0001814287-24-000051 | 10-Q | XBRL Viewer

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Abacus Settlements LLC - INTERIM UNAUDITED STATEMENTS OF CASH FLOWS	6 Months Ended
	Jun. 30, 2023 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ 14,835,648
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	2,141
Amortization of deferred financing fees	0
Changes in operating assets and liabilities:
Related party receivables	125,764
Accrued payroll and other expenses	0
Contract liability—deposits on pending settlements	0
Accounts payable	361,486
Net cash used in operating activities	(38,364,171)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities	(7,060,627)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to members	(23,533,072)
Net cash provided by financing activities	35,983,097
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(9,441,701)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	30,052,823
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	20,611,122
Abacus Settlements, LLC
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	(974,901)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	19,157
Amortization expense	40,278
Amortization of deferred financing fees	11,725
Non-cash lease expense	1,210
Changes in operating assets and liabilities:
Related party receivables	397,039
Other receivables	101,203
Prepaid expenses	(198,643)
Other current assets	(26,211)
Accrued payroll and other expenses	(17,466)
Contract liability—deposits on pending settlements	659,067
Accounts payable	(36,750)
Net cash used in operating activities	(24,292)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(108,394)
Due from members and affiliates	(74,134)
Net cash used in investing activities	(182,528)
CASH FLOWS FROM FINANCING ACTIVITIES:
Due to members	(1,411)
Distributions to members	(442,283)
Net cash provided by financing activities	(443,694)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(650,514)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	1,458,740
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	$ 808,226

OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS

6 Months Ended

Jun. 30, 2024

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

OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS

Other Investments, at Cost:

Convertible Preferred Stock Ownership—The Company owns convertible preferred stock in two entities. The value of the combined investment in these two entities was $1,750,000 and 1,650,000 as of June 30, 2024 and December 31, 2023, respectively.

The Company applies the measurement alternative for its investments in the Preferred Stock 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 Stock. 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 (loss) 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 six months ended June 30, 2024.

Other Assets—The Company’s other assets are mainly composed of cash deposits in compliance requirements in various states. As of June 30, 2024 and December 31, 2023, the balance of other assets was $1,507,431 and $998,945, respectively.

Equity Securities, at Fair Value:

S&P Options—The Company invested in S&P 500 call options, which 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 stock owned and quoted market prices in active markets. Changes in fair value are recorded in the unrealized gain on investments line item on the consolidated statements of operations and comprehensive (loss) income. Refer to Note 22, Subsequent Events, for additional discussion. As of June 30, 2024 and December 31, 2023, the value of the S&P 500 options was $4,008,225 and $2,348,998, respectively, recorded in the following accounts on the consolidated balance sheets:


	June 30, 2024		December 31, 2023
Current assets:
Equity securities, at fair value	$	4,008,225	$	2,252,891
Non-current assets:
Equity securities, at fair value	—		96,107
Total equity securities, at fair value	$	4,008,225	$	2,348,998

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS - Stock Options (Details) - Stock Options	6 Months Ended
	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based awards vesting period	3 years
Stock-based awards expiration period	10 years

- 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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+ Details

Abacus Settlements LLC - RETIREMENT PLAN (Details)	6 Months Ended
Abacus Settlements LLC - RETIREMENT PLAN (Details)	Jun. 30, 2023
Abacus Settlements, LLC
Defined Contribution Plan Disclosure [Line Items]
Percent of employees gross pay (as a percent)	4.00%

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,757,710	$ 1,184,571	$ 2,931,223	$ 528,104
Effective tax rate percentage	73.00%	15.00%	127.00%	3.50%

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED BALANCE SHEETS - USD ($)

Jun. 30, 2024

Dec. 31, 2023

CURRENT ASSETS:

Cash and cash equivalents

$ 91,323,829

$ 25,588,668

Equity securities, at fair value

4,008,225

2,252,891

Income tax receivables

2,435,239

Prepaid expenses and other current assets

932,598

699,127

Total current assets

101,637,369

31,776,834

Property and equipment, net

692,273

400,720

Intangible assets, net

26,352,123

29,623,130

Goodwill

139,930,190

140,287,000

Operating right-of-use assets

2,108,034

1,893,659

Life settlement policies, at cost

1,140,497

1,697,178

Life settlement policies, at fair value

207,571,413

122,296,559

Available-for-sale securities, at fair value

1,165,575

1,105,935

Other investments, at cost

1,750,000

1,650,000

Other assets

1,507,431

998,945

Equity securities, at fair value

96,107

TOTAL ASSETS

483,854,905

331,826,067

CURRENT LIABILITIES:

Accrued expenses

2,176,515

4,354,225

Current operating lease liabilities

297,397

118,058

Contract liabilities, deposits on pending settlements

1,443,483

507,000

Accrued transaction costs

2,533,627

Income taxes payable

751,734

Total current liabilities

55,383,057

23,326,331

Long-term debt, at fair value, net

81,640,478

55,318,923

Non-current operating lease liabilities

1,946,140

1,796,727

Deferred tax liability

12,001,423

9,199,091

Warrant liability

6,363,500

6,642,960

TOTAL LIABILITIES

227,005,417

167,755,991

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding

Treasury stock - at cost; $1,048,226 and $146,650 shares repurchased at June 30, 2024 and December 31, 2023, respectively

(12,025,137)

(1,283,062)

Additional paid-in capital

303,237,878

199,826,278

Accumulated deficit

(34,514,318)

(34,726,135)

Accumulated other comprehensive income

64,324

108,373

Noncontrolling interest

79,193

138,283

Total stockholders' equity

256,849,488

164,070,076

^[1]

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

483,854,905

331,826,067

Class A Common Stock

STOCKHOLDERS' EQUITY

Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 75,484,567 and 63,388,823 [1] shares issued at June 30, 2024 and December 31, 2023, respectively

7,548

6,339

Nonrelated Party

CURRENT ASSETS:

Accounts receivable

1,616,676

2,149,111

CURRENT LIABILITIES:

Current portion of long-term debt, at fair value

17,589,514

13,029,632

Other current liabilities

3,166,959

3,400,734

Long-term debt, net

57,871,104

33,818,090

Related Party

CURRENT ASSETS:

Accounts receivable

150,213

79,509

CURRENT LIABILITIES:

Current portion of long-term debt, at fair value

28,170,326

Long-term debt, net

11,799,715

37,653,869

Affiliated Entity

CURRENT ASSETS:

Due from affiliates

1,170,589

1,007,528

CURRENT LIABILITIES:

Other current liabilities

5,236

Former Members

CURRENT LIABILITIES:

Other current liabilities

$ 0

$ 1,159,712

[1]	The 2023 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.

LEASES - Lease Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
LEASES - Lease Expense (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 128,607	$ 12,471	$ 250,440	$ 24,942
Variable lease cost	125,476	7,704	146,245	8,925
Total lease cost	$ 254,083	$ 20,175	$ 396,685	$ 33,867

LONG-TERM DEBT - Principal Payments by Year for Long-Term Debt (Details) - Fair value - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024 remaining	$ 45,759,840
2025	22,603,441
2026	59,327,743
2027	0
2028	72,449,715
Thereafter	0
Total	200,140,739
Market-indexed notes \| LMATT Series 2024, Inc.
Debt Instrument [Line Items]
2024 remaining	12,194,710
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	12,194,710	$ 9,477,780
Market-indexed notes \| LMATT Series 2.2024, Inc.
Debt Instrument [Line Items]
2024 remaining	4,610,009
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	4,610,009	3,551,852
Market-indexed notes \| LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
2024 remaining	784,795
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	784,795	569,862
Secured borrowing \| LMA Income Series, LP
Debt Instrument [Line Items]
2024 remaining	0
2025	22,603,441
2026	0
2027	0
2028	0
Thereafter	0
Total	22,603,441	22,368,209
Secured borrowing \| LMA Income Series II, LP
Debt Instrument [Line Items]
2024 remaining	0
2025	0
2026	59,327,743
2027	0
2028	0
Thereafter	0
Total	59,327,743	32,380,852
Unsecured borrowing \| 9.875% Fixed Rate Senior Notes due 2028
Debt Instrument [Line Items]
2024 remaining	0
2025	0
2026	0
2027	0
2028	60,650,000
Thereafter	0
Total	60,650,000	35,650,000
Unsecured borrowing \| SPV Investment Facility
Debt Instrument [Line Items]
2024 remaining	28,170,326
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	28,170,326	26,538,004
Unsecured borrowing \| Sponsor PIK Note
Debt Instrument [Line Items]
2024 remaining	0
2025	0
2026	0
2027	0
2028	11,799,715
Thereafter	0
Total	$ 11,799,715	$ 11,115,865

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Acquired (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 32,900
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	32,900
Trade Name
Finite-Lived Intangible Assets [Line Items]
Fair Value	900
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	900
State Insurance Licenses
Finite-Lived Intangible Assets [Line Items]
Fair Value	2,700
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	2,700
Customer Relationships - Agents
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 12,600
Useful Life	5 years
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 12,600
Customer Relationships - Financial Relationships
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 11,000
Useful Life	8 years
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 11,000
Internally Developed and Used Technology—APA
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 1,600
Useful Life	2 years
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 1,600
Internally Developed and Used Technology—Market Place
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 100
Useful Life	3 years
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 100
Non-Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 4,000
Useful Life	2 years
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 4,000

FAIR VALUE MEASUREMENTS - Discount Rate Sensitivity (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Life settlement policies, fair value, impact of +2% discount rate adjustment	$ 194,281,144
Life settlement policies, change in fair value, impact of +2% discount rate adjustment	(13,290,269)
Life settlement policies, at fair value	207,571,413	$ 122,296,559
Life settlement policies, fair value, impact of -2% discount rate adjustment	224,830,721
Life settlement policies, change in fair value, impact of -2% discount rate adjustment	$ 17,259,308

BUSINESS COMBINATION - Purchase Price Allocation (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Intangibles	$ 32,900,000
Goodwill	139,930,190	$ 140,287,000
LMA and Abacus
Business Acquisition [Line Items]
Intangibles	32,900,000		$ 32,900,000
Current Assets	1,280,100		1,280,100
Non-Current Assets	901,337		901,337
Deferred Tax Liabilities	(7,954,156)		(8,310,966)
Adjustments, Deferred Tax Liabilities	356,810
Accrued Expenses	(524,400)		(524,400)
Other Liabilities	(1,171,739)		(1,171,739)
Net assets acquired	25,431,142		25,074,332
Adjustments, Net assets acquired	356,810
Goodwill	139,930,190		140,287,000
Adjustments, Goodwill	(356,810)
Total purchase price	165,361,332		$ 165,361,332
Adjustments, Total purchase price	$ 0

EARNINGS (LOSS) PER SHARE - Basic and Diluted (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Net income (loss) attributable to common stockholders for basic earnings (loss) per share

$ 769,983

$ 6,750,145

$ (578,762)

$ 14,835,648

Shares average shares outstanding for basic earnings (loss) per share (in shares)

^[1]

63,846,170

50,507,728

63,087,878

50,438,921

Basic earnings (loss) per share (in dollars per share)

$ 0.01

$ 0.13

$ (0.01)

$ 0.29

Reversal of gain on change in fair value of warrant liability

$ 0

$ (208,631)

$ 0

Numerator used to calculate diluted earnings (loss) per share

$ 769,983

$ 6,750,145

$ (787,393)

$ 14,835,648

Weighted average shares for diluted earnings (loss) per share

^[1]

67,162,820

50,507,728

63,102,210

50,438,921

Diluted earnings (loss) per share (in dollars per share)

$ 0.01

$ 0.13

$ (0.01)

$ 0.29

RSUs

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Incremental common shares attributable to dilutive effect of stock based compensation (in shares)

1,399,765

Restricted Stock

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Incremental common shares attributable to dilutive effect of stock based compensation (in shares)

1,916,885

Private Placement Warrants

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Incremental common shares attributable to dilutive effect of warrants (in shares)

14,332

[1]	The 2023 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 Business Combination.

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

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 Settlements historically had one operating and reportable segment, Originations. LMA historically had two operating and reportable segments, (1) Portfolio Servicing and (2) Active Management. As the Business Combination did not occur until the last day of the second quarter of 2023, 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 of 2023, the Company 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 are 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 disaggregated assets by segment. The Company adopted ASU 2023-07 in March 2024. The most significant provision was for the Company to disclose significant segment expenses that are regularly provided to the CODM. The Company’s CODM periodically reviews cost of revenues by segment and treats it as a significant segment expense.

Revenue related to the Company’s reportable segments is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing	$	204,888	$	354,366	$	422,823	$	590,057
Active management	27,013,757		11,024,399		46,810,756		20,994,917
Originations	5,666,274		—		10,690,478		—
Total revenue (including intersegment)	32,884,919		11,378,765		57,924,057		21,584,974
Intersegment eliminations	(3,808,817)		—		(7,360,771)		—
Total revenue	$	29,076,102	$	11,378,765	$	50,563,286	$	21,584,974

Cost of revenue related to the Company’s reportable segments is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing	$	168,671	$	431,071	$	531,063	$	756,185
Active management (including stock-compensation)	852,418		542,329		1,810,890		706,765
Originations	3,923,762		—		7,289,770		—
Total expenses (including intersegment)	4,944,851		973,400		9,631,723		1,462,950
Intersegment eliminations	(2,201,317)		—		(4,167,292)		—
Total cost of revenue	$	2,743,534	$	973,400	$	5,464,431	$	1,462,950

Gross profit related to the Company’s reportable segments and the reconciliation of the total gross profit to net income (loss) attributable to common stockholders is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing	$	36,217	$	(76,705)	$	(108,240)	$	(166,128)
Active management	26,161,339		10,482,070		44,999,866		20,288,152
Originations	1,742,512		—		3,400,708		—
Gross profit (including intersegment)	27,940,068		10,405,365		48,292,334		20,122,024
Intersegment eliminations	(1,607,500)		—		(3,193,479)		—
Total gross profit	26,332,568		10,405,365		45,098,855		20,122,024

Sales and marketing	(2,552,801)		(683,841)		(4,482,745)		(1,412,845)
General and administrative (including stock-based compensation)	(14,553,344)		(577,539)		(25,906,843)		(1,274,431)
Depreciation and amortization expense	(1,750,452)		(1,098)		(3,432,506)		(2,141)
Other income (expense)	195,470		121,601		142,442		(21,651)
(Loss) gain on change in fair value of warrant liability	(667,500)		—		279,460		—
Interest expense	(4,529,187)		(584,075)		(8,199,632)		(941,458)
Interest income	639,906		—		1,061,332		7,457
Loss on change in fair value of debt	(1,199,463)		(1,445,229)		(3,912,090)		(2,398,662)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Unrealized loss (gain) on equity securities, at fair value	(362,482)		672,936		802,484		798,156
Realized gain on equity securities, at fair value	856,744		—		856,744		—
Income tax expense	(1,757,710)		(1,184,571)		(2,931,223)		(528,104)
Less: Net loss attributable to non-controlling interests	118,234		26,596		44,960		487,303
Net income (loss) attributable to common stockholders	$	769,983	$	6,750,145	$	(578,762)	$	14,835,648

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.

For the three and six months ended June 30, 2024 and 2023, our operations were confined to the United States.

- 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.

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+ Details

SEGMENT REPORTING - Narrative (Details) - segment	6 Months Ended	12 Months Ended
SEGMENT REPORTING - Narrative (Details) - segment	Jun. 30, 2023	Jun. 30, 2024
Segment Reporting Information [Line Items]
Number of reportable segments		3
Abacus Settlements
Segment Reporting Information [Line Items]
Number of operating segments	1
Number of reportable segments	1
LMA
Segment Reporting Information [Line Items]
Number of operating segments	2
Number of reportable segments	2

LIFE SETTLEMENT POLICIES - Narrative (Details)	Jun. 30, 2024 USD ($) insurance_contract	Dec. 31, 2023 USD ($) insurance_contract
Investments, All Other Investments [Abstract]
Number of life settlement policies \| insurance_contract	458	296
Number of life settlement policies accounted for under fair value method \| insurance_contract	452	287
Number of life settlement policies accounted for under investment method \| insurance_contract	6	9
Face value of policies held at fair value	$ 744,204,632	$ 520,503,710
Life settlement policies, at fair value	207,571,413	122,296,559
Face value of policies accounted for using investment method	3,725,000	33,900,000
Life settlement policies, at cost	$ 1,140,497	$ 1,697,178

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying consolidated financial statements (“Interim Financial Statements”) are presented in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”) as contained in the Company’s Annual Report on Form 10-K. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Accordingly, the consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 21, 2024, as amended by Amendment No. 1 on Form 10-K/A, filed with the SEC on May 30, 2024, and as amended by Amendment No. 2 on Form 10-K/A, filed with the SEC on June 12, 2024 (“2023 Annual Report”). Refer to Note 2 in the Company’s 2023 Annual Report for the full list of the Company’s significant accounting policies. The details in those notes have not changed, except as discussed in Note 2 to the Interim Financial Statements and as a result of normal adjustments in the interim periods. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our 2023 Annual Report. We also may use certain other terms that are defined within these Interim Financial Statements. The Interim Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Abacus Life, Inc., (the “Company”) all entities in which the Company has a controlling voting interest (“subsidiaries”), and variable interest entities (“VIEs”) for which the Company is the primary beneficiary, as determined in accordance with consolidation accounting guidance. References in these Interim Financial Statements to net income or loss attributable to common stockholders and stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entity and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. The Interim Financial Statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2023, 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 June 30, 2024, and the consolidated statements of operations and comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023, respectively, and the consolidated statements of cash flows for the six months ended June 30, 2024 and 2023, respectively. The Interim Financial Statements are not necessarily indicative of the results to be expected for the full year, or any other period. All references to financial information in the Interim Financial Statements in the condensed notes to Interim Financial Statements are unaudited. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of revenue, life settlement policy valuation, goodwill and intangibles valuation, market-indexed note valuation, and income taxes. The uncertainties in the broader macroeconomic environment have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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 June 30, 2024	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies, at fair value	$	—	$	—	$	207,571,413	$	207,571,413
Available-for-sale securities, at fair value	—		—		1,165,575		1,165,575
Equity securities, at fair value	4,008,225		—		—		4,008,225
Total assets held at fair value	$	4,008,225	$	—	$	208,736,988	$	212,745,213

Liabilities:
Current portion of long-term debt, at fair value	$	—	$	—	$	17,589,514	$	17,589,514
Long-term debt, at fair value	—		—		81,640,478		81,640,478
Private placement warrants	—		—		6,363,500		6,363,500
Total liabilities held at fair value:	$	—	$	—	$	105,593,492	$	105,593,492


	Fair Value Hierarchy
As of December 31, 2023	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies, at fair value	$	—	$	—	$	122,296,559	$	122,296,559
Available-for-sale securities, at fair value	—		—		1,105,935		1,105,935
Equity securities, at fair value	2,348,998		—		—		2,348,998
Total assets held at fair value	$	2,348,998	$	—	$	123,402,494	$	125,751,492

Liabilities:
Current portion of long-term debt, at fair value	$	—	$	—	$	13,029,632	$	13,029,632
Long-term debt, at fair value	—		—		55,318,923		55,318,923
Private placement warrants	—		—		6,642,960		6,642,960
Total liabilities held at fair value:	$	—	$	—	$	74,991,515	$	74,991,515

Life Settlement Policies—For all policies purchased after June 30, 2023, the Company accounts for owned life settlement policies 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 valuation is based on Level 3 inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability, such as life expectancies and cash flow discount rates. The inputs are developed based on the best available information, including our own data. 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 blended average discount rate of 21% and 21% for policy valuations at June 30, 2024 and at December 31, 2023, respectively, 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.

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 $1,140,497 and $1,697,178 at June 30, 2024 and at December 31, 2023, respectively.

