ References

+ Details

LIFE INSURANCE SETTLEMENT POLICIES

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Investments, All Other Investments [Abstract]

LIFE INSURANCE SETTLEMENT POLICIES

4.	LIFE INSURANCE SETTLEMENT POLICIES

As of September 30, 2023, the Company holds 240 life settlement policies, of which 228 are accounted for under the fair value method and 12 are accounted for using the investment method (cost, plus premiums paid). Aggregate face value of policies held at fair value is $303,605,030 as of September 30, 2023, with a corresponding fair value of $83,585,374. The aggregate face value of policies accounted for using the investment method is $37,300,000 as of September 30, 2023, with a corresponding carrying value of $4,116,499.

As of December 31, 2022, the Company held 53 life settlement policies, of which 35 were accounted for under the fair value method and 18 were accounted for using the investment method (cost, plus premiums paid). Aggregate face value of policies held at fair value was 40,092,154 as of December 31, 2022, with a corresponding fair value of 13,809,352. The aggregate face value of policies accounted for using the investment method was 42,330,000 as of December 31, 2022, with a corresponding carrying value of 8,716,111.

At September 30, 2023, the Company did not have any contractual restrictions on its ability to sell policies, including those held as collateral for the issuance of long-term debt. Refer to Note 11, Long-Term Debt, for further details.

Life expectancy reflects the probable number of years remaining in the life of a class of persons determined statistically, affected by such factors as heredity, physical condition, nutrition, and occupation. It is not an estimate or an indication of the actual expected maturity date or indication of the timing of expected cash flows from death benefits. The following tables summarize the Company’s life insurance policies grouped by remaining life expectancy as of September 30, 2023:

Policies Carried at Fair Value—


Remaining Life Expectancy (Years)	Policies		Face Value		Fair Value
0-1		0	$	—	$	—
1-2		8		10,639,000		8,018,927
2-3		13		26,725,000		8,912,395
3-4		36		69,378,938		28,670,576
4-5		26		22,391,998		8,115,654
Thereafter		145		174,470,094		29,867,822

		228	$	303,605,030	$	83,585,374

Policies accounted for using the investment method—


Remaining Life Expectancy (Years)	Number of Life Insurance Policies		Face Value		Carrying Value
0-1		0	$	—	$	—
1-2		1		500,000		329,714
2-3		2		1,500,000		437,775
3-4		1		8,000,000		82,869
4-5		2		500,000		320,110
Thereafter		6		26,800,000		2,946,031

		12	$	37,300,000	$	4,116,499


2023 remaining	$	59,184
2024		411,445
2025		403,224
2026		97,789
2027		71,775
Thereafter		654,558

Total	$	1,697,975

The Company is required to pay premiums to keep its portion of life insurance policies in force. The estimated total future premium payments could increase or decrease significantly to the extent that actual mortalities of insureds differ from the estimated life expectancies.

For policies accounted for under the investment method, the Company has not been made aware of information causing a material change to assumptions relating to the timing of realization of life insurance settlement proceeds. We have also not been made aware of information indicating impairment to the carrying value of policies.

3.	LIFE INSURANCE SETTLEMENT POLICIES

As of December 31, 2022, the Company holds 53 life settlement policies, of which 35 are accounted for under the fair value method and 18 are accounted for using the investment method (cost, plus premiums paid). Aggregate face value of policies held at fair value is approximately $40,092,154 as of December 31, 2022, with a corresponding fair value of approximately $13,809,352. Aggregate face value of policies accounted for using the investment method is $42,330,000 as of December 31, 2022, with a corresponding carrying value of approximately $8,716,111.

As of December 31, 2021, the Company did not own life settlement policies. As such, information herein has been presented only for the Consolidated Balance Sheet date of December 31, 2022.

As of December 31, 2022, the Company did not have any contractual restrictions on its ability to sell policies, including those held as collateral for the issuance of long-term debt. See footnote 11. Long-Term Debt.

Policies Carried at Fair Value—


Remaining Life Expectancy (Years)	Number of Life Insurance Policies		Face Value		Fair Value
0-1		—	$	—	$	—
1-2		1		200,000		160,000
2-3		11		3,085,549		2,274,406
3-4		1		2,200,000		1,406,451
4-5		1		1,000,000		526,416
Thereafter		21		33,606,605		9,442,079

		35	$	40,092,154	$	13,809,352

Policies accounted for using the investment method—


Remaining Life Expectancy (Years)	Number of Life Insurance Policies		Face Value		Carrying Value
0-1		1	$	3,000,000	$	1,220,000
1-2		1		500,000		327,683
2-3		2		2,000,000		1,039,088
3-4		1		500,000		260,000
4-5		2		3,850,000		845,000
Thereafter		11		32,480,000		5,024,340

		18	$	42,330,000	$	8,716,111


2023	$	799,201
2024		896,961
2025		895,559
2026		981,749
2027		1,096,323
Thereafter		4,197,118