Discount Rate Sensitivity—21% 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 two percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of June 30, 2024, would be as follows:


As of June 30, 2024	Fair Value		Change in Fair Value
Rate Adjustment
+2%	$	194,281,144	$	(13,290,269)
No change	207,571,413
-2%	224,830,721		17,259,308

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 June 30, 2024:


Carrier	Percentage of Face Value		Percentage of Fair Value		Carrier Rating
John Hancock Life Insurance Company (U.S.A.)	20.0	%	13.0	%	A+

The following table provides a roll forward of the fair value of life insurance policies for the six months ended June 30, 2024:


Fair value at December 31, 2023	$	122,296,559
Policies purchased	135,265,141
Matured/sold policies	(71,331,990)
Realized gain on matured/sold policies	23,549,473
Premiums paid	(5,547,086)
Unrealized gain on held policies	21,341,703
Change in estimated fair value	39,344,090
Realized gain on matured/sold policies	(23,549,473)
Premiums paid	5,547,086
Fair value at June 30, 2024	$	207,571,413

Long-Term Debt—See Note 14, 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 Series 2024, Inc., LMATTS Growth Series 2.2024, Inc., and LMATTS Growth and Income Series 1.2026, Inc. 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 $1,287,354 and $3,990,020 for the three and six months ended June 30, 2024, respectively. This loss was comprised of $55,999 and $44,049, net of tax, which is included within accumulated other comprehensive income, as well as $9,616 and $14,130 net of tax, which is included in equity of noncontrolling interests resulting from risk-adjusted valuation scenarios for the three and six months ended June 30, 2024, respectively. The Company recognized a loss of $1,199,463 and $3,912,090 on the change in fair value of the debt resulting from risk-free valuation scenarios, which is included within loss on change in fair value of debt within the consolidated statement of operations and comprehensive (loss) income for the three and six months ended June 30, 2024, respectively.

The following table provides a roll forward of the fair value of the outstanding debt for the six months ended June 30, 2024:


Fair value at December 31, 2023	$	68,348,556
Debt issued to third parties	26,946,891
LMA Income Series, LP excess return accrual	235,231
Unrealized loss on change in fair value (risk-free)	3,912,090
Unrealized loss on change in fair value (credit-adjusted) included in OCI	59,003
Unrealized gain on change in fair value (credit-adjusted) included in equity of NCI	18,927
Change in estimated fair value of debt	3,990,020
Deferred issuance costs	(290,706)
Fair value at June 30, 2024	$	99,229,992

Private Placement Warrants—The Company had 8,900,000 Private Placement Warrants outstanding as of June 30, 2024 and December 31, 2023. 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 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 consolidated statements of operations and comprehensive (loss) income.

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 Business Combination 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			—%

The subsequent changes in the value of the private warrants is based on the changes in the value of the public warrants as of the relevant reporting date due to mostly identical terms between the Private Placement Warrants and the Public warrants, except as noted above. The noted exceptions were determined not to have a significant impact on the valuation of the Private Placement Warrants when using the change in the value of the Public Warrants.

Equity Securities, at Fair Value: 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 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 consolidated balance sheets dates. Changes in fair value are classified as unrealized (gain)/loss on investments within the consolidated statements of operations and comprehensive (loss) income. Refer to Note 22, Subsequent Events, for additional discussion.

Available-for-Sale Securities, at Fair Value—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. As of June 30, 2024 and December 31, 2023, the Company evaluated the fair value of its Promissory Note and determined that the fair value approximates the carrying value of $1,165,575 and $1,105,935, respectively.

Financial Instruments Where Carrying Value Approximates Fair Value—The carrying value of cash, cash equivalents, accounts receivables, and due from and to affiliates approximates fair value, and income tax receivables 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

LONG-TERM DEBT - LMA Income Series, LP and LMA Income Series, GP LLC Secured Borrowing (Details)		6 Months Ended		12 Months Ended
	Sep. 02, 2022 option	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Non-cash interest expense		$ 2,551,404	$ 0
Fair value
Debt Instrument [Line Items]
Long-term debt, gross		200,140,739
LMA Income Series, LP \| Secured borrowing
Debt Instrument [Line Items]
Debt instrument term	3 years
Debt Instrument extension options \| option	2
Debt instrument extension term	1 year
Dividend percentage	6.50%
Return rate in excess of minimum internal rate of return	25.00%
Minimum internal rate of return threshold	6.50%
Internal rate of return cap	9.00%
Net internal rate of return at cap	15.00%
Non-cash interest expense		713,997		$ 478,765
LMA Income Series, LP \| Secured borrowing \| Fair value
Debt Instrument [Line Items]
Long-term debt, gross		$ 22,603,441		$ 22,368,209
LMA Income Series, LP \| Secured borrowing \| General Partner
Debt Instrument [Line Items]
Return rate in excess of minimum internal rate of return	75.00%
Minimum internal rate of return threshold	6.50%
LMA Income Series, LP \| Secured borrowing \| Limited Partner
Debt Instrument [Line Items]
Internal rate of return cap	15.00%
Return rate in excess of capped internal rate of return threshold	100.00%

REVENUES - Narrative (Details)	6 Months Ended
REVENUES - Narrative (Details)	Jun. 30, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 507,000
Consolidation, Eliminations
Disaggregation of Revenue [Line Items]
Revenue recognized	$ (347,000)

- 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

STOCK-BASED COMPENSATION - Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Number of Shares
Outstanding at beginning of period (in shares)	2,429,500
Granted (in shares)	108,000
Vested (in shares)	0
Forfeited (in shares)	(1,500)
Outstanding at end of period (in shares)	2,536,000
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 6.16
Granted (in dollars per share) \| $ / shares	12.37
Forfeited (in dollars per share) \| $ / shares	6.16
Outstanding at end of period (in dollars per share) \| $ / shares	$ 6.42
CEO Restricted Stock
Number of Shares
Outstanding at beginning of period (in shares)	4,569,922
Granted (in shares)	0
Vested (in shares)	0
Forfeited (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	$ 10.03
Outstanding at end of period (in dollars per share) \| $ / shares	$ 10.03

STOCK-BASED COMPENSATION - Common Stock Options (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Options
Options outstanding at beginning of period (in shares)	0
Granted (in shares)	345,263
Exercised (in shares)	0
Expired (in shares)	0
Options exercisable at end of period (in shares)	345,263
Weighted Average Exercise Price
Options outstanding at beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	3.91
Options exercisable at end of period (in dollars per share) \| $ / shares	$ 3.91

Abacus Settlements LLC - UNAUDITED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Total revenues

$ 29,076,102

$ 11,378,765

$ 50,563,286

$ 21,584,974

Total cost of revenue

2,743,534

973,400

5,464,431

1,462,950

Total gross profit

26,332,568

10,405,365

45,098,855

20,122,024

OPERATING EXPENSES:

General and administrative expenses

14,553,344

577,539

25,906,843

1,274,431

Depreciation

1,750,452

1,098

3,432,506

2,141

Total operating expenses

19,561,798

2,034,771

36,074,956

4,289,923

Operating Income

6,770,770

8,370,594

9,023,899

15,832,101

OTHER INCOME (EXPENSE):

Interest income

639,906

1,061,332

7,457

Interest (expense)

(4,529,187)

(584,075)

(8,199,632)

(941,458)

Total other (expense)

(4,361,311)

(462,474)

(6,716,398)

(955,652)

Net income before provision for income taxes

2,409,459

7,908,120

2,307,501

14,876,449

Income tax expense

1,757,710

1,184,571

2,931,223

528,104

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 769,983

$ 6,750,145

$ (578,762)

$ 14,835,648

WEIGHTED-AVERAGE UNITS USED IN COMPUTING NET LOSS PER UNIT:

Shares average shares outstanding for basic earnings (loss) per share (in shares)

^[1]

63,846,170

50,507,728

63,087,878

50,438,921

Weighted-average common shares outstanding for diluted (loss) earnings per share (in shares)

^[1]

67,162,820

50,507,728

63,102,210

50,438,921

NET LOSS PER UNIT:

Basic loss per unit (in dollars per share)

$ 0.01

$ 0.13

$ (0.01)

$ 0.29

Diluted loss per unit (in dollars per share)

$ 0.01

$ 0.13

$ (0.01)

$ 0.29

Nonrelated Party

Total cost of revenue

$ 2,742,081

$ 973,400

$ 5,462,293

$ 1,462,950

Related Party

Total cost of revenue

$ 1,453

$ 2,138

Abacus Settlements, LLC

Origination revenue

6,884,690

13,184,676

Total revenues

6,884,690

13,184,676

Total cost of revenue

4,897,980

9,293,303

Total gross profit

1,986,710

3,891,373

OPERATING EXPENSES:

General and administrative expenses

2,297,577

4,848,580

Depreciation

2,561

5,597

Total operating expenses

2,300,138

4,854,177

Operating Income

(313,428)

(962,804)

OTHER INCOME (EXPENSE):

Interest income

1,193

1,917

Interest (expense)

(5,863)

(11,725)

Total other (expense)

(4,670)

(9,808)

Net income before provision for income taxes

(318,098)

(972,612)

Income tax expense

2,289

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ (318,098)

$ (974,901)

WEIGHTED-AVERAGE UNITS USED IN COMPUTING NET LOSS PER UNIT:

Shares average shares outstanding for basic earnings (loss) per share (in shares)

400

Weighted-average common shares outstanding for diluted (loss) earnings per share (in shares)

400

NET LOSS PER UNIT:

Basic loss per unit (in dollars per share)

$ (795.25)

$ (2,437.25)

Diluted loss per unit (in dollars per share)

$ (795.25)

$ (2,437.25)

Abacus Settlements, LLC | Nonrelated Party

Origination revenue

$ 1,689,088

$ 3,252,738

Total cost of revenue

1,505,333

2,734,949

Abacus Settlements, LLC | Related Party

Origination revenue

5,195,602

9,931,938

Total cost of revenue

$ 3,392,647

$ 6,558,354

[1]	The 2023 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 Business Combination.

LEASES (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

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 June 30, 2024 and December 31, 2023:


	As of June 30, 2024		As of December 31, 2023
Assets:
Operating lease right-of-use assets	$	2,108,034	$	1,893,659

Liabilities:
Current operating lease liability	297,397		118,058
Non-current operating lease liability	1,946,140		1,796,727
Total lease liability	$	2,243,537	$	1,914,785

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


	Six Months Ended June 30,
	2024		2023
Weighted-average remaining lease term (in years)	5.51		1.00
Weighted-average discount rate	9.67	%	3.54	%

Lease Expense

The Company’s lease expense for the periods presented consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	128,607	$	12,471	$	250,440	$	24,942
Variable lease cost	125,476		7,704		146,245		8,925
Total lease cost	$	254,083	$	20,175	$	396,685	$	33,867

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


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases	$	289,498	$	24,557
ROU assets obtained in exchange for new lease liabilities	359,352		—

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 June 30, 2024 are as follows:


	Operating leases
Remaining of 2024	$	23,840
2025	553,953
2026	570,602
2027	587,694
2028	605,268
Thereafter	623,490
Total operating lease payments (undiscounted)	2,964,847
Less: Imputed interest	(721,310)
Lease liability as of June 30, 2024	$	2,243,537

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	3 Months Ended		6 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Postemployment Benefits [Abstract]
Maximum annual contributions (as a percent)			100.00%
Employer match (as a percent)			4.00%
Benefit plan expense	$ 90,716	$ 13,075	$ 199,532	$ 25,315

BUSINESS COMBINATION

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

BUSINESS COMBINATION

On June 30, 2023, LMA acquired Abacus through the Abacus Merger, which was accounted for using the acquisition method of accounting based on a business enterprise value of $165,361,332.

The preliminary purchase price was allocated among the identified net assets to be acquired. On June 30, 2023, the primary area of the acquisition accounting that was not yet finalized was our estimate of the impact of acquisition accounting on deferred income taxes. On June 30, 2024, we finalized our acquisition accounting related to deferred income taxes.

All valuation procedures were related to existing assets at the time of the acquisition 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. The allocation of the purchase price for Abacus Merger was as follows as finalized on June 30, 2024:


Net Assets Identified	Fair Value		Adjustments		June 30, 2023 (as finalized on June 30, 2024)
Intangibles	$	32,900,000	$	—	$	32,900,000
Current Assets	1,280,100		—		1,280,100
Non-Current Assets	901,337		—		901,337
Deferred Tax Liabilities	(8,310,966)		356,810		(7,954,156)
Accrued Expenses	(524,400)		—		(524,400)
Other Liabilities	(1,171,739)		—		(1,171,739)
Net assets acquired	$	25,074,332	$	356,810	$	25,431,142


Net Assets Identified	Fair Value		Adjustments		June 30, 2023 (as finalized on June 30, 2024)
Goodwill	140,287,000		(356,810)		139,930,190
Total purchase price	$	165,361,332	$	—	$	165,361,332

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.

Pro Forma Results of Operations

The supplemental unaudited pro forma financial information in the table below summarizes the combined results of operations for the Business Combination as if the Companies were combined for both reporting periods. There were no acquisition-related costs included in the unaudited pro forma results presented below. The unaudited 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 June 30,		Six Months Ended June 30,
	2023		2023
Proforma revenue	$	18,263,455	$	34,769,650
Proforma net income	6,432,047		13,373,444

STOCKHOLDERS' EQUITY - Narrative (Details)			6 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details)	Jun. 24, 2024 USD ($)	Jun. 20, 2024 $ / shares shares	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			200,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Preferred stock, shares authorized (in shares)			1,000,000		1,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.0001		$ 0.0001
Preferred stock, shares issued (in shares)			0		0
Preferred stock, shares outstanding (in shares)			0		0
Number of votes per share \| vote			1
Common stock, shares issued (in shares)			75,484,567	62,961,688	63,388,823
Common stock, shares outstanding (in shares)			74,436,341	62,961,688	63,242,173
Treasury stock (in shares)			1,048,226		146,650
Over-allotment option term		30 days
Payments of stock issuance costs \| $			$ 5,730,000	$ 0
Accrued transaction costs \| $			2,533,627		$ 0
Underwriting Agreement
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001
Common stock issued (in shares)		10,000,000
Net proceeds from sale of common stock \| $	$ 86,270,000
Payments of stock issuance costs \| $	$ 5,730,000
Accrued transaction costs \| $			$ 1,483,627
Over-Allotment Option
Class of Stock [Line Items]
Common stock issued (in shares)		1,500,000
LMA
Class of Stock [Line Items]
Exchange ratio			0.8

AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Convertible Promissory Note principal	$ 1,000,000		$ 1,000,000
Interest rate per annum	8.00%		8.00%
Available-for-sale securities, at fair value	$ 1,165,575		$ 1,165,575		$ 1,105,935
Accrued interest on available-for-sale securities	165,575		165,575		$ 105,935
Available-for-sale securities interest income	$ 19,945	$ 0	$ 59,640	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

BUSINESS COMBINATION - Narrative (Details)	Jun. 30, 2023 USD ($)
Abacus Settlements
Business Acquisition [Line Items]
Enterprise value	$ 165,361,332

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Summary of Revenue by Segment

Revenue related to the Company’s reportable segments is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing	$	204,888	$	354,366	$	422,823	$	590,057
Active management	27,013,757		11,024,399		46,810,756		20,994,917
Originations	5,666,274		—		10,690,478		—
Total revenue (including intersegment)	32,884,919		11,378,765		57,924,057		21,584,974
Intersegment eliminations	(3,808,817)		—		(7,360,771)		—
Total revenue	$	29,076,102	$	11,378,765	$	50,563,286	$	21,584,974

Summary of Segment Information

Cost of revenue related to the Company’s reportable segments is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing	$	168,671	$	431,071	$	531,063	$	756,185
Active management (including stock-compensation)	852,418		542,329		1,810,890		706,765
Originations	3,923,762		—		7,289,770		—
Total expenses (including intersegment)	4,944,851		973,400		9,631,723		1,462,950
Intersegment eliminations	(2,201,317)		—		(4,167,292)		—
Total cost of revenue	$	2,743,534	$	973,400	$	5,464,431	$	1,462,950

Gross profit related to the Company’s reportable segments and the reconciliation of the total gross profit to net income (loss) attributable to common stockholders is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing	$	36,217	$	(76,705)	$	(108,240)	$	(166,128)
Active management	26,161,339		10,482,070		44,999,866		20,288,152
Originations	1,742,512		—		3,400,708		—
Gross profit (including intersegment)	27,940,068		10,405,365		48,292,334		20,122,024
Intersegment eliminations	(1,607,500)		—		(3,193,479)		—
Total gross profit	26,332,568		10,405,365		45,098,855		20,122,024

Sales and marketing	(2,552,801)		(683,841)		(4,482,745)		(1,412,845)
General and administrative (including stock-based compensation)	(14,553,344)		(577,539)		(25,906,843)		(1,274,431)
Depreciation and amortization expense	(1,750,452)		(1,098)		(3,432,506)		(2,141)
Other income (expense)	195,470		121,601		142,442		(21,651)
(Loss) gain on change in fair value of warrant liability	(667,500)		—		279,460		—
Interest expense	(4,529,187)		(584,075)		(8,199,632)		(941,458)
Interest income	639,906		—		1,061,332		7,457
Loss on change in fair value of debt	(1,199,463)		(1,445,229)		(3,912,090)		(2,398,662)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Unrealized loss (gain) on equity securities, at fair value	(362,482)		672,936		802,484		798,156
Realized gain on equity securities, at fair value	856,744		—		856,744		—
Income tax expense	(1,757,710)		(1,184,571)		(2,931,223)		(528,104)
Less: Net loss attributable to non-controlling interests	118,234		26,596		44,960		487,303
Net income (loss) attributable to common stockholders	$	769,983	$	6,750,145	$	(578,762)	$	14,835,648

STOCK-BASED COMPENSATION - CEO Restriction Agreement (Details) - CEO Restricted Stock - USD ($)		6 Months Ended
	Apr. 21, 2023	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)	4,569,922
Unamortized stock-based compensation expense for unvested stock		$ 27,501,791
Unamortized stock-based compensation expense weighted-average remaining contractual life		1 year 6 months
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
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

STOCK-BASED COMPENSATION - Assumptions and Fair Value of Options (Details)	1 Months Ended
	Apr. 30, 2024 $ / shares
Share-Based Payment Arrangement [Abstract]
Dividend yield	0.00%
Expected volatility	23.00%
Risk-free interest rate	3.98%
Expected option life	5 years 9 months 21 days
Weighted average fair value of options (in dollars per share)	$ 3.91

RELATED-PARTY TRANSACTIONS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jul. 05, 2023
SPV Investment Facility \| Line of Credit
Related Party Transaction [Line Items]
Face amount						$ 25,000,000
Sponsor PIK Note \| Unsecured borrowing
Related Party Transaction [Line Items]
Face amount		$ 10,471,648		$ 10,471,648
Affiliated Entity
Related Party Transaction [Line Items]
Other current liabilities	$ 5,236		$ 5,236		$ 5,236
Due from affiliates	1,170,589		1,170,589		1,007,528
Affiliated Entity \| Nova Funds
Related Party Transaction [Line Items]
Revenue	120,670	329,629	305,855	543,076
Affiliated Entity \| Transaction reimbursement revenue \| Nova Funds
Related Party Transaction [Line Items]
Accounts receivable	150,213		150,213		79,509
Related Party
Related Party Transaction [Line Items]
Accounts receivable	$ 150,213		$ 150,213		$ 79,509
Related Party \| Nova Funds
Related Party Transaction [Line Items]
Origination revenue percent	2.00%		2.00%
Origination revenue			$ 20,000
Origination expenses for life settlement policies	$ 1,453	0	$ 2,138	0
Related Party \| Service Fee Agreement
Related Party Transaction [Line Items]
Related party transaction rate			0.50%
Related Party \| SPV Investment Facility \| Line of Credit
Related Party Transaction [Line Items]
Face amount	$ 28,170,326		$ 28,170,326
Related Party \| Sponsor PIK Note \| Unsecured borrowing
Related Party Transaction [Line Items]
Face amount		$ 11,799,715		$ 11,799,715

LEASES - ROU Assets and Lease Liabilities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases [Abstract]
ROU assets obtained in exchange for new lease liabilities	$ 359,352	$ 0
Assets:
Operating lease right-of-use assets	2,108,034		$ 1,893,659
Liabilities:
Current operating lease liability	297,397		118,058
Non-current operating lease liability	1,946,140		1,796,727
Total lease liability	$ 2,243,537		$ 1,914,785

BUSINESS COMBINATION - Intangible Assets Acquired (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2024
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

LIFE SETTLEMENT POLICIES

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

LIFE INSURANCE SETTLEMENT POLICIES

LIFE SETTLEMENT POLICIES

As of June 30, 2024, the Company held 458 life settlement policies, of which 452 were accounted for using the fair value method and 6 were accounted for using the investment method (cost, plus premiums paid). Aggregate face value of policies held at fair value was $744,204,632 as of June 30, 2024, with a corresponding fair value of $207,571,413. The aggregate face value of policies accounted for using the investment method was $3,725,000 as of June 30, 2024, with a corresponding carrying value of $1,140,497. Differences between the face value and the net death benefit of certain policies is due to return of premium policies offset by loans on policies.

As of December 31, 2023, the Company held 296 life settlement policies, of which 287 were accounted for under the fair value method and 9 were accounted for using the investment method (cost, plus premiums paid). The aggregate face value of policies held at fair value was $520,503,710 as of December 31, 2023, with a corresponding fair value of $122,296,559. The aggregate face value of policies accounted for using the investment method was $33,900,000 as of December 31, 2023, with a corresponding carrying value of $1,697,178.

At June 30, 2024, 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 14, 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 June 30, 2024:

Policies Carried at Fair Value:


Remaining Life Expectancy (Years)	Policies	Face Value		Net Death Benefit		Fair Value
0-1	5	$	10,300,000	$	10,300,000	$	8,613,599
1-2	21	10,699,565		13,956,836		9,144,801
2-3	53	111,626,442		108,026,835		54,014,913
3-4	59	108,955,620		110,369,108		46,779,787
4-5	46	69,995,254		68,382,407		22,873,318
Thereafter	268	432,627,751		433,817,206		66,144,995
Total	452	$	744,204,632	$	744,852,392	$	207,571,413

Policies accounted for using the investment method:


Remaining Life Expectancy (Years)	Policies	Face Value		Net Death Benefit		Carrying Value

1-2	1	$	625,000	$	650,059	$	329,714
2-3	2	2,250,000		2,250,000		468,095

4-5	2	750,000		750,000		327,942
Thereafter	1	100,000		100,331		14,746
Total	6	$	3,725,000	$	3,750,390	$	1,140,497

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 June 30, 2024, are as follows:


2024 remaining	$	36,001
2025	93,058
2026	67,821
2027	42,421
2028	22,185
Thereafter	154,286
Total	$	415,772

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. The Company have also not been made aware of information indicating impairment to the carrying value of policies.

- 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

COVER - shares	6 Months Ended
COVER - shares	Jun. 30, 2024	Aug. 05, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39403
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, Suite 200
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,651,347
Entity Central Index Key	0001814287
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	ABL
Security Exchange Name	NASDAQ
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share
Trading Symbol	ABLLW
Security Exchange Name	NASDAQ
9.875% Fixed Rate Senior Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	9.875% Fixed Rate Senior Notes due 2028
Trading Symbol	ABLLL
Security Exchange Name	NASDAQ

PROPERTY AND EQUIPMENT—NET (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

Property and equipment—net composed of the following:


	June 30, 2024		December 31, 2023
Computer equipment	$	691,868	$	356,939
Furniture and fixtures	91,125		91,125
Leasehold improvements	38,405		22,418

Property and equipment—gross	821,398		470,482

Less: accumulated depreciation	(129,125)		(69,762)
Property and equipment—net	$	692,273	$	400,720

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Share Repurchase Activity

The following table summarizes stock repurchase activity under our stock repurchase program:


	Total Number of Shares Purchased	Cost of Shares Repurchased		Average Price Paid per Share
As of December 31, 2023	146,650	$	1,283,062	$	8.82
January 1, 2024 to January 31, 2024	316,800	3,664,552		$	11.61
February 1, 2024 to February 29, 2024	200,916	2,480,383		$	12.35
March 1, 2024 to March 31, 2024	114,400	1,379,457		$	12.06
April 1, 2024 to April 30, 2024	173,197	2,081,859		$	12.02
May 1, 2024 to May 31, 2024	96,263	1,135,824		$	11.81
As of June 30, 2024	1,048,226	$	12,025,137	$	11.61

LIFE SETTLEMENT POLICIES - Investment Method (Details)	Jun. 30, 2024 USD ($) insurance_contract	Dec. 31, 2023 USD ($) insurance_contract
Policies
1-2 \| insurance_contract	1
2-3 \| insurance_contract	2
4-5 \| insurance_contract	2
Thereafter \| insurance_contract	1
Policies \| insurance_contract	6	9
Face Value
1-2	$ 625,000
2-3	2,250,000
4-5	750,000
Thereafter	100,000
Face Value	3,725,000	$ 33,900,000
Net Death Benefit
1-2	650,059
2-3	2,250,000
4-5	750,000
Thereafter	100,331
Total	3,750,390
Carrying Value
1-2	329,714
2-3	468,095
4-5	327,942
Thereafter	14,746
Carrying Value	$ 1,140,497	$ 1,697,178

LONG-TERM DEBT - Sponsor PIK Note (Details) - USD ($)	6 Months Ended		12 Months Ended
LONG-TERM DEBT - Sponsor PIK Note (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Non-cash interest expense	$ 2,551,404	$ 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	$ 1,328,067		$ 644,217

- 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/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
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+ Details

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)

Total

Class A Common Stock

Common Stock

Class A Common Stock

Treasury Stock

Additional Paid-In Capital

Retained Earnings / Accumulated Deficit

Accumulated Other Comprehensive Income

Non- Controlling Interests

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

^[1]

50,369,350

Beginning balance at Dec. 31, 2022

^[1]

$ 28,149,697

$ 5,037

$ 0

$ 704,963

$ 25,487,323

$ 1,052,836

$ 899,538

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

^[1]

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

Other comprehensive income (loss)

(112,313)

(85,382)

(26,931)

Net (loss) income

7,624,796

8,085,503

(460,707)

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

^[1]

50,369,350

Ending balance, Treasury stock (in shares) at Mar. 31, 2023

^[1]

Ending balance at Mar. 31, 2023

^[1]

35,662,180

$ 5,037

$ 0

704,963

33,572,826

967,454

411,900

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

^[1]

50,369,350

Beginning balance at Dec. 31, 2022

^[1]

28,149,697

$ 5,037

$ 0

704,963

25,487,323

1,052,836

899,538

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

^[1]

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

Net (loss) income

$ 14,348,345

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

62,961,688

^[1]

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

^[1]

Ending balance at Jun. 30, 2023

^[1]

$ 160,498,915

$ 6,296

$ 0

188,641,886

(29,382,362)

877,306

355,789

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

^[1]

50,369,350

Beginning balance at Mar. 31, 2023

^[1]

35,662,180

$ 5,037

$ 0

704,963

33,572,826

967,454

411,900

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

^[1]

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)

12,592,338

Merger with East Resources Acquisition Company

(2,796,225)

$ 1,259

17,849,091

(20,646,575)

Acquisition of Abacus Settlements, LLC

165,361,332

Other comprehensive income (loss)

(119,663)

(90,148)

(29,515)

Net (loss) income

$ 6,723,549

6,750,145

(26,596)

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

62,961,688

^[1]

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

^[1]

Ending balance at Jun. 30, 2023

^[1]

$ 160,498,915

$ 6,296

$ 0

188,641,886

(29,382,362)

877,306

355,789

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

63,242,173

63,388,823

^[2]

Beginning balance at Dec. 31, 2023

^[2]

$ 164,070,076

$ 6,339

$ (1,283,062)

199,826,278

(34,726,135)

108,373

138,283

Beginning balance, Treasury stock (in shares) at Dec. 31, 2023

(146,650)

^[2]

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

Common stock sale transaction costs

$ (7,213,627)

(7,213,627)

Deferred transaction costs

(483,451)

Repurchase of common stock (in shares)

(632,116)

Repurchase of common stock

(7,524,392)

$ (7,524,392)

Stock-based compensation

6,093,371

Warrant Conversions (in shares)

387,235

Warrant Conversions

4,453,203

$ 39

4,453,164

Other comprehensive income (loss)

7,436

11,950

(4,514)

Net (loss) income

(1,275,471)

(1,348,745)

73,274

Ending balance (in shares) at Mar. 31, 2024

63,776,058

Ending balance, Treasury stock (in shares) at Mar. 31, 2024

(778,766)

Ending balance at Mar. 31, 2024

$ 165,340,772

$ 6,378

$ (8,807,454)

209,889,362

(36,074,880)

120,323

207,043

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

63,242,173

63,388,823

^[2]

Beginning balance at Dec. 31, 2023

^[2]

$ 164,070,076

$ 6,339

$ (1,283,062)

199,826,278

(34,726,135)

108,373

138,283

Beginning balance, Treasury stock (in shares) at Dec. 31, 2023

(146,650)

^[2]

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

Net (loss) income

$ (623,722)

Ending balance (in shares) at Jun. 30, 2024

74,436,341

75,484,567

Ending balance, Treasury stock (in shares) at Jun. 30, 2024

(1,048,226)

Ending balance at Jun. 30, 2024

$ 256,849,488

$ 7,548

$ (12,025,137)

303,237,878

(34,514,318)

64,324

79,193

Beginning balance (in shares) at Mar. 31, 2024

63,776,058

Beginning balance at Mar. 31, 2024

165,340,772

$ 6,378

$ (8,807,454)

209,889,362

(36,074,880)

120,323

207,043

Beginning balance, Treasury stock (in shares) at Mar. 31, 2024

(778,766)

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

Common stock sale (in shares)

11,500,000

Common stock sale

92,000,000

$ 1,150

91,998,850

Deferred transaction costs

790,579

Repurchase of common stock (in shares)

(269,460)

Repurchase of common stock

(3,217,683)

$ (3,217,683)

Stock-based compensation

6,165,459

Warrant Conversions (in shares)

208,509

Warrant Conversions

2,397,854

$ 20

2,397,834

Other comprehensive income (loss)

(65,615)

(55,999)

(9,616)

Net (loss) income

$ 651,749

769,983

(118,234)

Ending balance (in shares) at Jun. 30, 2024

74,436,341

75,484,567

Ending balance, Treasury stock (in shares) at Jun. 30, 2024

(1,048,226)

Ending balance at Jun. 30, 2024

$ 256,849,488

$ 7,548

$ (12,025,137)

$ 303,237,878

$ (34,514,318)

$ 64,324

$ 79,193

[1]	The 2023 and 2022 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]	The 2023 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.

REVENUES - Contract Balances (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities, deposits on pending settlements	$ 1,443,483	$ 507,000

LONG-TERM DEBT - LMATT Series 2.2024, Inc. Market-Indexed Notes (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Sep. 16, 2022
Debt Instrument [Line Items]
Assets	$ 483,854,905	$ 331,826,067
Fair value
Debt Instrument [Line Items]
Long-term debt, gross	200,140,739
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%
LMATT Series 2.2024, Inc. \| Market-indexed notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Assets	3,937,521
LMATT Series 2.2024, Inc. \| Market-indexed notes \| Fair value
Debt Instrument [Line Items]
Long-term debt, gross	$ 4,610,009	$ 3,551,852
LMATT Series 2.2024, Inc.
Debt Instrument [Line Items]
Ownership percentage			100.00%

EMPLOYEE BENEFIT PLAN	6 Months Ended
EMPLOYEE BENEFIT PLAN	Jun. 30, 2024
Postemployment Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	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. The Company matches up to a maximum of 4% of eligible employee compensation and may choose to make additional discretionary contributions to the 401(k) Plan. For the three months ended June 30, 2024 and 2023, the Company recognized expenses related to the 401(k) Plan amounting to $90,716 and $13,075, respectively. For the three months ended June 30, 2024 and 2023, the Company did not make discretionary contributions. For the six months ended June 30, 2024 and 2023, the Company recognized expenses related to the 401(k) Plan amounting to $199,532 and $25,315, respectively. For the three and six months ended June 30, 2024 and 2023, the Company did not make discretionary contributions.

CONSOLIDATION OF VARIABLE INTEREST ENTITIES	6 Months Ended
CONSOLIDATION OF VARIABLE INTEREST ENTITIES	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATION OF VARIABLE INTEREST ENTITIES	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, Summary of Significant Accounting Policies of our 2023 Annual Report, 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. As of June 30, 2024, 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 $113,277,232 and liabilities of $95,034,640, respectively. As of December 31, 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 and liabilities of $77,132,592 and $65,031,207, respectively. The Company did not deconsolidate any entities during the period ended June 30, 2024, or during the year ended December 31, 2023.

EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

Basic earnings or (loss) per share represents net loss or income attributable to ordinary stockholders divided by the weighted average number of common stock outstanding during the reported period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings or (loss) per common share attributable to common shareholders is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period, except in periods when there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings or loss per common share applicable to common shareholders by application of the treasury stock method using average market prices during the period.

The shares issuable upon exercise of the Public Warrants, Private Placement Warrants, or stock options will not impact the total dilutive weighted average shares outstanding unless and until the price of our common stock exceeds the respective strike price. If and when the price of our common stock exceeds the respective strike price of any of the warrants or stock options, we will include the dilutive effect of the additional shares that may be issued upon exercise of the warrants in total dilutive weighted average shares outstanding, which we calculate using the treasury stock method.

The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of basic earnings or loss per share attributable to common stockholders:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss) attributable to common stockholders for basic earnings (loss) per share	$	769,983	$	6,750,145	$	(578,762)	$	14,835,648
Weighted average shares outstanding for basic earnings (loss) per share	63,846,170		50,507,728		63,087,878		50,438,921
Basic earnings (loss) per share	$	0.01	$	0.13	$	(0.01)	$	0.29

The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of diluted earnings or loss per share attributable to common stockholders:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss) attributable to common stockholders for basic earnings (loss) per share	$	769,983	$	6,750,145	$	(578,762)	$	14,835,648
Reversal of gain on change in fair value of warrant liability	—		—		(208,631)		—
Numerator used to calculate diluted earnings (loss) per share	$	769,983	$	6,750,145	$	(787,393)	$	14,835,648

Weighted average shares outstanding for basic earnings (loss) per share	63,846,170		50,507,728		63,087,878		50,438,921
Effect of dilutive shares outstanding:
RSUs	1,399,765		—		—		—
Restricted Stock	1,916,885		—		—		—


Private Placement Warrants	—		—		14,332		—
Weighted average shares for diluted earnings (loss) per share	67,162,820		50,507,728		63,102,210		50,438,921
Diluted earnings (loss) per share	$	0.01	$	0.13	$	(0.01)	$	0.29

FAIR VALUE MEASUREMENTS - Credit Exposure to Insurance Companies (Details) - Life Insurance Carrier Concentration Risk - John Hancock Life Insurance Company (U.S.A.)	6 Months Ended
	Jun. 30, 2024
Life Insurance Contract, Face Value
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	20.00%
Life Insurance Contract, Fair Value
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	13.00%

LONG-TERM DEBT - LMATT Growth and Income Series 1.2026, Inc. Market-Indexed Notes (Details) - USD ($)	Jun. 30, 2024	Jun. 28, 2024	Dec. 31, 2023	Sep. 16, 2022
Debt Instrument [Line Items]
Assets	$ 483,854,905		$ 331,826,067
Fair value
Debt Instrument [Line Items]
Long-term debt, gross	200,140,739
LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Upside performance participation cap		40.00%
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	507,258
LMATT Growth & Income Series 1.2026, Inc \| Market-indexed notes \| Fair value
Debt Instrument [Line Items]
Long-term debt, gross	$ 784,795		$ 569,862
LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Ownership percentage				100.00%

LONG-TERM DEBT - Fixed Rate Senior Unsecured Notes (Details) - 9.875% Fixed Rate Senior Notes due 2028 - Unsecured borrowing - USD ($)	Nov. 10, 2023	Feb. 15, 2024
Debt Instrument [Line Items]
Face amount	$ 35,650,000	$ 25,000,000
Interest rate (as a percent)	9.875%	9.875%
Redemption percentage	100.00%

- 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

LIFE SETTLEMENT POLICIES - Fair Value (Details)	Jun. 30, 2024 USD ($) insurance_contract	Dec. 31, 2023 USD ($) insurance_contract
Policies
0-1 \| insurance_contract	5
1-2 \| insurance_contract	21
2-3 \| insurance_contract	53
3-4 \| insurance_contract	59
4-5 \| insurance_contract	46
Thereafter \| insurance_contract	268
Policies \| insurance_contract	452	287
Face Value
0-1	$ 10,300,000
1-2	10,699,565
2-3	111,626,442
3-4	108,955,620
4-5	69,995,254
Thereafter	432,627,751
Face Value	744,204,632	$ 520,503,710
Net Death Benefit
0-1	10,300,000
1-2	13,956,836
2-3	108,026,835
3-4	110,369,108
4-5	68,382,407
Thereafter	433,817,206
Total	744,852,392
Fair Value
0-1	8,613,599
1-2	9,144,801
2-3	54,014,913
3-4	46,779,787
4-5	22,873,318
Thereafter	66,144,995
Fair Value	$ 207,571,413	$ 122,296,559

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Before June 30, 2023 the date of the Merger, LMA and Abacus had elected to file as an S corporation for federal and state income tax purposes, as such, neither LMA nor Abacus incurred federal or state income taxes, except for income taxes related to LMA’s consolidated variable interest entities (VIE) and subsidiaries which are taxable C corporations. These VIEs 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 LMA Series, LLC, and LMATT Growth and Income Series 1.2026, Inc., a wholly owned subsidiary of LMA Series, LLC, 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 2.2024, Inc. and LMATT Growth and Income Series 1,2026, Inc. After the Merger, both LMA and Abacus are considered disregarded entities of the Company, a C corporation for federal and state income tax purposes. For the three months ended June 30, 2024 and 2023, the Company recorded a provision for income taxes of $1,757,710 and $1,184,571, respectively. The effective tax rate is 73.0% for the three months ended June 30, 2024 primarily driven by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). The effective rate for the three months ended June 30, 2023 was 15.0% due to the impact of the VIEs. For the six months ended June 30, 2024 and 2023, the Company recorded a provision for income taxes of $2,931,223 and $528,104, respectively. The effective tax rate is 127.0% for the six months ended June 30, 2024 primarily driven by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). The effective rate for the six months ended June 30, 2023 was 3.5% due to the impact of the VIEs. The Company did not have any unrecognized tax benefits relating to uncertain tax positions at June 30, 2024 and December 31, 2023, and did not recognize any interest or penalties related to uncertain tax positions at June 30, 2024, and December 31, 2023. 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 (loss) income during 2024.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

FAIR VALUE MEASUREMENTS - Life Insurance Policies (Details) - Life Insurance Policies	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 122,296,559
Policies purchased	135,265,141
Matured/sold policies	(71,331,990)
Realized gain on matured/sold policies	23,549,473
Premiums paid	(5,547,086)
Unrealized gain on held policies	21,341,703
Change in estimated fair value	39,344,090
Realized gain on matured/sold policies	(23,549,473)
Premiums paid	5,547,086
Fair value at end of period	$ 207,571,413

Abacus Settlements LLC - RETIREMENT PLAN	6 Months Ended
Abacus Settlements LLC - RETIREMENT PLAN	Jun. 30, 2024
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
RETIREMENT PLAN	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, 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
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-Section 50
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+ Details

FAIR VALUE MEASUREMENTS - Issued Notes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period			$ 68,348,556
Unrealized loss on change in fair value (risk-free)	$ 1,199,463	$ 1,445,229	3,912,090	$ 2,398,662
Unrealized loss on change in fair value (credit-adjusted) included in OCI			59,003
Unrealized gain on change in fair value (credit-adjusted) included in equity of NCI			18,927
Change in estimated fair value of debt	1,287,354		3,990,020
Deferred issuance costs			(290,706)
Fair value at end of period	$ 99,229,992		99,229,992
Nonrelated Party
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Debt issued			26,946,891
Related Party
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Debt issued			$ 235,231

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

Abacus Settlements LLC - SUBSEQUENT EVENT	6 Months Ended
Abacus Settlements LLC - SUBSEQUENT EVENT	Jun. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
SUBSEQUENT EVENT	SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions from the consolidated balance sheet date through the date at which the consolidated financial statements were issued. Based upon the review, management did not identify any subsequent events that would have required adjustment or disclosure in the financial statements other than what is disclosed below. Planned acquisitions On July 18, 2024, the Company entered into a share purchase agreement to acquire Carlisle Management Company SCA (“Carlisle”), a leading Luxembourg-based investment manager in the life settlement space, for approximately $200 million. Carlisle shareholders will receive consideration in the form of the Company’s common stock and the Company’s Fixed Rate Senior Unsecured Notes due in 2028 representing approximately 62.3% and 37.7% of the purchase price, respectively, which is subject to closing adjustments and certain performance thresholds. This transaction is subject to regulatory approval. On August 7, 2024, the Company entered into a definitive agreement to acquire FCF Advisors (“FCF”), a New York based asset manager and index provider specializing in free cash flow-focused investment strategies. FCF sellers will receive consideration split between cash and the Company’s common stock, which is subject to closing adjustments and approvals. Repayment of long-term debt, at fair value The investors in the LMATT Growth and Income 1.2026 note agreed to wind down this structured note earlier than originally planned on June 30, 2024. The prior end date would have been July 31, 2026. In anticipation of this new end date, the Company closed its option positions of $110,582 on June 28, 2024 (the last trading day in June). The realized gain on the option of $47,566 was recorded as realized gain on investments line item on the consolidated statements of operations and comprehensive (loss) income. At this new end date, the structured note was valued at its cap of 40% total return based on the original principal committed. The parent Company, LMA, made a $54,000 capital contribution to help cover this investor obligation. During the first week of July 2024, this debt of $784,795 was extinguished. The investors in the LMATT Growth 2.2024 note agreed to wind down this structured note one month earlier than originally planned on June 30, 2024. In anticipation of this new end date, the Company sold its insurance policies and closed its option positions of $1,296,266 on June 28, 2024 (the last trading day in June). The realized gain on the option of $809,178 was recorded as realized gain on investments line item on the consolidated statements of operations and comprehensive (loss) income. The Company itself had ample assets to cover investor obligations. During the first week of July 2024, this debt of $4,610,009 was extinguished. Repayment of long-term debt, related party The Company paid off the SPV Purchase and Sale Note on July 2, 2024 before its scheduled maturity on July 5, 2026 with proceeds received from June’s common stock sale to reduce the Company’s interest costs. On July 2, 2024, the balance of $28,170,326 and additional interest of $18,780 was paid in full.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On June 30, 2023, Abacus consummated the merger with LMA. Abacus has evaluated its subsequent events through August 12, 2024, the date that the financial statements were issued and determined that there were no events that occurred that required disclosure.