Total	$	8,866,912

- Definition

The entire disclosure for life settlement contracts including the accounting policy for life settlement contracts and the classification of cash receipts and cash disbursements in the statement of cash flows and, as applicable, for (1) life settlement contracts accounted for under the investment method based on the remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate: (a) the number of life settlement contracts, (b) the carrying value of the life settlement contracts, and (c) the face value (death benefits) of the life insurance policies underlying the contracts, (d) the life insurance premiums anticipated to be paid for each of the five succeeding fiscal years to keep the life settlement contracts in force as of the date of the most recent statement of financial position presented, (e) the nature of the information that causes the Entity to change its expectations on the timing of the realization of proceeds from the investments in life settlement contracts and the related effect on the timing of the realization of proceeds from the life settlement contracts and for (2) life settlement contracts accounted for under the fair value method, disclosure would include, based on remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate: (a) the number of life settlement contracts, (b) the carrying value of the life settlement contracts, (c) the face value (death benefits) of the life insurance policies underlying the contracts, (d) the reasons for changes in the Entity's expectation of the timing of the realization of the investments in life settlement contracts, and (e) (i) the gains or losses recognized during the period on investments sold during the period and (ii) the unrealized gains or losses recognized during the period on investments that are still held at the date of the statement of financial position.

+ References + Details

Abacus Settlements LLC - RETIREMENT PLAN (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Percent of employees gross pay (as a percent)					4.00%
Abacus Settlements, LLC
Defined Contribution Plan Disclosure [Line Items]
Percent of employees gross pay (as a percent)			4.00%
Abacus Settlements, LLC \| Deferred Profit Sharing
Defined Contribution Plan Disclosure [Line Items]
Discretionary contribution amount	$ 0	$ 0	$ 0	$ 0
Minimum Service Period required to participate in the plan			1 year

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Investments (Details)	Dec. 31, 2022
Other Investment
Noncontrolling Interest [Line Items]
Equity investments without readily determinable fair value ownership percentage	20.00%

EARNINGS PER SHARE - Basic and Diluted (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income attributable to Longevity Market Assets	$ 903,361	$ 9,992,004	$ 15,739,009	$ 21,507,702	$ 31,682,275	$ 14,546
Weighted-average shares used in computing net income per share, diluted (in shares)	63,349,823	50,369,350	54,632,826	50,369,350	50,639,350	50,639,350
Earnings per share - basic (in dollars per share)	$ 0.01	$ 0.2	$ 0.29	$ 0.43	$ 0.63	$ 0
Earnings per share - diluted (in dollars per share)	$ 0.01	$ 0.2	$ 0.29	$ 0.43	$ 0.63	$ 0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

LEASES - Future Minimum Noncancellable Lease Payments (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Remaining of 2023	$ 117,527	$ 49,855
2024	118,058	29,514
2025	0	0
2026	0	0
2027	0	0
Thereafter	0	0
Total operating lease payments (undiscounted)	235,585	79,369
Less: Imputed interest	(61,786)	(1,974)
Lease liability as of September 30, 2023	$ 173,799	77,395	$ 122,503
Abacus Settlements, LLC
Remaining of 2023		221,182
2024		88,543
2025		0
2026		0
2027		0
Thereafter		0
Total operating lease payments (undiscounted)		309,726
Less: Imputed interest		(7,229)
Lease liability as of September 30, 2023		$ 302,497	$ 367,508

LEASES - Lease Terms and Discount Rates (Details)	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average remaining lease term (in years)	9 months 18 days	1 year 6 months 29 days	2 years 6 months 29 days
Weighted-average discount rate	3.42%	3.36%	3.36%
Abacus Settlements, LLC
Weighted-average remaining lease term (in years)		1 year 4 months 28 days	2 years 6 months 29 days
Weighted-average discount rate		3.71%	3.36%

Abacus Settlements LLC - REVENUE (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

ABACUS SETTLEMENTS LLC DBA ABACUS LIFE

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Schedule of Disaggregation of Revenue

The following table presents a disaggregation of the Company’s revenue by major sources for the years ended December 31, 2022 and 2021:


	2022		2021
Agent	$	12,156,552	$	7,668,256
Broker		9,938,808		11,378,713
Client direct		3,108,103		3,545,175

Total	$	25,203,463	$	22,592,144

Schedule of Contract with Customer, Liability

The balances of contract liabilities arising from contracts with customers for the years ended December 31, 2022 and 2021 were as follows:


	2022			2021
Contract liabilities—beginning of year	$	1,678,791		$	1,068,250
Additions to Contract Liabilities		322,150			1,678,791
Recognition of revenue deferred in the prior year		(1,678,791	)		(1,068,250	)

Contract liabilities—end of year	$	322,150		$	1,678,791

Abacus Settlements, LLC

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Schedule of Disaggregation of Revenue

The following table presents a disaggregation of Abacus’ revenue by major sources for three months ended June 30, 2023 and 2022, and for six months ended June 30, 2023 and 2022:


	Three Months Ended June 30, 2023		Three Months Ended September 30, 2022		Six Months Ended June 30, 2023		Nine Months Ended September 30, 2022
Agent	$	3,334,402	$	2,982,371	$	7,143,016	$	8,673,072
Broker		2,809,499		2,128,912		4,675,973		7,856,882
Client direct		740,789		920,197		1,365,687		2,516,190

Total	$	6,884,690	$	6,031,480	$	13,184,676	$	19,046,144