Abacus Settlements LLC - DESCRIPTION OF THE BUSINESS	6 Months Ended
Abacus Settlements LLC - DESCRIPTION OF THE BUSINESS	Jun. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
DESCRIPTION OF THE BUSINESS	BASIS OF PRESENTATION The accompanying consolidated financial statements (“Interim Financial Statements”) are presented in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”) as contained in the Company’s Annual Report on Form 10-K. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Accordingly, the consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 21, 2024, as amended by Amendment No. 1 on Form 10-K/A, filed with the SEC on May 30, 2024, and as amended by Amendment No. 2 on Form 10-K/A, filed with the SEC on June 12, 2024 (“2023 Annual Report”). Refer to Note 2 in the Company’s 2023 Annual Report for the full list of the Company’s significant accounting policies. The details in those notes have not changed, except as discussed in Note 2 to the Interim Financial Statements and as a result of normal adjustments in the interim periods. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our 2023 Annual Report. We also may use certain other terms that are defined within these Interim Financial Statements. The Interim Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Abacus Life, Inc., (the “Company”) all entities in which the Company has a controlling voting interest (“subsidiaries”), and variable interest entities (“VIEs”) for which the Company is the primary beneficiary, as determined in accordance with consolidation accounting guidance. References in these Interim Financial Statements to net income or loss attributable to common stockholders and stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entity and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. The Interim Financial Statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2023, 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 June 30, 2024, and the consolidated statements of operations and comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023, respectively, and the consolidated statements of cash flows for the six months ended June 30, 2024 and 2023, respectively. The Interim Financial Statements are not necessarily indicative of the results to be expected for the full year, or any other period. All references to financial information in the Interim Financial Statements in the condensed notes to Interim Financial Statements are unaudited. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of revenue, life settlement policy valuation, goodwill and intangibles valuation, market-indexed note valuation, and income taxes. The uncertainties in the broader macroeconomic environment have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
DESCRIPTION OF THE BUSINESS	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 June 30, 2023 Abacus was acquired by LMA.

LIFE SETTLEMENT POLICIES - Estimated Premiums (Details)	Jun. 30, 2024 USD ($)
Investments, All Other Investments [Abstract]
2024 remaining	$ 36,001
2025	93,058
2026	67,821
2027	42,421
2028	22,185
Thereafter	154,286
Total	$ 415,772

GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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. Refer to Note 3, Business Combination, for further discussion.

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


	Portfolio Servicing		Active Management		Originations
Goodwill at December 31, 2023	$	—	$	—	$	140,287,000
Adjustments	—		—		(356,810)
Goodwill at June 30, 2024	$	—	$	—	$	139,930,190

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

Asset Type

Fair Value

Useful Life

Valuation Methodology

State Insurance Licenses

2,700,000

Indefinite

Replacement Cost Method

Total intangible assets

32,900,000

Intangible assets and related accumulated amortization are as follows:


	June 30, 2024
Definite-lived Intangible Assets:	Gross Value		Accumulated Amortization		Net Book Value
Customer Relationships - Agents	$	12,600,000	$	(2,520,000)	$	10,080,000
Customer Relationships - Financial Relationships	11,000,000		(1,375,000)		9,625,000
Internally Developed and Used Technology—APA	1,600,000		(800,000)		800,000
Internally Developed and Used Technology—Market Place	100,000		(33,333)		66,667
Non-Compete Agreements	4,000,000		(2,000,000)		2,000,000
Total definite-lived intangible assets	$	29,300,000	$	(6,728,333)	$	22,571,667

Indefinite-lived Intangible Assets:
Trade Name	$	900,000	$	—	$	900,000
State Insurance Licenses	2,700,000		—		2,700,000
Total intangible assets	$	32,900,000	$	(6,728,333)	$	26,171,667

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 $— for the three months ended June 30, 2024 and 2023, respectively. Amortization expense for definite lived intangible assets was $3,364,167 and $— for the six months ended June 30, 2024 and 2023, respectively.

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


2024 remaining	$	3,364,167
2025	5,328,333
2026	3,911,667
2027	3,895,000
2028	2,635,000
Thereafter	3,437,500
Total	$	22,571,667

The Company also had other intangible assets of $180,456 and $87,297, net of related amortization, as of June 30, 2024 and December 31, 2023, respectively.

EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of basic earnings or loss per share attributable to common stockholders:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss) attributable to common stockholders for basic earnings (loss) per share	$	769,983	$	6,750,145	$	(578,762)	$	14,835,648
Weighted average shares outstanding for basic earnings (loss) per share	63,846,170		50,507,728		63,087,878		50,438,921
Basic earnings (loss) per share	$	0.01	$	0.13	$	(0.01)	$	0.29

The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of diluted earnings or loss per share attributable to common stockholders:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss) attributable to common stockholders for basic earnings (loss) per share	$	769,983	$	6,750,145	$	(578,762)	$	14,835,648
Reversal of gain on change in fair value of warrant liability	—		—		(208,631)		—
Numerator used to calculate diluted earnings (loss) per share	$	769,983	$	6,750,145	$	(787,393)	$	14,835,648

Weighted average shares outstanding for basic earnings (loss) per share	63,846,170		50,507,728		63,087,878		50,438,921
Effect of dilutive shares outstanding:
RSUs	1,399,765		—		—		—
Restricted Stock	1,916,885		—		—		—


Private Placement Warrants	—		—		14,332		—
Weighted average shares for diluted earnings (loss) per share	67,162,820		50,507,728		63,102,210		50,438,921
Diluted earnings (loss) per share	$	0.01	$	0.13	$	(0.01)	$	0.29

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT

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


	June 30, 2024				December 31, 2023
	Cost		Fair value		Cost		Fair value
Market-indexed notes, at fair value:
LMATT Series 2024, Inc.	$	10,425,475	$	12,194,710	$	9,124,944	$	9,477,780
LMATT Growth Series 2.2024, Inc.	3,480,758		4,610,009		2,981,480		3,551,852
LMATT Growth & Income Series 1.2026, Inc	560,000		784,795		492,582		569,862
Secured borrowing, at fair value:


	June 30, 2024				December 31, 2023
	Cost		Fair value		Cost		Fair value
LMA Income Series, LP	22,603,441		22,603,441		22,368,209		22,368,209
LMA Income Series II, LP	59,327,743		59,327,743		32,380,852		32,380,852
Deferred issuance costs	(290,706)		(290,706)		—		—
Unsecured borrowing:
Fixed Rate Senior Unsecured Notes	60,650,000		60,650,000		35,650,000		35,650,000
SPV Purchase and Sale Note	28,170,326		28,170,326		26,538,004		26,538,004
Sponsor PIK Note	11,799,715		11,799,715		11,115,865		11,115,865
Deferred issuance costs and discounts	(2,778,896)		(2,778,896)		(1,831,910)		(1,831,910)
Total debt	193,947,856		197,071,137		138,820,026		139,820,514
Less current portion of:
long-term debt, at fair value	(14,466,233)		(17,589,514)		(11,440,236)		(13,029,632)
long-term debt, related party	(28,170,326)		(28,170,326)		—		—
Total long-term debt	$	151,311,297	$	151,311,297	$	127,379,790	$	126,790,882

Fixed Rate Senior Unsecured Notes

On November 10, 2023, the Company issued $35,650,000 in fixed rate senior unsecured notes (“Fixed Unsecured Notes”). The net proceeds after related debt issue costs, were used by the Company to repay debt and for general corporate purposes. The Fixed Unsecured Notes are based on a fixed interest rate of 9.875% to be paid in quarterly interest payments beginning on February 15, 2024 and mature on 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.

On February 15, 2024, the Company issued an additional $25,000,000 as part of the previously issued Fixed Unsecured Notes. The net proceeds, after related debt issue costs, were used by the Company for general corporate purposes. The Fixed Rate Senior Unsecured Notes are based on a fixed interest rate of 9.875% to be paid in quarterly interest payments beginning on May 15, 2024 and mature on November 15, 2028.

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 December of 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 June 30, 2024, $8,816,900 of the principal amount remained outstanding of which $200,000 is owed to LMA. LMA’s investment is eliminated in consolidation.

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 June 30, 2024 and December 31, 2023, the fair value of the LMATT Series 2024, Inc. notes was $12,194,710 and $9,477,780, respectively.

The notes are secured by the assets of the issuing entities, which includes cash, S&P 500 call options, and life settlement policies totaling $12,642,141 as of June 30, 2024. 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 Growth Series 2.2024, Inc. Market-Indexed Notes:

On September 16, 2022, LMATTS Growth 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 July of 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 June 30, 2024, the entire 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 June 30, 2024 and December 31, 2023, the fair value of the LMATT Series 2.2024, Inc. notes were $4,610,009 and $3,551,852, respectively. Refer to Note 22, Subsequent Events, for additional discussion.

The notes are secured by the assets of the issuing entity, LMATT Series 2.2024, Inc., which includes cash, S&P 500 call options, and life settlement policies totaling $3,937,521 as of June 30, 2024. 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:

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 July of 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 June 30, 2024, the entire 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 June 30, 2024 and December 31, 2023, the fair value of the LMATT Growth and Income Series 1.2026, Inc., notes were $784,795 and 569,862, respectively. Refer to Note 22, Subsequent Events, for additional discussion.

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 call options, and life settlement policies totaling $507,258 as of June 30, 2024. 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.

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

On September 2, 2022, LMA Income Series, GP, LLC, wholly owned and controlled by that LMA Series, LLC, formed a limited partnership, LMA Income Series, LP and subsequently issued partnership interests to limited partners in a private placement offering. The initial term of the offering is three years will end in December 2025 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 six months ended June 30, 2024.

The private placement offerings proceeds are used to acquire and 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.

Dividends paid and accrued are included in interest expense. The excess dividend returns will not be paid by LMA Income Series, LP until termination, are considered non-cash interest expense, and are included in the principal balance outstanding. As of June 30, 2024 and December 31, 2023, $713,997 and $478,765 in non-cash interest expense was added to the outstanding principal balance, respectively.

LMA elected to account for the secured borrowing at fair value under the collateralized financing entity guidance within ASC 810-10-30. As of June 30, 2024 and December 31, 2023, the fair value of the secured borrowing was $22,603,441 and $22,368,209, respectively.

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

On January 31, 2023, 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 subsequently issued partnership interests to limited partners in a private placement offering. The initial term of the offering was three years will end in March 2026 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 received 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.

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.

During 2024, LMA Income Series II, GP, LLC through the LMA Income Series II, LP admitted additional limited partners into the fund. The additional limited partnership interests amounted to $26,946,891 as of June 30, 2024. LMA Income Series II, GP plans to continue admitting new limited partners. In addition to new partnership interests, an amendment to the limited partnership was signed to add redemption opportunities for limited partners and extend the maturity date of the fund. The first redemption date is March 31, 2026, but limited partners can elect to stay in the fund at the same terms. If a limited partner elects to stay invested, the next redemption date would be June 30, 2027 with a final maturity date of December 31, 2028. Along with these redemption windows, the amendment also increased the Preferred Return Amount by fifty basis points annually across all tiers. The amendment became effective April 1, 2024.

Sponsor PIK Note

On the June 30, 2023, in connection with 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 12.00% per year 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 June 30, 2024 and December 31, 2023, $1,328,067 and $644,217 in non-cash interest expense was added to the outstanding principal balance, respectively. 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.

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 $10,000,000 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”). SPV is jointly owned by the Sponsor and former members of LMA and Abacus.

SPV extended an additional principal amount of $15,000,000 bringing the total SPV Purchase and Sale Note to $25,000,000. The Company is able to borrow additional funds from SPV. The interest accrues at a rate of 12% per year, accrued quarterly, all of which is to be paid in-kind by the Company by increasing the principal amount of the SPV Purchase and Sale Note on each interest payment date and is not required to be paid until maturity on July 5, 2026, three years after the closing of the SPV Purchase and Sale Note, subject to two automatic extensions of one-year each without any amendment of the relevant documentation.

As of June 30, 2024 and December 31, 2023, $3,170,326 and $1,538,004 in non-cash interest expense was added to the outstanding principal balance, respectively. Refer to Note 22, Subsequent Events, for our discussion on our early repayment of the SPV Purchase and Sale Note.

The following table shows scheduled principal payments by year for our long-term debt as of June 30, 2024:


	Payments by Year
	2024 remaining		2025		2026		2027		2028		Thereafter		Total
Market-indexed notes, at fair value:
LMATT Series 2024, Inc.	$	12,194,710	$	—	$	—	$	—	$	—	$	—	$	12,194,710
LMATT Series 2.2024, Inc.	4,610,009		—		—		—		—		—		4,610,009
LMATT Growth & Income Series 1.2026, Inc.	784,795		—		—		—		—		—		784,795
Secured borrowing, at fair value:
LMA Income Series, LP	—		22,603,441		—		—		—		—		22,603,441
LMA Income Series II, LP	—		—		59,327,743		—		—		—		59,327,743
Unsecured borrowing:
Fixed Rate Senior Unsecured Notes	—		—		—		—		60,650,000		—		60,650,000
SPV Purchase and Sale Note	28,170,326		—		—		—		—		—		28,170,326
Sponsor PIK Note	—		—		—		—		11,799,715		—		11,799,715

	$	45,759,840	$	22,603,441	$	59,327,743	$	—	$	72,449,715	$	—	$	200,140,739

SEGMENT REPORTING - Cost of Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
SEGMENT REPORTING - Cost of Revenue (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total cost of revenue	$ 2,743,534	$ 973,400	$ 5,464,431	$ 1,462,950
Operating Segments
Segment Reporting Information [Line Items]
Total cost of revenue	4,944,851	973,400	9,631,723	1,462,950
Operating Segments \| Portfolio servicing
Segment Reporting Information [Line Items]
Total cost of revenue	168,671	431,071	531,063	756,185
Operating Segments \| Active management
Segment Reporting Information [Line Items]
Total cost of revenue	852,418	542,329	1,810,890	706,765
Operating Segments \| Originations
Segment Reporting Information [Line Items]
Total cost of revenue	3,923,762	0	7,289,770	0
Intersegment eliminations
Segment Reporting Information [Line Items]
Total cost of revenue	$ (2,201,317)	$ 0	$ (4,167,292)	$ 0

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

STOCKHOLDERS' EQUITY - Stock Repurchase Program (Details) - USD ($)				1 Months Ended					3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 11, 2023	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Jun. 30, 2024	Mar. 31, 2024
Equity [Abstract]
Stock repurchase program authorized amount			$ 15,000,000
Stock repurchase program period			18 months
Amount remaining available for repurchase under stock repurchase program	$ 2,974,863								$ 2,974,863
Stock Repurchase Program [Roll Forward]
Beginning balance, Treasury stock (in shares)								146,650		146,650
Total Number of Shares Purchased (in shares)				96,263	173,197	114,400	200,916	316,800
Ending balance, Treasury stock (in shares)	1,048,226	146,650							1,048,226
Cost of Shares Repurchased, Beginning of Period								$ 1,283,062		$ 1,283,062
Cost of Shares Repurchased				$ 1,135,824	$ 2,081,859	$ 1,379,457	$ 2,480,383	$ 3,664,552	$ 3,217,683	$ 7,524,392
Cost of Shares Repurchased, End of Period	$ 12,025,137	$ 1,283,062							$ 12,025,137
Average Price Paid per Share (in dollars per share)	$ 11.61	$ 8.82		$ 11.81	$ 12.02	$ 12.06	$ 12.35	$ 11.61

REVENUES (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The disaggregation of the Company’s revenue by major sources is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing revenue:
Related party serving revenue	$	120,670	$	329,629	$	305,855	$	543,076
Portfolio servicing revenue	84,218		24,737		116,968		46,981
Total portfolio servicing revenue	204,888		354,366		422,823		590,057
Active management revenue:
Investment income from life insurance policies held using the investment method	7,393		8,263,499		507,393		16,655,833
Revenue from fee-based services and realized and unrealized gains from life insurance policies held using the fair value method	27,006,364		2,760,900		46,303,363		4,339,084
Total active management revenue	27,013,757		11,024,399		46,810,756		20,994,917
Origination revenue:
Agent	1,297,002		—		1,854,502		—
Broker	478,900		—		1,362,150		—
Client direct	81,555		—		113,055		—
Total origination revenue	1,857,457		—		3,329,707		—
Total revenue	$	29,076,102	$	11,378,765	$	50,563,286	$	21,584,974

Schedule of Contract Liabilities

The balances of contract liabilities arising from originated contracts with customers were as follows:


	June 30, 2024		December 31, 2023
Contract liabilities, deposits on pending settlements	$	1,443,483	$	507,000
Total contract liabilities	$	1,443,483	$	507,000

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill by Reportable Segments (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 140,287,000
Goodwill at end of period	139,930,190	$ 139,930,190
Portfolio servicing
Goodwill [Roll Forward]
Goodwill at beginning of period	0
Adjustments	0
Goodwill at end of period	0	0
Active management
Goodwill [Roll Forward]
Goodwill at beginning of period	0
Adjustments	0
Goodwill at end of period	0	0
Originations
Goodwill [Roll Forward]
Goodwill at beginning of period	140,287,000
Adjustments	(356,810)
Goodwill at end of period	139,930,190	139,930,190
LMA and Abacus
Goodwill [Roll Forward]
Goodwill at beginning of period		140,287,000
Adjustments		(356,810)
Goodwill at end of period	$ 139,930,190	$ 139,930,190

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: 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 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

SHAREHOLDERS' EQUITY

STOCKHOLDERS’ 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 June 30, 2024, there were 75,484,567 shares of common stock issued, of which 74,436,341 are outstanding and 1,048,226 shares were held as treasury stock. 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 stockholders after payment of all liabilities.

The equity structure has been recast in all comparative periods up to the Closing Date of June 30, 2023 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 June 30, 2023, this resulted in 62,961,688 shares of common stock issued and outstanding. As of December 31, 2023, there were 63,388,823 shares of common stock issued, of which 63,242,173 are outstanding and 146,650 shares were held as treasury stock.

On June 20, 2024, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Piper Sandler & Co., TD Securities (USA) LLC, B. Riley Securities, Inc. and KKR Capital Markets LLC, as representatives (“Representatives”) of the several underwriters (the “Underwriters”), relating to the underwritten offering of 10,000,000 shares of common stock, par value $0.0001 per share, of the Company’s common stock announced on June 13, 2024. Under the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to 1,500,000 additional shares of Common Stock (the “Option”). On June 21, 2024, the Underwriters exercised the Option in full. The Offering closed on June 24, 2024. On June 24, 2024, The Company received

$86,270,000 net proceeds from the sale of its common stock, which was net of $5,730,000 in related transaction costs. As of June 30, 2024 the Company had accrued $1,483,627 for related transaction costs.

Public Warrants

As of June 30, 2024, the Company had 16,654,240 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. 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 expire five years from the purchase date for July 27, 2020 or August 25, 2020, the dates of the initial public offering and over-allotment, respectively, by the Sponsor, or earlier upon redemption or liquidation.

Redemption of Warrants for Cash - 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.

Redemption of Warrants for Shares of Class A Common Stock - 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 stock splits, stock 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.

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.

The Company accounts for the Public Warrants as equity instruments. The Company estimated that the fair value of the warrants upon the Business Combination was approximately $4.73 million, or $0.274 per Public Warrant, using the binomial lattice model. The fair value of the warrants was 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. The Company accounted for the warrant as an expense of the IPO resulting in a charge directly to stockholders’ equity on June 30, 2023.

During 2024, the Company’s share price reached the warrant exercise price of $11.50. Certain public warrant holders redeemed their warrants for the Company’s common stock. As of June 30, 2024, the Company received $6,851,057 from the exercise of 595,744 public warrants.

Stock Repurchase Program

On December 11, 2023, our board of directors authorized a stock repurchase program under which the Company may purchase shares of our common stock for an aggregate purchase price not to exceed $15,000,000 over a period of up to 18 months. Stock repurchases may be made through open market transactions, block trades, accelerated stock repurchases, privately negotiated transactions, derivative transactions or otherwise, certain of which may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in compliance with applicable state and federal securities laws. The timing, as well as the number and value of stock repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including our assessment of the intrinsic value of the Company's common stock, the market price of the Company's common stock, general market and economic conditions, available liquidity, compliance with the Company's debt and other agreements, applicable legal requirements, the nature of other investment opportunities available to the Company, and other considerations. The Company is not obligated to purchase any stock under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand and expected free cash flow to be generated in the future. Acquired shares of our common stock are held as treasury stock carried at cost in our consolidated financial statements. In connection with the repurchase program, the Company is authorized to adopt one of more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

As of June 30, 2024, $2,974,863 remained available for repurchase under the authorization approved by the Company’s board of directors. The authorization for the stock repurchase program may be suspended, terminated, increased or decreased by our board of directors at any time without prior notice.

The following table summarizes stock repurchase activity under our stock repurchase program:


	Total Number of Shares Purchased	Cost of Shares Repurchased		Average Price Paid per Share
As of December 31, 2023	146,650	$	1,283,062	$	8.82
January 1, 2024 to January 31, 2024	316,800	3,664,552		$	11.61
February 1, 2024 to February 29, 2024	200,916	2,480,383		$	12.35
March 1, 2024 to March 31, 2024	114,400	1,379,457		$	12.06
April 1, 2024 to April 30, 2024	173,197	2,081,859		$	12.02
May 1, 2024 to May 31, 2024	96,263	1,135,824		$	11.81
As of June 30, 2024	1,048,226	$	12,025,137	$	11.61

- 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
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Abacus Settlements LLC - REVENUE (Tables)

6 Months Ended

Jun. 30, 2024

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

Disaggregation of Revenue

The disaggregation of the Company’s revenue by major sources is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing revenue:
Related party serving revenue	$	120,670	$	329,629	$	305,855	$	543,076
Portfolio servicing revenue	84,218		24,737		116,968		46,981
Total portfolio servicing revenue	204,888		354,366		422,823		590,057
Active management revenue:
Investment income from life insurance policies held using the investment method	7,393		8,263,499		507,393		16,655,833
Revenue from fee-based services and realized and unrealized gains from life insurance policies held using the fair value method	27,006,364		2,760,900		46,303,363		4,339,084
Total active management revenue	27,013,757		11,024,399		46,810,756		20,994,917
Origination revenue:
Agent	1,297,002		—		1,854,502		—
Broker	478,900		—		1,362,150		—
Client direct	81,555		—		113,055		—
Total origination revenue	1,857,457		—		3,329,707		—
Total revenue	$	29,076,102	$	11,378,765	$	50,563,286	$	21,584,974

Abacus Settlements, LLC

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

Disaggregation of Revenue

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


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Agent	$	3,334,402	$	7,143,016
Broker	2,809,499		4,675,973
Client direct	740,789		1,365,687
Total	$	6,884,690	$	13,184,676

SEGMENT REPORTING - Reconciliation of Net Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total gross profit	$ 26,332,568	$ 10,405,365	$ 45,098,855	$ 20,122,024
Sales and marketing	(2,552,801)	(683,841)	(4,482,745)	(1,412,845)
General and administrative (including stock-based compensation)	(14,553,344)	(577,539)	(25,906,843)	(1,274,431)
Depreciation and amortization expense	(1,750,452)	(1,098)	(3,432,506)	(2,141)
Other income (expense)	195,470	121,601	142,442	(21,651)
(Loss) gain on change in fair value of warrant liability	(667,500)	0	279,460	0
Interest expense	(4,529,187)	(584,075)	(8,199,632)	(941,458)
Interest income	639,906	0	1,061,332	7,457
Loss on change in fair value of debt	(1,199,463)	(1,445,229)	(3,912,090)	(2,398,662)
Unrealized loss (gain) on equity securities, at fair value	(362,482)	672,936	802,484	798,156
Realized gain on equity securities, at fair value	856,744	0	856,744	0
Income tax expense	(1,757,710)	(1,184,571)	(2,931,223)	(528,104)
Less: Net loss attributable to non-controlling interests	118,234	26,596	44,960	487,303
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	769,983	6,750,145	(578,762)	14,835,648
Operating Segments
Segment Reporting Information [Line Items]
Total gross profit	27,940,068	10,405,365	48,292,334	20,122,024
Operating Segments \| Portfolio servicing
Segment Reporting Information [Line Items]
Total gross profit	36,217	(76,705)	(108,240)	(166,128)
Operating Segments \| Active management
Segment Reporting Information [Line Items]
Total gross profit	26,161,339	10,482,070	44,999,866	20,288,152
Operating Segments \| Originations
Segment Reporting Information [Line Items]
Total gross profit	1,742,512	0	3,400,708	0
Intersegment eliminations
Segment Reporting Information [Line Items]
Total gross profit	$ (1,607,500)	$ 0	$ (3,193,479)	$ 0

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2024

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

RELATED-PARTY TRANSACTIONS

As of June 30, 2024 and December 31, 2023, $5,236 and $5,236, respectively, were due to affiliates. As of June 30, 2024 and December 31, 2023, $1,170,589 and $1,007,528, respectively, was due from affiliates. The majority of the due from affiliate amount as of December 31, 2023 represents transaction costs incurred by the Company related to the formation of an investment fund being registered under the Investment Company Act of 1940 that will be reimbursed upon regulatory approval and effectiveness of the investment fund and subsequent sale of shares in the investment fund.

The SPV Purchase and Sale Note of $28,170,326 is a related party transaction given the transfer of cash and policies between the Company and the SPV, which is jointly owned by the Sponsor and former members of LMA and Abacus. The Sponsor PIK Note for $11,799,715 is also recorded as a related party transaction given the relationship between the Sponsor and the Company. Refer to Note 22, Subsequent Events, for additional discussion.

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 earns service revenue related to policy and administrative services on behalf of the 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 $120,670 and $329,629 in service revenue related to the Nova Funds for the three months ended June 30, 2024 and 2023, respectively. The Company earned $305,855 and $543,076 in service revenue related to the Nova Funds for the six months ended June 30, 2024 and 2023, respectively. The Company incurred transition costs with the Nova funds of $1,453 and $2,138 for the three and six months ended June 30, 2024, respectively.

As of June 30, 2024, and December 31, 2023, there were $150,213 and $79,509, respectively, owed by the Nova Funds, which are included as related-party receivables in the consolidated balance sheets.

After the Merger, the Company also originates policies for the Nova Funds. 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. For the three and six months ended June 30, 2024 and 2023 the Company did not earn any related party origination revenue from the Nova Funds. No transaction costs with the Nova Funds were incurred for the three and six months ended June 30, 2023.

Abacus Settlements, LLC

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

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, Abacus originated 38 policies, respectively, for the

Nova Funds with a total value of $56,688,680, respectively. For the six months ended June 30, 2023, Abacus originated 72 policies, respectively, for the Nova Funds with a total value of $96,674,080, 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 and six months ended June 30, 2023, revenue earned, and contracts originated are as follows:


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023

Origination fee revenue	$	1,504,532	$	2,952,837
Transaction reimbursement revenue	75,332		140,960
Total	$	1,579,864	$	3,093,797

Cost	$	5,290,504	$	11,656,637
Face value	$	56,688,680	$	96,674,080
Total policies	38		72
Average Age	76		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 investors was $3,615,738 and $6,838,141, of which $3,615,738 and $6,794,641 was related to LMA for the three and six months ended June 30, 2023, respectively. Total cost of sales related to the other affiliated investor was $2,623,201 and $5,020,603, of which $2,623,201 and $5,012,103 was related to LMA for three and six months ended June 30, 2023, respectively. In addition, there is a related party receivable due from LMA related to transaction expenses of $19,246 as of June 30, 2023.

- 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
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-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

REVENUES

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

Disaggregated Revenue—The disaggregation of the Company’s revenue by major sources is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing revenue:
Related party serving revenue	$	120,670	$	329,629	$	305,855	$	543,076
Portfolio servicing revenue	84,218		24,737		116,968		46,981
Total portfolio servicing revenue	204,888		354,366		422,823		590,057
Active management revenue:
Investment income from life insurance policies held using the investment method	7,393		8,263,499		507,393		16,655,833
Revenue from fee-based services and realized and unrealized gains from life insurance policies held using the fair value method	27,006,364		2,760,900		46,303,363		4,339,084
Total active management revenue	27,013,757		11,024,399		46,810,756		20,994,917
Origination revenue:
Agent	1,297,002		—		1,854,502		—
Broker	478,900		—		1,362,150		—
Client direct	81,555		—		113,055		—
Total origination revenue	1,857,457		—		3,329,707		—
Total revenue	$	29,076,102	$	11,378,765	$	50,563,286	$	21,584,974

Contract Balances—We had no contract assets at June 30, 2024 and December 31, 2023. The balances of contract liabilities arising from originated contracts with customers were as follows:


	June 30, 2024		December 31, 2023
Contract liabilities, deposits on pending settlements	$	1,443,483	$	507,000
Total contract liabilities	$	1,443,483	$	507,000

Revenue recognized during the first quarter of 2024 that was included in our contract liabilities balance at December 31, 2023 was $507,000, less $347,000 intercompany revenue that was eliminated in consolidation.

- 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
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
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-Topic 606
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

LEASES - Supplemental Cash Flow Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 289,498	$ 24,557
ROU assets obtained in exchange for new lease liabilities	$ 359,352	$ 0

Abacus Settlements LLC - INCOME TAXES	6 Months Ended
Abacus Settlements LLC - INCOME TAXES	Jun. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
INCOME TAXES	INCOME TAXES Before June 30, 2023 the date of the Merger, LMA and Abacus had elected to file as an S corporation for federal and state income tax purposes, as such, neither LMA nor Abacus incurred federal or state income taxes, except for income taxes related to LMA’s consolidated variable interest entities (VIE) and subsidiaries which are taxable C corporations. These VIEs 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 LMA Series, LLC, and LMATT Growth and Income Series 1.2026, Inc., a wholly owned subsidiary of LMA Series, LLC, 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 2.2024, Inc. and LMATT Growth and Income Series 1,2026, Inc. After the Merger, both LMA and Abacus are considered disregarded entities of the Company, a C corporation for federal and state income tax purposes. For the three months ended June 30, 2024 and 2023, the Company recorded a provision for income taxes of $1,757,710 and $1,184,571, respectively. The effective tax rate is 73.0% for the three months ended June 30, 2024 primarily driven by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). The effective rate for the three months ended June 30, 2023 was 15.0% due to the impact of the VIEs. For the six months ended June 30, 2024 and 2023, the Company recorded a provision for income taxes of $2,931,223 and $528,104, respectively. The effective tax rate is 127.0% for the six months ended June 30, 2024 primarily driven by the portion of the stock-based compensation expense deduction limited by the Internal Revenue Code (IRC) Section 162(m). The effective rate for the six months ended June 30, 2023 was 3.5% due to the impact of the VIEs. The Company did not have any unrecognized tax benefits relating to uncertain tax positions at June 30, 2024 and December 31, 2023, and did not recognize any interest or penalties related to uncertain tax positions at June 30, 2024, and December 31, 2023. 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 (loss) income during 2024.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
INCOME TAXES	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 the company did not record provision for income taxes. For the six months ended June 30, 2023, Abacus recorded provision for income taxes of $2,289, which consist of state minimum taxes for state taxes that have been paid and settled during the period. The effective tax rate was approximately —% and (0.24)% for the three and six months ended June 30, 2023, respectively. 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 tax.

+ References

+ Details

FAIR VALUE MEASUREMENTS - Assumptions (Details) - Private Placement Warrant	Jun. 30, 2024
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	11.50
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

PROPERTY AND EQUIPMENT—NET (Details) - USD ($)	3 Months Ended		6 Months Ended
PROPERTY AND EQUIPMENT—NET (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment—gross	$ 821,398		$ 821,398		$ 470,482
Less: accumulated depreciation	(129,125)		(129,125)		(69,762)
Property and equipment—net	692,273		692,273		400,720
Depreciation expense	44,418	$ 1,098	59,363	$ 2,141
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment—gross	691,868		691,868		356,939
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment—gross	91,125		91,125		91,125
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment—gross	$ 38,405		$ 38,405		$ 22,418

Abacus Settlements LLC - REVENUE

6 Months Ended

Jun. 30, 2024

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

REVENUE

REVENUES

Disaggregated Revenue—The disaggregation of the Company’s revenue by major sources is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing revenue:
Related party serving revenue	$	120,670	$	329,629	$	305,855	$	543,076
Portfolio servicing revenue	84,218		24,737		116,968		46,981
Total portfolio servicing revenue	204,888		354,366		422,823		590,057
Active management revenue:
Investment income from life insurance policies held using the investment method	7,393		8,263,499		507,393		16,655,833
Revenue from fee-based services and realized and unrealized gains from life insurance policies held using the fair value method	27,006,364		2,760,900		46,303,363		4,339,084
Total active management revenue	27,013,757		11,024,399		46,810,756		20,994,917
Origination revenue:
Agent	1,297,002		—		1,854,502		—
Broker	478,900		—		1,362,150		—
Client direct	81,555		—		113,055		—
Total origination revenue	1,857,457		—		3,329,707		—
Total revenue	$	29,076,102	$	11,378,765	$	50,563,286	$	21,584,974

Contract Balances—We had no contract assets at June 30, 2024 and December 31, 2023. The balances of contract liabilities arising from originated contracts with customers were as follows:


	June 30, 2024		December 31, 2023
Contract liabilities, deposits on pending settlements	$	1,443,483	$	507,000
Total contract liabilities	$	1,443,483	$	507,000

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 and six months ended June 30, 2023:


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Agent	$	3,334,402	$	7,143,016
Broker	2,809,499		4,675,973
Client direct	740,789		1,365,687
Total	$	6,884,690	$	13,184,676

- Definition

+ References

+ Details

LONG-TERM DEBT - LMATT Series 2024, Inc. Market-Indexed Notes (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Assets	$ 483,854,905	$ 331,826,067
Fair value
Debt Instrument [Line Items]
Long-term debt, gross	200,140,739
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%
LMATT Series 2024, Inc. \| Market-indexed notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Assets	12,642,141
LMATT Series 2024, Inc. \| Market-indexed notes \| Cost
Debt Instrument [Line Items]
Long-term debt, before market index return	8,816,900
Long-term debt, gross	10,425,475	9,124,944
LMATT Series 2024, Inc. \| Market-indexed notes \| Cost \| LMA
Debt Instrument [Line Items]
Long-term debt, gross	200,000
LMATT Series 2024, Inc. \| Market-indexed notes \| Fair value
Debt Instrument [Line Items]
Long-term debt, gross	$ 12,194,710	$ 9,477,780

LONG-TERM DEBT - Long-Term Debt (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Nonrelated Party
Debt Instrument [Line Items]
Less current portion of long-term debt, at fair value	$ (17,589,514)	$ (13,029,632)
Total long-term debt	57,871,104	33,818,090
Related Party
Debt Instrument [Line Items]
Less current portion of long-term debt, at fair value	(28,170,326)	0
Total long-term debt	11,799,715	37,653,869
Cost
Debt Instrument [Line Items]
Total debt	193,947,856	138,820,026
Total long-term debt	151,311,297	127,379,790
Cost \| Nonrelated Party
Debt Instrument [Line Items]
Less current portion of long-term debt, at fair value	(14,466,233)	(11,440,236)
Cost \| Related Party
Debt Instrument [Line Items]
Less current portion of long-term debt, at fair value	(28,170,326)	0
Cost \| Market-indexed notes \| LMATT Series 2024, Inc.
Debt Instrument [Line Items]
Long-term debt, gross	10,425,475	9,124,944
Cost \| Market-indexed notes \| LMATT Series 2.2024, Inc.
Debt Instrument [Line Items]
Long-term debt, gross	3,480,758	2,981,480
Cost \| Market-indexed notes \| LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Long-term debt, gross	560,000	492,582
Cost \| Secured borrowing
Debt Instrument [Line Items]
Deferred issuance costs and discounts	(290,706)	0
Cost \| Secured borrowing \| LMA Income Series, LP
Debt Instrument [Line Items]
Long-term debt, gross	22,603,441	22,368,209
Cost \| Secured borrowing \| LMA Income Series II, LP
Debt Instrument [Line Items]
Long-term debt, gross	59,327,743	32,380,852
Cost \| Unsecured borrowing
Debt Instrument [Line Items]
Deferred issuance costs and discounts	(2,778,896)	(1,831,910)
Cost \| Unsecured borrowing \| Fixed Rate Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	60,650,000	35,650,000
Cost \| Unsecured borrowing \| SPV Purchase and Sale Note
Debt Instrument [Line Items]
Long-term debt, gross	28,170,326	26,538,004
Cost \| Unsecured borrowing \| Sponsor PIK Note
Debt Instrument [Line Items]
Long-term debt, gross	11,799,715	11,115,865
Fair value
Debt Instrument [Line Items]
Long-term debt, gross	200,140,739
Total debt	197,071,137	139,820,514
Total long-term debt	151,311,297	126,790,882
Fair value \| Nonrelated Party
Debt Instrument [Line Items]
Less current portion of long-term debt, at fair value	(17,589,514)	(13,029,632)
Fair value \| Related Party
Debt Instrument [Line Items]
Less current portion of long-term debt, at fair value	(28,170,326)	0
Fair value \| Market-indexed notes \| LMATT Series 2024, Inc.
Debt Instrument [Line Items]
Long-term debt, gross	12,194,710	9,477,780
Fair value \| Market-indexed notes \| LMATT Series 2.2024, Inc.
Debt Instrument [Line Items]
Long-term debt, gross	4,610,009	3,551,852
Fair value \| Market-indexed notes \| LMATT Growth & Income Series 1.2026, Inc
Debt Instrument [Line Items]
Long-term debt, gross	784,795	569,862
Fair value \| Secured borrowing
Debt Instrument [Line Items]
Deferred issuance costs and discounts	(290,706)	0
Fair value \| Secured borrowing \| LMA Income Series, LP
Debt Instrument [Line Items]
Long-term debt, gross	22,603,441	22,368,209
Fair value \| Secured borrowing \| LMA Income Series II, LP
Debt Instrument [Line Items]
Long-term debt, gross	59,327,743	32,380,852
Fair value \| Unsecured borrowing
Debt Instrument [Line Items]
Deferred issuance costs and discounts	(2,778,896)	(1,831,910)
Fair value \| Unsecured borrowing \| Fixed Rate Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	60,650,000	35,650,000
Fair value \| Unsecured borrowing \| SPV Purchase and Sale Note
Debt Instrument [Line Items]
Long-term debt, gross	28,170,326	26,538,004
Fair value \| Unsecured borrowing \| Sponsor PIK Note
Debt Instrument [Line Items]
Long-term debt, gross	$ 11,799,715	$ 11,115,865

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

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 December 31, 2023	$	—	$	—	$	140,287,000
Adjustments	—		—		(356,810)
Goodwill at June 30, 2024	$	—	$	—	$	139,930,190

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

Asset Type

Fair Value

Useful Life

Valuation Methodology

State Insurance Licenses

2,700,000

Indefinite

Replacement Cost Method

Total intangible assets

32,900,000

Intangible assets and related accumulated amortization are as follows:


	June 30, 2024
Definite-lived Intangible Assets:	Gross Value		Accumulated Amortization		Net Book Value
Customer Relationships - Agents	$	12,600,000	$	(2,520,000)	$	10,080,000
Customer Relationships - Financial Relationships	11,000,000		(1,375,000)		9,625,000
Internally Developed and Used Technology—APA	1,600,000		(800,000)		800,000
Internally Developed and Used Technology—Market Place	100,000		(33,333)		66,667
Non-Compete Agreements	4,000,000		(2,000,000)		2,000,000
Total definite-lived intangible assets	$	29,300,000	$	(6,728,333)	$	22,571,667

Indefinite-lived Intangible Assets:
Trade Name	$	900,000	$	—	$	900,000
State Insurance Licenses	2,700,000		—		2,700,000
Total intangible assets	$	32,900,000	$	(6,728,333)	$	26,171,667

Schedule of Indefinite-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

Asset Type

Fair Value

Useful Life

Valuation Methodology

State Insurance Licenses

2,700,000

Indefinite

Replacement Cost Method

Total intangible assets

32,900,000

Intangible assets and related accumulated amortization are as follows:


	June 30, 2024
Definite-lived Intangible Assets:	Gross Value		Accumulated Amortization		Net Book Value
Customer Relationships - Agents	$	12,600,000	$	(2,520,000)	$	10,080,000
Customer Relationships - Financial Relationships	11,000,000		(1,375,000)		9,625,000
Internally Developed and Used Technology—APA	1,600,000		(800,000)		800,000
Internally Developed and Used Technology—Market Place	100,000		(33,333)		66,667
Non-Compete Agreements	4,000,000		(2,000,000)		2,000,000
Total definite-lived intangible assets	$	29,300,000	$	(6,728,333)	$	22,571,667

Indefinite-lived Intangible Assets:
Trade Name	$	900,000	$	—	$	900,000
State Insurance Licenses	2,700,000		—		2,700,000
Total intangible assets	$	32,900,000	$	(6,728,333)	$	26,171,667

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:


2024 remaining	$	3,364,167
2025	5,328,333
2026	3,911,667
2027	3,895,000
2028	2,635,000
Thereafter	3,437,500
Total	$	22,571,667

- 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
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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+ Details

LEASES - Lease Terms and Discount Rates (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	5 years 6 months 3 days	1 year
Weighted-average discount rate	9.67%	3.54%

SEGMENT REPORTING - Revenue by Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Active management	$ 27,013,757	$ 11,024,399	$ 46,810,756	$ 20,994,917
Total revenues	29,076,102	11,378,765	50,563,286	21,584,974
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	32,884,919	11,378,765	57,924,057	21,584,974
Operating Segments \| Portfolio servicing
Segment Reporting Information [Line Items]
Revenue	204,888	354,366	422,823	590,057
Operating Segments \| Active management
Segment Reporting Information [Line Items]
Active management	27,013,757	11,024,399	46,810,756	20,994,917
Operating Segments \| Originations
Segment Reporting Information [Line Items]
Revenue	5,666,274	0	10,690,478	0
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ (3,808,817)	$ 0	$ (7,360,771)	$ 0

- 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 280
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+ Details

- Definition

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

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares

Jun. 30, 2024

Dec. 31, 2023

Preferred stock, par value (in dollars per share)

$ 0.0001

Preferred stock, shares authorized (in shares)

1,000,000

Preferred stock, shares issued (in shares)

Preferred stock, shares outstanding (in shares)

Common stock, par value (in dollars per share)

$ 0.0001

Common stock, shares authorized (in shares)

200,000,000

Common stock, shares issued (in shares)

75,484,567

63,388,823

Common stock, shares outstanding (in shares)

74,436,341

63,242,173

Treasury stock (in shares)

1,048,226

146,650

Class A Common Stock

Common stock, par value (in dollars per share)

$ 0.0001

Common stock, shares authorized (in shares)

200,000,000

Common stock, shares issued (in shares)

75,484,567

63,388,823

^[1]

Common stock, shares outstanding (in shares)

75,484,567

63,388,823

[1]	The 2023 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 Business Combination.

FAIR VALUE MEASUREMENTS - Recurring Fair Value Measurements (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets:
Life settlement policies, at fair value	$ 207,571,413	$ 122,296,559
Available-for-sale securities, at fair value	1,165,575	1,105,935
Equity securities, at fair value	4,008,225	2,348,998
Liabilities:
Private placement warrants	6,363,500	6,642,960
Fair Value, Recurring
Assets:
Life settlement policies, at fair value	207,571,413	122,296,559
Available-for-sale securities, at fair value	1,165,575	1,105,935
Equity securities, at fair value	4,008,225	2,348,998
Total assets held at fair value	212,745,213	125,751,492
Liabilities:
Current portion of long-term debt, at fair value	17,589,514	13,029,632
Long-term debt, at fair value	81,640,478	55,318,923
Private placement warrants	6,363,500	6,642,960
Total liabilities held at fair value:	105,593,492	74,991,515
Fair Value, Recurring \| Level 1
Assets:
Life settlement policies, at fair value	0	0
Available-for-sale securities, at fair value	0	0
Equity securities, at fair value	4,008,225	2,348,998
Total assets held at fair value	4,008,225	2,348,998
Liabilities:
Current portion of long-term debt, at fair value	0	0
Long-term debt, at fair value	0	0
Private placement warrants	0	0
Total liabilities held at fair value:	0	0
Fair Value, Recurring \| Level 2
Assets:
Life settlement policies, at fair value	0	0
Available-for-sale securities, at fair value	0	0
Equity securities, at fair value	0	0
Total assets held at fair value	0	0
Liabilities:
Current portion of long-term debt, at fair value	0	0
Long-term debt, at fair value	0	0
Private placement warrants	0	0
Total liabilities held at fair value:	0	0
Fair Value, Recurring \| Level 3
Assets:
Life settlement policies, at fair value	207,571,413	122,296,559
Available-for-sale securities, at fair value	1,165,575	1,105,935
Equity securities, at fair value	0	0
Total assets held at fair value	208,736,988	123,402,494
Liabilities:
Current portion of long-term debt, at fair value	17,589,514	13,029,632
Long-term debt, at fair value	81,640,478	55,318,923
Private placement warrants	6,363,500	6,642,960
Total liabilities held at fair value:	$ 105,593,492	$ 74,991,515

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (623,722)	$ 14,348,345
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense	3,432,506	2,141
Stock-based compensation	12,258,830	0
Amortization of debt issuance costs	451,234	0
Unrealized gain on equity securities, at fair value	(802,484)	(798,156)
Realized gain on equity securities, at fair value	(856,744)	0
Unrealized gain on policies, at fair value	(21,341,703)	(3,319,588)
Loss on change in fair value of debt	3,912,090	2,398,662
Gain on change in fair value of warrant liability	(279,460)	0
Non-cash interest income on available for sale security	(59,640)	0
Deferred income taxes	3,969,473	252,659
Non-cash interest expense	2,551,404	0
Non-cash lease expense	114,377	384
Changes in operating assets and liabilities:
Accounts receivable	532,435	(182,147)
Accounts receivable, related party	(70,704)	125,764
Prepaid expenses and other current assets	(233,471)	(193,462)
Other assets	(508,486)	(105,655)
Accounts payable	0	361,486
Accrued expenses	(2,177,710)	0
Accrued transaction costs	2,533,627	(725,685)
Contract liability—deposits on pending settlements	936,483	0
Other current liabilities	(1,717,402)	402,363
Income tax payable	(751,734)	0
Income tax receivable	(2,435,239)	0
Net change in life settlement policies, at fair value	(63,933,151)	(39,556,677)
Net change in life settlement policies, at cost	556,681	(11,374,605)
Net cash used in operating activities	(64,542,510)	(38,364,171)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(350,917)	0
Purchase of intangible assets	(102,135)	0
Purchase of other investments, at cost	(100,000)	(300,000)
Change in due from affiliates	(163,061)	(6,760,627)
Net cash used in investing activities	(716,113)	(7,060,627)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of discounts and financing costs	(1,688,926)	0
Common stock sale	92,000,000	0
Common stock sale transaction costs	(5,730,000)	0
Repurchase of common stock	(10,742,075)	0
Transaction costs	(483,451)	(10,841,551)
Due to former members	(1,159,712)	(23,533,072)
Warrant conversions	6,851,057	0
Due to affiliates	0	10,151,369
Net cash provided by financing activities	130,993,784	35,983,097
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	65,735,161	(9,441,701)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	25,588,668	30,052,823
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	91,323,829	20,611,122
SUPPLEMENTAL DISCLOSURES:
Interest paid	4,635,611	773,282
Income taxes paid, net of refunds	2,691,871	0
Nonrelated Party
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long term-debt	51,946,891	35,206,351
Related Party
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of long term-debt	$ 0	$ 25,000,000

LEASES - Future Minimum Noncancellable Lease Payments (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remaining of 2024	$ 23,840
2025	553,953
2026	570,602
2027	587,694
2028	605,268
Thereafter	623,490
Total operating lease payments (undiscounted)	2,964,847
Less: Imputed interest	(721,310)
Lease liability as of June 30, 2024	$ 2,243,537	$ 1,914,785

STOCK-BASED COMPENSATION - CEO Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CEO Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 4,583,632	$ 0	$ 9,167,264	$ 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

+ Details

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS New Accounting Standards—The Company’s management reviews recent accounting standards to determine the impact to the Company’s financial statements. Below we discuss the impact of new accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board’s (“FASB”) to the Interim Financial Statements. ASU 2023-07—“Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures”, was intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. We early adopted ASU 2023-07 in the first quarter of 2024, by including significant segment expenses reviewed by the Company’s CODM. Refer to Note 11, Segment Reporting, for our updated presentation. ASU 2024-01—”Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”. In March 2024, the FASB issued ASU 2024-01 to add an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards (“profits interest awards”) should be accounted for in accordance with Topic 718, Compensation—Stock Compensation. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Although early adoption of this ASU is permitted, the Company’s management chose to not early adopt this ASU. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. If the amendments are applied retrospectively, an entity is required to provide the disclosures in paragraphs 250-10-50-1 through 50-3 in the period of adoption. If the amendments are applied prospectively, an entity is required to disclose the nature of and reason for the change in accounting principle. This ASU is not expected to have a significant impact to the Company’s consolidated financial statements when adopted. ASU 2024-02—”Codification Improvements—Amendments to Remove References to the Concepts Statements”. In March 2024, the FASB issued ASU 2024-02 to remove references to various FASB Concepts Statements. The Board has a standing project on its agenda to address suggestions received from stakeholders on the Accounting Standards Codification and other incremental improvements to GAAP. This effort facilitates Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Although early adoption of this ASU is permitted for any fiscal year or interim period for which financial statements have not yet been issued (or made available for issuance), the Company’s management chose to not early adopt this ASU. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments. This ASU is not expected to have a significant impact to the Company’s consolidated financial statements when adopted. Stock Options—The Company awards stock options (“options”) to purchase the Company’s common stock at the market price of the stock on the grant date. Options generally vest over a period of three years and expire no later than 10 years from the grant date. Fair value is estimated using the Black-Scholes option-pricing model by applying certain assumptions. That fair value is reduced when options are forfeited. The fair value of options, net of forfeitures, is recognized in general and administrative expenses on a straight-line basis over the vesting period. Concentrations—Two customers accounted for 13% and 10% of total revenue for the three months ended June 30, 2024, respectively. Two customers accounted for 26% and 13% of total revenue for the six months ended June 30, 2024. Two customers accounted for 20% and 16% of total revenue for the three months ended June 30, 2023, respectively. Two customers accounted for 11% and 10% of total revenue for the six months ended June 30, 2023. The Company purchases life insurance policies from various funds, directly from policy holders (“Client Direct”), or from Brokers or Agents representing policy holders (collectively “Seller” or “Sellers”). The Company purchased life insurance policies from one Seller that accounted for 54% of the total policies purchased for the three months ended June 30, 2024. The Company purchased life insurance policies from three Sellers that accounted for 37%, 11% and 10% of the total policies purchased for the six months ended June 30, 2024. The Company did not purchase policies from any Seller that accounted for 10% or greater of the policies purchased for the three and six months ended June 30, 2023. Reclassifications—Certain prior period amounts have been reclassified to conform to current presentation.

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

STOCK- BASED COMPENSATION

Long-term Incentive Plan:

In October 2023, the Compensation Committee approved the issuance of 2,468,500 restricted stock units (“RSUs”) 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. The expense associated with these awards will be based on the fair value of the stock as of the grant date, where the Company will elect to straight line recognition over the vesting period, which is three years.

In April 2024, the Company’s Board of Directors adopted a resolution to amend the Long-Term Incentive Plan to update certain terms and increase the RSUs available for future equity-based awards by 5,000,000 shares and provided for an additional 5,000,000 shares to be available for incentive stock options in the Company’s common stock bringing the total authorized shares available for awards to 13,164,991. This resolution was approved by the Company’s shareholders during the Company’s annual shareholder meeting in June 2024.

Under the approved Long-term Incentive Plan, generally, 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, employees that were part of the Company at the time of the Merger, the vesting periods are 9 months for the 10% and 33 months for the 90% of the Initial Annual Awards. 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. Stock options generally expire after ten years and vest equally over three years from the grant date.

After the approved amendment to the Long-Term Incentive Plan, 10,244,728 shares of common stock remained available for issuance.

The following table shows a summary of the unvested restricted stock under the 2023 Long-Term Equity Compensation Incentive Plan as of June 30, 2024 as well as activity during the year:


	Number of shares	Weighted Average Grant Date Fair Value
Restricted stock units, unvested, December 31, 2023	2,429,500	$	6.16
Granted	108,000	$	12.37
Vested	—	$	—
Forfeited	(1,500)	$	6.16
Restricted stock units, unvested, June 30, 2024	2,536,000	$	6.42

Black-Scholes option-pricing model assumptions and the resulting fair value of options are presented in the following table:


	Stock Options on Grant Date
Dividend yield	—		%
Expected volatility	23.00		%
Risk-free interest rate	3.98		%
Expected option life	5.81 years
Weighted average fair value of stock options	$	3.91

The Company does not intend to pay dividends for the foreseeable future. The expected volatility reflects the Company’s past daily common stock price volatility. The risk-free interest rate is derived using the

term matched U.S. Treasury constant maturity yields. The expected stock option life is based on the average of the average time to vest and the remaining contractual term.

The following table shows the status of, and changes in, common stock options:


	Number of Options	Weighted Average Exercise Price
Options outstanding, December 31, 2023	—	$	—
Granted	345,263	$	3.91
Exercised	—	$	—
Expired or cancelled	—	$	—
Options exercisable, June 30, 2024	345,263	$	3.91

Compensation costs recognized for RSUs and stock options were $1,581,827 and $— for the three months ended June 30, 2024 and 2023, respectively. Compensation costs recognized for RSUs and stock options were $3,091,566 and $— for the six months ended June 30, 2024 and 2023, respectively. For the three months ended June 30, 2024, $322,606 and $1,259,221 of the compensation costs is recorded in cost of revenue (including stock-based compensation) and in general and administrative expense (including stock-based compensation) in the consolidated statements of operations and comprehensive (loss) income, respectively. For the six months ended June 30, 2024, $645,213 and $2,446,353 of the compensation costs is recorded in cost of revenue (including stock-based compensation) and in general and administrative expense (including stock-based compensation) in the consolidated statements of operations and comprehensive (loss) income, respectively.

As of June 30, 2024, there was approximately $13,190,331 of unrecognized compensation costs related to RSUs and stock options which the Company expects to recognize over the next 2.1 years.

CEO Restriction Agreement:

As part of the Merger, the Chief Executive Officer (“CEO”) entered into a Restriction Agreement with the Company 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 of the Merger on June 30, 2023, the CEO received 4,569,922 shares of Restricted Stock.

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:

i. 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 recorded in general and administrative expense (including stock-based compensation) in the consolidated statements of operations and comprehensive (loss) income is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stock-based compensation expense	$	4,583,632	$	—	$	9,167,264	$	—

Restricted Stock activity relative to the CEO as of June 30, 2024 is summarized as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023	4,569,922	$	10.03
Granted	—	$	—
Vested	—	$	—
Forfeited	—	$	—
Outstanding at June 30, 2024	4,569,922	$	10.03

As of June 30, 2024, unamortized stock-based compensation expense for unvested Restricted Stock relative to the CEO was $27,501,791 with a remaining contractual life of 1.5 years.

Abacus Settlements LLC - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS New Accounting Standards—The Company’s management reviews recent accounting standards to determine the impact to the Company’s financial statements. Below we discuss the impact of new accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board’s (“FASB”) to the Interim Financial Statements. ASU 2023-07—“Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures”, was intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. We early adopted ASU 2023-07 in the first quarter of 2024, by including significant segment expenses reviewed by the Company’s CODM. Refer to Note 11, Segment Reporting, for our updated presentation. ASU 2024-01—”Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”. In March 2024, the FASB issued ASU 2024-01 to add an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards (“profits interest awards”) should be accounted for in accordance with Topic 718, Compensation—Stock Compensation. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Although early adoption of this ASU is permitted, the Company’s management chose to not early adopt this ASU. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. If the amendments are applied retrospectively, an entity is required to provide the disclosures in paragraphs 250-10-50-1 through 50-3 in the period of adoption. If the amendments are applied prospectively, an entity is required to disclose the nature of and reason for the change in accounting principle. This ASU is not expected to have a significant impact to the Company’s consolidated financial statements when adopted. ASU 2024-02—”Codification Improvements—Amendments to Remove References to the Concepts Statements”. In March 2024, the FASB issued ASU 2024-02 to remove references to various FASB Concepts Statements. The Board has a standing project on its agenda to address suggestions received from stakeholders on the Accounting Standards Codification and other incremental improvements to GAAP. This effort facilitates Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Although early adoption of this ASU is permitted for any fiscal year or interim period for which financial statements have not yet been issued (or made available for issuance), the Company’s management chose to not early adopt this ASU. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments. This ASU is not expected to have a significant impact to the Company’s consolidated financial statements when adopted. Stock Options—The Company awards stock options (“options”) to purchase the Company’s common stock at the market price of the stock on the grant date. Options generally vest over a period of three years and expire no later than 10 years from the grant date. Fair value is estimated using the Black-Scholes option-pricing model by applying certain assumptions. That fair value is reduced when options are forfeited. The fair value of options, net of forfeitures, is recognized in general and administrative expenses on a straight-line basis over the vesting period. Concentrations—Two customers accounted for 13% and 10% of total revenue for the three months ended June 30, 2024, respectively. Two customers accounted for 26% and 13% of total revenue for the six months ended June 30, 2024. Two customers accounted for 20% and 16% of total revenue for the three months ended June 30, 2023, respectively. Two customers accounted for 11% and 10% of total revenue for the six months ended June 30, 2023. The Company purchases life insurance policies from various funds, directly from policy holders (“Client Direct”), or from Brokers or Agents representing policy holders (collectively “Seller” or “Sellers”). The Company purchased life insurance policies from one Seller that accounted for 54% of the total policies purchased for the three months ended June 30, 2024. The Company purchased life insurance policies from three Sellers that accounted for 37%, 11% and 10% of the total policies purchased for the six months ended June 30, 2024. The Company did not purchase policies from any Seller that accounted for 10% or greater of the policies purchased for the three and six months ended June 30, 2023. Reclassifications—Certain prior period amounts have been reclassified to conform to current presentation.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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 generally accepted accounting principles in the United States of America (“US GAAP”). Unaudited Financial Statements—The 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 results of its operations and comprehensive loss and cash flows for the three and six months ended June 30, 2023. 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. 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% of Abacus’ revenues in the six months ended June 30, 2023. 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. 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 statements of operations and comprehensive loss. Advertising expense $367,418 for three months ended June 30, 2023. Advertising expense totaled $741,789 for six months ended June 30, 2023.

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	6 Months Ended
	Jun. 30, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Basis of Presentation	The accompanying consolidated financial statements (“Interim Financial Statements”) are presented in accordance with the rules and regulations of the United States ("U.S.") Securities and Exchange Commission ("SEC") and do not include all of the disclosures normally required by U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”) as contained in the Company’s Annual Report on Form 10-K. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Accordingly, the consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 21, 2024, as amended by Amendment No. 1 on Form 10-K/A, filed with the SEC on May 30, 2024, and as amended by Amendment No. 2 on Form 10-K/A, filed with the SEC on June 12, 2024 (“2023 Annual Report”). Refer to Note 2 in the Company’s 2023 Annual Report for the full list of the Company’s significant accounting policies. The details in those notes have not changed, except as discussed in Note 2 to the Interim Financial Statements and as a result of normal adjustments in the interim periods. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our 2023 Annual Report. We also may use certain other terms that are defined within these Interim Financial Statements. The Interim Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Abacus Life, Inc., (the “Company”) all entities in which the Company has a controlling voting interest (“subsidiaries”), and variable interest entities (“VIEs”) for which the Company is the primary beneficiary, as determined in accordance with consolidation accounting guidance. References in these Interim Financial Statements to net income or loss attributable to common stockholders and stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entity and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. The Interim Financial Statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2023, 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 June 30, 2024, and the consolidated statements of operations and comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023, respectively, and the consolidated statements of cash flows for the six months ended June 30, 2024 and 2023, respectively. The Interim Financial Statements are not necessarily indicative of the results to be expected for the full year, or any other period. All references to financial information in the Interim Financial Statements in the condensed notes to Interim Financial Statements are unaudited. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of revenue, life settlement policy valuation, goodwill and intangibles valuation, market-indexed note valuation, and income taxes. The uncertainties in the broader macroeconomic environment have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.
New Accounting Standards	New Accounting Standards—The Company’s management reviews recent accounting standards to determine the impact to the Company’s financial statements. Below we discuss the impact of new accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board’s (“FASB”) to the Interim Financial Statements. ASU 2023-07—“Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures”, was intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. We early adopted ASU 2023-07 in the first quarter of 2024, by including significant segment expenses reviewed by the Company’s CODM. Refer to Note 11, Segment Reporting, for our updated presentation. ASU 2024-01—”Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards”. In March 2024, the FASB issued ASU 2024-01 to add an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards (“profits interest awards”) should be accounted for in accordance with Topic 718, Compensation—Stock Compensation. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Although early adoption of this ASU is permitted, the Company’s management chose to not early adopt this ASU. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. If the amendments are applied retrospectively, an entity is required to provide the disclosures in paragraphs 250-10-50-1 through 50-3 in the period of adoption. If the amendments are applied prospectively, an entity is required to disclose the nature of and reason for the change in accounting principle. This ASU is not expected to have a significant impact to the Company’s consolidated financial statements when adopted. ASU 2024-02—”Codification Improvements—Amendments to Remove References to the Concepts Statements”. In March 2024, the FASB issued ASU 2024-02 to remove references to various FASB Concepts Statements. The Board has a standing project on its agenda to address suggestions received from stakeholders on the Accounting Standards Codification and other incremental improvements to GAAP. This effort facilitates Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Although early adoption of this ASU is permitted for any fiscal year or interim period for which financial statements have not yet been issued (or made available for issuance), the Company’s management chose to not early adopt this ASU. The amendments in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments. This ASU is not expected to have a significant impact to the Company’s consolidated financial statements when adopted.
Stock Options	Stock Options—The Company awards stock options (“options”) to purchase the Company’s common stock at the market price of the stock on the grant date. Options generally vest over a period of three years and expire no later than 10 years from the grant date. Fair value is estimated using the Black-Scholes option-pricing model by applying certain assumptions. That fair value is reduced when options are forfeited. The fair value of options, net of forfeitures, is recognized in general and administrative expenses on a straight-line basis over the vesting period.
Reclassifications	Reclassifications—Certain prior period amounts have been reclassified to conform to current presentation.
Abacus Settlements, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Basis of Presentation	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 generally accepted accounting principles in the United States of America (“US GAAP”). Unaudited Financial Statements—The 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 results of its operations and comprehensive loss and cash flows for the three and six months ended June 30, 2023.
Use of Estimates	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.
Concentrations	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% of Abacus’ revenues in the six months ended June 30, 2023. 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. 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	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 statements of operations and comprehensive loss.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(1)
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-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) insurance_contract	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) insurance_contract
Related Party Transaction [Line Items]
Total cost of revenue	$ 2,743,534	$ 973,400	$ 5,464,431	$ 1,462,950
Related Party
Related Party Transaction [Line Items]
Total cost of revenue	$ 1,453	0	$ 2,138	0
Related Party \| Nova Funds
Related Party Transaction [Line Items]
Origination revenue percent	2.00%		2.00%
Origination revenue			$ 20,000
Affiliated Entity \| Nova Funds
Related Party Transaction [Line Items]
Revenue	$ 120,670	329,629	$ 305,855	543,076
Abacus Settlements, LLC
Related Party Transaction [Line Items]
Revenue		6,884,690		13,184,676
Total cost of revenue		4,897,980		9,293,303
Abacus Settlements, LLC \| Related Party
Related Party Transaction [Line Items]
Revenue		5,195,602		9,931,938
Total cost of revenue		$ 3,392,647		$ 6,558,354
Abacus Settlements, LLC \| Related Party \| Nova Funds
Related Party Transaction [Line Items]
Total policies \| insurance_contract		38		72
Face value		$ 56,688,680		$ 96,674,080
Origination revenue percent		2.00%		2.00%
Origination revenue				$ 20,000
Revenue		$ 1,579,864		3,093,797
Abacus Settlements, LLC \| Related Party \| LMA
Related Party Transaction [Line Items]
Other assets		19,246		19,246
Abacus Settlements, LLC \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue		3,615,738		6,838,141
Total cost of revenue		2,623,201		5,020,603
Abacus Settlements, LLC \| Affiliated Entity \| LMA
Related Party Transaction [Line Items]
Revenue		3,615,738		6,794,641
Total cost of revenue		$ 2,623,201		$ 5,012,103
Abacus Settlements, LLC \| Nova Funds
Related Party Transaction [Line Items]
Ownership percentage		11.00%		11.00%

PROPERTY AND EQUIPMENT—NET

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT—NET

Property and equipment—net composed of the following:


	June 30, 2024		December 31, 2023
Computer equipment	$	691,868	$	356,939
Furniture and fixtures	91,125		91,125
Leasehold improvements	38,405		22,418

Property and equipment—gross	821,398		470,482

Less: accumulated depreciation	(129,125)		(69,762)
Property and equipment—net	$	692,273	$	400,720

Depreciation expense for the three months ended June 30, 2024 and 2023, was $44,418 and $1,098, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023, was $59,363 and $2,141, respectively.

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended		6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Commitments [Line Items]
Other income (expense)	$ (195,470)	$ (121,601)	$ (142,442)	$ 21,651
Expense Support Agreement \| Variable Interest Entity, Not Primary Beneficiary
Other Commitments [Line Items]
Other income (expense)	$ 0	$ 0	$ 0	$ 29,721

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2024

Abacus Settlements, LLC

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

Schedule of Related Party Transactions

For three and six months ended June 30, 2023, revenue earned, and contracts originated are as follows:


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023

Origination fee revenue	$	1,504,532	$	2,952,837
Transaction reimbursement revenue	75,332		140,960
Total	$	1,579,864	$	3,093,797

Cost	$	5,290,504	$	11,656,637
Face value	$	56,688,680	$	96,674,080
Total policies	38		72
Average Age	76		75

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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. Pursuant to the Expense Support Agreement, the Company 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 the Company. No later than December 1 of each calendar year, the Company provides a budget for the Providers, in which the Company 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 the Providers, which owns all the outstanding membership interests of the Providers if unrelated to the Providers settlement business. For the three months ended June 30, 2024 and 2023, the Company incurred $— and $— of expenses related to the Expense Support Agreement. For the six months ended June 30, 2024 and 2023, the Company incurred $— and $29,721 of expenses related to the Expense Support Agreement. This expense is included in the other income (expense) line of the consolidated statements of operations and comprehensive (loss) income and have not been reimbursed by the Providers.

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2024

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:


	June 30, 2024				December 31, 2023
	Cost		Fair value		Cost		Fair value
Market-indexed notes, at fair value:
LMATT Series 2024, Inc.	$	10,425,475	$	12,194,710	$	9,124,944	$	9,477,780
LMATT Growth Series 2.2024, Inc.	3,480,758		4,610,009		2,981,480		3,551,852
LMATT Growth & Income Series 1.2026, Inc	560,000		784,795		492,582		569,862
Secured borrowing, at fair value:


	June 30, 2024				December 31, 2023
	Cost		Fair value		Cost		Fair value
LMA Income Series, LP	22,603,441		22,603,441		22,368,209		22,368,209
LMA Income Series II, LP	59,327,743		59,327,743		32,380,852		32,380,852
Deferred issuance costs	(290,706)		(290,706)		—		—
Unsecured borrowing:
Fixed Rate Senior Unsecured Notes	60,650,000		60,650,000		35,650,000		35,650,000
SPV Purchase and Sale Note	28,170,326		28,170,326		26,538,004		26,538,004
Sponsor PIK Note	11,799,715		11,799,715		11,115,865		11,115,865
Deferred issuance costs and discounts	(2,778,896)		(2,778,896)		(1,831,910)		(1,831,910)
Total debt	193,947,856		197,071,137		138,820,026		139,820,514
Less current portion of:
long-term debt, at fair value	(14,466,233)		(17,589,514)		(11,440,236)		(13,029,632)
long-term debt, related party	(28,170,326)		(28,170,326)		—		—
Total long-term debt	$	151,311,297	$	151,311,297	$	127,379,790	$	126,790,882

Schedule of Maturities of Long-Term Debt

The following table shows scheduled principal payments by year for our long-term debt as of June 30, 2024:


	Payments by Year
	2024 remaining		2025		2026		2027		2028		Thereafter		Total
Market-indexed notes, at fair value:
LMATT Series 2024, Inc.	$	12,194,710	$	—	$	—	$	—	$	—	$	—	$	12,194,710
LMATT Series 2.2024, Inc.	4,610,009		—		—		—		—		—		4,610,009
LMATT Growth & Income Series 1.2026, Inc.	784,795		—		—		—		—		—		784,795
Secured borrowing, at fair value:
LMA Income Series, LP	—		22,603,441		—		—		—		—		22,603,441
LMA Income Series II, LP	—		—		59,327,743		—		—		—		59,327,743
Unsecured borrowing:
Fixed Rate Senior Unsecured Notes	—		—		—		—		60,650,000		—		60,650,000
SPV Purchase and Sale Note	28,170,326		—		—		—		—		—		28,170,326
Sponsor PIK Note	—		—		—		—		11,799,715		—		11,799,715

	$	45,759,840	$	22,603,441	$	59,327,743	$	—	$	72,449,715	$	—	$	200,140,739

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Annual Amortization (Details)	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 remaining	$ 3,364,167
2025	5,328,333
2026	3,911,667
2027	3,895,000
2028	2,635,000
Thereafter	3,437,500
Net Book Value	$ 22,571,667

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions from the consolidated balance sheet date through the date at which the consolidated financial statements were issued. Based upon the review, management did not identify any subsequent events that would have required adjustment or disclosure in the financial statements other than what is disclosed below. Planned acquisitions On July 18, 2024, the Company entered into a share purchase agreement to acquire Carlisle Management Company SCA (“Carlisle”), a leading Luxembourg-based investment manager in the life settlement space, for approximately $200 million. Carlisle shareholders will receive consideration in the form of the Company’s common stock and the Company’s Fixed Rate Senior Unsecured Notes due in 2028 representing approximately 62.3% and 37.7% of the purchase price, respectively, which is subject to closing adjustments and certain performance thresholds. This transaction is subject to regulatory approval. On August 7, 2024, the Company entered into a definitive agreement to acquire FCF Advisors (“FCF”), a New York based asset manager and index provider specializing in free cash flow-focused investment strategies. FCF sellers will receive consideration split between cash and the Company’s common stock, which is subject to closing adjustments and approvals. Repayment of long-term debt, at fair value The investors in the LMATT Growth and Income 1.2026 note agreed to wind down this structured note earlier than originally planned on June 30, 2024. The prior end date would have been July 31, 2026. In anticipation of this new end date, the Company closed its option positions of $110,582 on June 28, 2024 (the last trading day in June). The realized gain on the option of $47,566 was recorded as realized gain on investments line item on the consolidated statements of operations and comprehensive (loss) income. At this new end date, the structured note was valued at its cap of 40% total return based on the original principal committed. The parent Company, LMA, made a $54,000 capital contribution to help cover this investor obligation. During the first week of July 2024, this debt of $784,795 was extinguished. The investors in the LMATT Growth 2.2024 note agreed to wind down this structured note one month earlier than originally planned on June 30, 2024. In anticipation of this new end date, the Company sold its insurance policies and closed its option positions of $1,296,266 on June 28, 2024 (the last trading day in June). The realized gain on the option of $809,178 was recorded as realized gain on investments line item on the consolidated statements of operations and comprehensive (loss) income. The Company itself had ample assets to cover investor obligations. During the first week of July 2024, this debt of $4,610,009 was extinguished. Repayment of long-term debt, related party The Company paid off the SPV Purchase and Sale Note on July 2, 2024 before its scheduled maturity on July 5, 2026 with proceeds received from June’s common stock sale to reduce the Company’s interest costs. On July 2, 2024, the balance of $28,170,326 and additional interest of $18,780 was paid in full.

BUSINESS COMBINATION (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Purchase Price Allocation

The allocation of the purchase price for Abacus Merger was as follows as finalized on June 30, 2024:


Net Assets Identified	Fair Value		Adjustments		June 30, 2023 (as finalized on June 30, 2024)
Intangibles	$	32,900,000	$	—	$	32,900,000
Current Assets	1,280,100		—		1,280,100
Non-Current Assets	901,337		—		901,337
Deferred Tax Liabilities	(8,310,966)		356,810		(7,954,156)
Accrued Expenses	(524,400)		—		(524,400)
Other Liabilities	(1,171,739)		—		(1,171,739)
Net assets acquired	$	25,074,332	$	356,810	$	25,431,142


Net Assets Identified	Fair Value		Adjustments		June 30, 2023 (as finalized on June 30, 2024)
Goodwill	140,287,000		(356,810)		139,930,190
Total purchase price	$	165,361,332	$	—	$	165,361,332

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023		2023
Proforma revenue	$	18,263,455	$	34,769,650
Proforma net income	6,432,047		13,373,444

LONG-TERM DEBT - SPV Purchase and Sale and SPV Investment Facility (Details)		6 Months Ended	12 Months Ended
	Jul. 05, 2023 USD ($) extension	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
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
Interest rate (as a percent)	12.00%
Debt instrument term	3 years
Number of extensions \| extension	2
Debt instrument extension term	1 year
Interest expense on outstanding principal balance		$ 3,170,326	$ 1,538,004
SPV Investment Facility \| Line of Credit \| Secured borrowing
Debt Instrument [Line Items]
Face amount	$ 15,000,000

LONG-TERM DEBT - LMA Income Series II, LP and LMA Income Series II, GP LLC Secured Borrowing (Details)	Jan. 31, 2023 USD ($) option	Jun. 30, 2024 USD ($)	Apr. 01, 2024	Dec. 31, 2023 USD ($)
Fair value
Debt Instrument [Line Items]
Long-term debt, gross		$ 200,140,739
LMA Income Series II, LP \| Secured borrowing
Debt Instrument [Line Items]
Debt instrument term	3 years
Debt Instrument extension options \| option	2
Debt instrument extension term	1 year
Preferred return amount increase			0.50%
LMA Income Series II, LP \| Secured borrowing \| Fair value
Debt Instrument [Line Items]
Long-term debt, gross		59,327,743		$ 32,380,852
LMA Income Series II, LP \| Secured borrowing \| Limited Partner
Debt Instrument [Line Items]
Face amount		$ 26,946,891
LMA Income Series II, LP \| Secured borrowing \| General Partner
Debt Instrument [Line Items]
Dividend percentage	100.00%
LMA Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold One \| Limited Partner
Debt Instrument [Line Items]
Dividend percentage	7.50%
LMA Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold One \| Maximum \| Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 500,000
LMA Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold Two \| Limited Partner
Debt Instrument [Line Items]
Dividend percentage	7.75%
LMA Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold Two \| Maximum \| Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 1,000,000
LMA Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold Two \| Minimum \| Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 500,000
LMA Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold Three \| Limited Partner
Debt Instrument [Line Items]
Dividend percentage	8.00%
LMA Income Series II, LP \| Secured borrowing \| Capital Commitment Threshold Three \| Minimum \| Limited Partner
Debt Instrument [Line Items]
Capital commitment threshold to determine dividend rate	$ 1,000,000

Abacus Settlements LLC - INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Contingency [Line Items]
Income tax expense	$ 1,757,710	$ 1,184,571	$ 2,931,223	$ 528,104
Effective tax rate percentage	73.00%	15.00%	127.00%	3.50%
Abacus Settlements, LLC
Income Tax Contingency [Line Items]
Income tax expense		$ 0		$ 2,289
Effective tax rate percentage		0.00%		(0.24%)

- Definition

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

+ References

+ Details

LEASES

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

During 2023, the Company amended the lease with the lessor to swap office spaces, increase square footage, and extend the lease term from July 31, 2023 to December 31 2029. The Company applied the

lease modification guidance to account for the amendment to the lease. The commencement date for the amended lease was December 8, 2023, the date the lessor allowed the Company to take possession of the space. The amended lease provided for a leasehold improvement allowance, a monthly lease abatement from August to December 2024, and an option terminate. The Company remeasured the ROU assets and the lease liabilities as of the commencement date.

The Company determined that the termination option is not reasonably certain of exercise based on an evaluation of the contract, the termination fee, market and asset-based factors, and therefore does not exclude periods covered by the termination option.

In February 2024, the Company added additional office space to the existing lease via an amendment. This amendment did not significantly change the overall terms of the amendment signed in 2023 and as a result was treated as a lease modification. The modification increased our right of use asset and liability by $359,352.

The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts as of June 30, 2024 and December 31, 2023:


	As of June 30, 2024		As of December 31, 2023
Assets:
Operating lease right-of-use assets	$	2,108,034	$	1,893,659

Liabilities:
Current operating lease liability	297,397		118,058
Non-current operating lease liability	1,946,140		1,796,727
Total lease liability	$	2,243,537	$	1,914,785

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 (loss) income. The Company’s lease expense for the periods presented consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	128,607	$	12,471	$	250,440	$	24,942
Variable lease cost	125,476		7,704		146,245		8,925
Total lease cost	$	254,083	$	20,175	$	396,685	$	33,867

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


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases	$	289,498	$	24,557
ROU assets obtained in exchange for new lease liabilities	359,352		—

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


	Six Months Ended June 30,
	2024		2023
Weighted-average remaining lease term (in years)	5.51		1.00
Weighted-average discount rate	9.67	%	3.54	%

Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at June 30, 2024 are as follows:


	Operating leases
Remaining of 2024	$	23,840
2025	553,953
2026	570,602
2027	587,694
2028	605,268
Thereafter	623,490
Total operating lease payments (undiscounted)	2,964,847
Less: Imputed interest	(721,310)
Lease liability as of June 30, 2024	$	2,243,537

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

Total

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, 2022

400

Beginning balance at Dec. 31, 2022

$ 28,149,697

^[1]

$ 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 loss

(656,803)

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

400

Ending balance at Mar. 31, 2023

35,662,180

^[1]

704,963

^[1]

33,572,826

^[1]

1,354,334

$ 4,000

80,000

1,270,334

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

400

Beginning balance at Dec. 31, 2022

28,149,697

^[1]

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 loss

$ 14,835,648

(974,901)

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

62,961,688

400

Ending balance at Jun. 30, 2023

$ 160,498,915

^[1]

188,641,886

^[1]

(29,382,362)

^[1]

593,953

$ 4,000

80,000

509,953

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

400

Beginning balance at Mar. 31, 2023

35,662,180

^[1]

704,963

^[1]

33,572,826

^[1]

1,354,334

$ 4,000

80,000

1,270,334

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

Net loss

6,750,145

(318,098)

Distributions

$ (34,451,607)

(34,451,607)

(442,283)

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

62,961,688

400

Ending balance at Jun. 30, 2023

$ 160,498,915

^[1]

188,641,886

^[1]

(29,382,362)

^[1]

$ 593,953

$ 4,000

$ 80,000

$ 509,953

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

63,242,173

Beginning balance at Dec. 31, 2023

^[2]

$ 164,070,076

199,826,278

(34,726,135)

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

Net loss

$ (578,762)

Ending balance (in shares) at Jun. 30, 2024

74,436,341

Ending balance at Jun. 30, 2024

$ 256,849,488

303,237,878

(34,514,318)

Beginning balance at Mar. 31, 2024

165,340,772

209,889,362

(36,074,880)

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

Net loss

$ 769,983

Ending balance (in shares) at Jun. 30, 2024

74,436,341

Ending balance at Jun. 30, 2024

$ 256,849,488

$ 303,237,878

$ (34,514,318)

[1]	The 2023 and 2022 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]	The 2023 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

- Definition

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

+ References

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+ Details

Abacus Settlements LLC - RELATED-PARTY TRANSACTIONS - Revenue Earned and Contracts Originated (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) insurance_contract	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) insurance_contract
Related Party \| Nova Funds
Related Party Transaction [Line Items]
Cost	$ 1,453	$ 0	$ 2,138	$ 0
Abacus Settlements, LLC
Related Party Transaction [Line Items]
Revenue		6,884,690		13,184,676
Abacus Settlements, LLC \| Related Party
Related Party Transaction [Line Items]
Revenue		5,195,602		9,931,938
Abacus Settlements, LLC \| Related Party \| Nova Funds
Related Party Transaction [Line Items]
Revenue		1,579,864		3,093,797
Cost		5,290,504		11,656,637
Face value		$ 56,688,680		$ 96,674,080
Total policies \| insurance_contract		38		72
Average Age		76 years		75 years
Abacus Settlements, LLC \| Related Party \| Origination fee revenue \| Nova Funds
Related Party Transaction [Line Items]
Revenue		$ 1,504,532		$ 2,952,837
Abacus Settlements, LLC \| Related Party \| Transaction reimbursement revenue \| Nova Funds
Related Party Transaction [Line Items]
Revenue		$ 75,332		$ 140,960

Abacus Settlements LLC - SEGMENT REPORTING

6 Months Ended

Jun. 30, 2024

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

SEGMENT REPORTING

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 reportable segments is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing	$	204,888	$	354,366	$	422,823	$	590,057
Active management	27,013,757		11,024,399		46,810,756		20,994,917
Originations	5,666,274		—		10,690,478		—
Total revenue (including intersegment)	32,884,919		11,378,765		57,924,057		21,584,974
Intersegment eliminations	(3,808,817)		—		(7,360,771)		—
Total revenue	$	29,076,102	$	11,378,765	$	50,563,286	$	21,584,974

Cost of revenue related to the Company’s reportable segments is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing	$	168,671	$	431,071	$	531,063	$	756,185
Active management (including stock-compensation)	852,418		542,329		1,810,890		706,765
Originations	3,923,762		—		7,289,770		—
Total expenses (including intersegment)	4,944,851		973,400		9,631,723		1,462,950
Intersegment eliminations	(2,201,317)		—		(4,167,292)		—
Total cost of revenue	$	2,743,534	$	973,400	$	5,464,431	$	1,462,950

Gross profit related to the Company’s reportable segments and the reconciliation of the total gross profit to net income (loss) attributable to common stockholders is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Portfolio servicing	$	36,217	$	(76,705)	$	(108,240)	$	(166,128)
Active management	26,161,339		10,482,070		44,999,866		20,288,152
Originations	1,742,512		—		3,400,708		—
Gross profit (including intersegment)	27,940,068		10,405,365		48,292,334		20,122,024
Intersegment eliminations	(1,607,500)		—		(3,193,479)		—
Total gross profit	26,332,568		10,405,365		45,098,855		20,122,024

Sales and marketing	(2,552,801)		(683,841)		(4,482,745)		(1,412,845)
General and administrative (including stock-based compensation)	(14,553,344)		(577,539)		(25,906,843)		(1,274,431)
Depreciation and amortization expense	(1,750,452)		(1,098)		(3,432,506)		(2,141)
Other income (expense)	195,470		121,601		142,442		(21,651)
(Loss) gain on change in fair value of warrant liability	(667,500)		—		279,460		—
Interest expense	(4,529,187)		(584,075)		(8,199,632)		(941,458)
Interest income	639,906		—		1,061,332		7,457
Loss on change in fair value of debt	(1,199,463)		(1,445,229)		(3,912,090)		(2,398,662)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Unrealized loss (gain) on equity securities, at fair value	(362,482)		672,936		802,484		798,156
Realized gain on equity securities, at fair value	856,744		—		856,744		—
Income tax expense	(1,757,710)		(1,184,571)		(2,931,223)		(528,104)
Less: Net loss attributable to non-controlling interests	118,234		26,596		44,960		487,303
Net income (loss) attributable to common stockholders	$	769,983	$	6,750,145	$	(578,762)	$	14,835,648

For the three and six months ended June 30, 2024 and 2023, our operations were confined to the United States.

Abacus Settlements, LLC

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

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

+ References

+ Details

CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets	$ 483,854,905	$ 331,826,067
Liabilities	227,005,417	167,755,991
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	113,277,232	77,132,592
Liabilities	$ 95,034,640	$ 65,031,207

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- 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

AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE	6 Months Ended
AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE	AVAILABLE-FOR-SALE SECURITIES, AT FAIR VALUE Convertible Promissory Note—The Company holds an investment in a convertible promissory note in a separate unrelated insurance technology company. This unrelated insurance technology company is a producer of life expectancy reports. The Company purchases life expectancy reports and uses them as an input into the valuation methodology for policies held at fair value. We evaluated our relationship with the unrelated insurance technology company and determined that the Company does not have control or influence over the unrelated insurance technology company’s decision-making process. The $1,000,000 Convertible Promissory Note principal bears an 8% interest rate and matures on September 30, 2025. 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 June 30, 2024 and December 31, 2023, the Company evaluated the fair value of its investment and determined that the fair value approximates the carrying value of $1,165,575 and $1,105,935, which includes accrued accumulated interest income of $165,575 and $105,935, respectively. There was no unrealized gain or loss or credit losses recorded since inception. Interest income recognized for the three months ended June 30, 2024 and 2023 was $19,945 and $—, respectively. Interest income recognized for the six months ended June 30, 2024 and 2023 was $59,640 and $—, respectively.

REVENUES - Disaggregated Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
REVENUES - Disaggregated Revenue (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Investment income from life insurance policies held using the investment method	$ 7,393	$ 8,263,499	$ 507,393	$ 16,655,833
Revenue from fee-based services and realized and unrealized gains from life insurance policies held using the fair value method	27,006,364	2,760,900	46,303,363	4,339,084
Active management revenue	27,013,757	11,024,399	46,810,756	20,994,917
Total revenues	29,076,102	11,378,765	50,563,286	21,584,974
Portfolio servicing revenue
Disaggregation of Revenue [Line Items]
Revenue	204,888	354,366	422,823	590,057
Portfolio servicing revenue \| Related Party
Disaggregation of Revenue [Line Items]
Revenue	120,670	329,629	305,855	543,076
Portfolio servicing revenue \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Revenue	84,218	24,737	116,968	46,981
Origination fee revenue
Disaggregation of Revenue [Line Items]
Revenue	1,857,457	0	3,329,707	0
Origination fee revenue \| Agent
Disaggregation of Revenue [Line Items]
Revenue	1,297,002	0	1,854,502	0
Origination fee revenue \| Broker
Disaggregation of Revenue [Line Items]
Revenue	478,900	0	1,362,150	0
Origination fee revenue \| Client direct
Disaggregation of Revenue [Line Items]
Revenue	$ 81,555	$ 0	$ 113,055	$ 0

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies, at cost	$ 1,140,497		$ 1,140,497		$ 1,697,178
Total change in fair value of debt	(1,287,354)		(3,990,020)
Gain (loss) on change in fair value of debt, included within other comprehensive income	55,999		44,049
Gain (loss) on change in fair value of debt, included within equity of noncontrolling interests	9,616		14,130
Loss on change in fair value of debt	1,199,463	$ 1,445,229	3,912,090	$ 2,398,662
Available-for-sale securities, at fair value	1,165,575		1,165,575		1,105,935
Private Placement Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants outstanding	$ 8,900,000		$ 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)	$ 11.50		$ 11.50
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies, measurement input	21.00%		21.00%
Discount rate \| Discounted cash flow method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life settlement policies, measurement input	21.00%		21.00%		21.00%

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS - Concentrations (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Customer Concentration Risk \| Revenue Benchmark \| Customer 1
Concentration Risk [Line Items]
Concentration risk percentage	13.00%	20.00%	26.00%	11.00%
Customer Concentration Risk \| Revenue Benchmark \| Customer 2
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	16.00%	13.00%	10.00%
Seller Concentration Risk \| Life Settlement Contract Seller Benchmark \| Seller 1
Concentration Risk [Line Items]
Concentration risk percentage	54.00%		37.00%
Seller Concentration Risk \| Life Settlement Contract Seller Benchmark \| Seller 2
Concentration Risk [Line Items]
Concentration risk percentage			11.00%
Seller Concentration Risk \| Life Settlement Contract Seller Benchmark \| Seller 3
Concentration Risk [Line Items]
Concentration risk percentage			10.00%

OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of Equity Securities, at Fair Value

As of June 30, 2024 and December 31, 2023, the value of the S&P 500 options was $4,008,225 and $2,348,998, respectively, recorded in the following accounts on the consolidated balance sheets:


	June 30, 2024		December 31, 2023
Current assets:
Equity securities, at fair value	$	4,008,225	$	2,252,891
Non-current assets:
Equity securities, at fair value	—		96,107
Total equity securities, at fair value	$	4,008,225	$	2,348,998

Pay vs Performance Disclosure - USD ($)	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ 769,983	$ 6,750,145	$ (578,762)	$ 14,835,648

- Definition

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

+ References

+ Details

STOCKHOLDERS' EQUITY - Public Warrants (Details)	6 Months Ended
STOCKHOLDERS' EQUITY - Public Warrants (Details)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Aug. 30, 2022 USD ($) $ / shares
Class of Warrant or Right [Line Items]
Proceeds from warrant exercises \| $	$ 6,851,057	$ 0
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares	16,654,240
Number of securities called by each warrant (in shares) \| shares	1
Exercise price of warrants (in dollars per share)	$ 11.50
Warrants term	5 years
Redemption price per warrant (in dollars per share)	$ 0.01
Warrant redemption notice period	30 days
Common stock price threshold (in dollars per share)	$ 18.00
Trading days	20 days
Trading day period	30 days
Common stock price threshold for redemption for common stock (in dollars per share)	$ 10.00
Warrants outstanding \| $			$ 4,730,000
Warrant outstanding fair value per share (in dollars per share)			$ 0.274
Proceeds from warrant exercises \| $	$ 6,851,057
Number of exercised warrants (in shares) \| shares	595,744
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	11.50
Public Warrants \| Common Stock Price \| Binomial Lattice Model
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	10.03

STOCK-BASED COMPENSATION - Long-term Incentive Plan (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2024	Oct. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Long-term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)	13,164,991		10,244,728		10,244,728
Restricted Stock Units (RSUs) \| Long-term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of restricted stock units (in shares)		2,468,500
Unamortized stock-based compensation expense weighted-average remaining contractual life		3 years
Additional shares authorized (in shares)	5,000,000
Restricted Stock Units (RSUs) \| Long-term Incentive Plan \| Pre-Merger Employees \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		10.00%
Stock-based awards vesting period		9 months
Restricted Stock Units (RSUs) \| Long-term Incentive Plan \| Pre-Merger Employees \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage		90.00%
Stock-based awards vesting period		33 months
Restricted Stock Units (RSUs) \| Long-term Incentive Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period		1 year
Restricted Stock Units (RSUs) \| Long-term Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period		3 years
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based awards vesting period					3 years
Stock-based awards expiration period					10 years
Stock Options \| Long-term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional shares authorized (in shares)	5,000,000
Stock-based awards vesting period		3 years
Stock-based awards expiration period		10 years
Restricted Stock Units (RSUs) And Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation expense weighted-average remaining contractual life					2 years 1 month 6 days
Stock-based compensation expense			$ 1,581,827	$ 0	$ 3,091,566	$ 0
Unamortized stock-based compensation expense for unvested stock			13,190,331		13,190,331
Restricted Stock Units (RSUs) And Stock Options \| Cost of Sales
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			322,606		645,213
Restricted Stock Units (RSUs) And Stock Options \| General and Administrative Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			$ 1,259,221		$ 2,446,353

SUBSEQUENT EVENTS (Details) - USD ($)				3 Months Ended		6 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Jul. 18, 2024	Jul. 07, 2024	Jul. 02, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 28, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Equity securities, at fair value				$ 4,008,225		$ 4,008,225			$ 2,348,998
Realized gain on equity securities, at fair value				856,744	$ 0	$ 856,744	$ 0
LMATT Growth & Income Series 1.2026, Inc
Subsequent Event [Line Items]
Equity securities, at fair value								$ 110,582
Realized gain on equity securities, at fair value				47,566
Upside performance participation cap								40.00%
LMATT Growth & Income Series 1.2026, Inc \| LMA
Subsequent Event [Line Items]
Capital contributed								$ 54,000
LMATT Series 2.2024, Inc.
Subsequent Event [Line Items]
Equity securities, at fair value								$ 1,296,266
Realized gain on equity securities, at fair value				$ 809,178
Subsequent Event \| LMATT Growth & Income Series 1.2026, Inc
Subsequent Event [Line Items]
Debt extinguished		$ 784,795
Subsequent Event \| LMATT Series 2.2024, Inc.
Subsequent Event [Line Items]
Debt extinguished		$ 4,610,009
Subsequent Event \| SPV Investment Facility \| Related Party
Subsequent Event [Line Items]
Debt extinguished			$ 28,170,326
Debt interest paid			$ 18,780
Subsequent Event \| Carlisle
Subsequent Event [Line Items]
Consideration	$ 200,000,000
Consideration common stock percentage	62.30%
Consideration note percentage	37.70%

OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) entity	Jun. 30, 2024 USD ($) entity	Dec. 31, 2023 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Number of entities, convertible preferred stock ownership \| entity	2	2
Equity securities without readily determinable fair value, amount	$ 1,750,000	$ 1,750,000	$ 1,650,000
Impairment of investments	0	0
Other assets	1,507,431	1,507,431	998,945
Equity securities, at fair value	$ 4,008,225	$ 4,008,225	$ 2,348,998

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-14

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

RELATED-PARTY TRANSACTIONS	6 Months Ended
RELATED-PARTY TRANSACTIONS	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS As of June 30, 2024 and December 31, 2023, $5,236 and $5,236, respectively, were due to affiliates. As of June 30, 2024 and December 31, 2023, $1,170,589 and $1,007,528, respectively, was due from affiliates. The majority of the due from affiliate amount as of December 31, 2023 represents transaction costs incurred by the Company related to the formation of an investment fund being registered under the Investment Company Act of 1940 that will be reimbursed upon regulatory approval and effectiveness of the investment fund and subsequent sale of shares in the investment fund. The SPV Purchase and Sale Note of $28,170,326 is a related party transaction given the transfer of cash and policies between the Company and the SPV, which is jointly owned by the Sponsor and former members of LMA and Abacus. The Sponsor PIK Note for $11,799,715 is also recorded as a related party transaction given the relationship between the Sponsor and the Company. Refer to Note 22, Subsequent Events, for additional discussion. 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 earns service revenue related to policy and administrative services on behalf of the 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 $120,670 and $329,629 in service revenue related to the Nova Funds for the three months ended June 30, 2024 and 2023, respectively. The Company earned $305,855 and $543,076 in service revenue related to the Nova Funds for the six months ended June 30, 2024 and 2023, respectively. The Company incurred transition costs with the Nova funds of $1,453 and $2,138 for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, and December 31, 2023, there were $150,213 and $79,509, respectively, owed by the Nova Funds, which are included as related-party receivables in the consolidated balance sheets. After the Merger, the Company also originates policies for the Nova Funds. 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. For the three and six months ended June 30, 2024 and 2023 the Company did not earn any related party origination revenue from the Nova Funds. No transaction costs with the Nova Funds were incurred for the three and six months ended June 30, 2023.

- Definition

+ References

+ Details

OTHER INVESTMENTS AND OTHER NONCURRENT ASSETS - Equity Securities, at Fair Value (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Equity securities, at fair value	$ 4,008,225	$ 2,252,891
Non-current assets:
Equity securities, at fair value	0	96,107
Total equity securities, at fair value	$ 4,008,225	$ 2,348,998

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

+ Details

Abacus Settlements LLC - SEGMENT REPORTING (Details)	6 Months Ended
Abacus Settlements LLC - SEGMENT REPORTING (Details)	Jun. 30, 2023 segment
Abacus Settlements, LLC
Segment Reporting Information [Line Items]
Number of operating segments	1

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

REVENUES:

Active management revenue

$ 27,013,757

$ 11,024,399

$ 46,810,756

$ 20,994,917

Total revenues

29,076,102

11,378,765

50,563,286

21,584,974

COST OF REVENUES (excluding depreciation and amortization stated below):

Total cost of revenue

2,743,534

973,400

5,464,431

1,462,950

Gross Profit

26,332,568

10,405,365

45,098,855

20,122,024

OPERATING EXPENSES:

Sales and marketing

2,552,801

683,841

4,482,745

1,412,845

General and administrative (including stock-based compensation)

14,553,344

577,539

25,906,843

1,274,431

Loss on change in fair value of debt

1,199,463

1,445,229

3,912,090

2,398,662

Unrealized loss (gain) on equity securities, at fair value

362,482

(672,936)

(802,484)

(798,156)

Realized gain on equity securities, at fair value

(856,744)

Depreciation and amortization expense

1,750,452

1,098

3,432,506

2,141

Total operating expenses

19,561,798

2,034,771

36,074,956

4,289,923

Operating Income

6,770,770

8,370,594

9,023,899

15,832,101

OTHER INCOME (EXPENSE):

(Loss) gain on change in fair value of warrant liability

(667,500)

279,460

Interest expense

(4,529,187)

(584,075)

(8,199,632)

(941,458)

Interest income

639,906

1,061,332

7,457

Other income (expense)

195,470

121,601

142,442

(21,651)

Total other (expense)

(4,361,311)

(462,474)

(6,716,398)

(955,652)

Net income before provision for income taxes

2,409,459

7,908,120

2,307,501

14,876,449

Income tax expense

1,757,710

1,184,571

2,931,223

528,104

NET INCOME (LOSS)

651,749

6,723,549

(623,722)

14,348,345

LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST

(118,234)

(26,596)

(44,960)

(487,303)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 769,983

$ 6,750,145

$ (578,762)

$ 14,835,648

EARNINGS (LOSS) PER SHARE:

Earnings (loss) per share - basic (in dollars per share)

$ 0.01

$ 0.13

$ (0.01)

$ 0.29

Earnings (loss) per share - diluted (in dollars per share)

$ 0.01

$ 0.13

$ (0.01)

$ 0.29

Weighted-average stock outstanding - basic (in shares)

^[1]

63,846,170

50,507,728

63,087,878

50,438,921

Weighted-average stock outstanding - diluted (in shares)

^[1]

67,162,820

50,507,728

63,102,210

50,438,921

NET INCOME (LOSS)

$ 651,749

$ 6,723,549

$ (623,722)

$ 14,348,345

Other comprehensive income (loss), net of tax or tax benefit:

Change in fair value of debt (risk adjusted)

(65,615)

(119,663)

(58,179)

(231,976)

Comprehensive income (loss) before non-controlling interests

586,134

6,603,886

(681,901)

14,116,369

Net and comprehensive loss attributable to non-controlling interests

(127,850)

(56,111)

(59,090)

(543,749)

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

713,984

6,659,997

(622,811)

14,660,118

Nonrelated Party

COST OF REVENUES (excluding depreciation and amortization stated below):

Total cost of revenue

2,742,081

973,400

5,462,293

1,462,950

Total cost of revenue

1,453

2,138

Portfolio servicing revenue

REVENUES:

Revenue

204,888

354,366

422,823

590,057

Portfolio servicing revenue | Nonrelated Party

REVENUES:

Revenue

84,218

24,737

116,968

46,981

Portfolio servicing revenue | Related Party

REVENUES:

Revenue

120,670

329,629

305,855

543,076

Origination revenue

REVENUES:

Revenue

$ 1,857,457

$ 0

$ 3,329,707

$ 0

[1]	The 2023 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 Business Combination.

LIFE SETTLEMENT POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024:

Policies Carried at Fair Value:


Remaining Life Expectancy (Years)	Policies	Face Value		Net Death Benefit		Fair Value
0-1	5	$	10,300,000	$	10,300,000	$	8,613,599
1-2	21	10,699,565		13,956,836		9,144,801
2-3	53	111,626,442		108,026,835		54,014,913
3-4	59	108,955,620		110,369,108		46,779,787
4-5	46	69,995,254		68,382,407		22,873,318
Thereafter	268	432,627,751		433,817,206		66,144,995
Total	452	$	744,204,632	$	744,852,392	$	207,571,413

Schedule of Life Settlement Contracts, Investment Method

Policies accounted for using the investment method:


Remaining Life Expectancy (Years)	Policies	Face Value		Net Death Benefit		Carrying Value

1-2	1	$	625,000	$	650,059	$	329,714
2-3	2	2,250,000		2,250,000		468,095

4-5	2	750,000		750,000		327,942
Thereafter	1	100,000		100,331		14,746
Total	6	$	3,725,000	$	3,750,390	$	1,140,497


2024 remaining	$	36,001
2025	93,058
2026	67,821
2027	42,421
2028	22,185
Thereafter	154,286
Total	$	415,772

Abacus Settlements LLC - REVENUE (Details) - Abacus Settlements, LLC - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 6,884,690	$ 13,184,676
Agent
Disaggregation of Revenue [Line Items]
Revenue	3,334,402	7,143,016
Broker
Disaggregation of Revenue [Line Items]
Revenue	2,809,499	4,675,973
Client direct
Disaggregation of Revenue [Line Items]
Revenue	$ 740,789	$ 1,365,687

- 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

+ References

+ Details

BUSINESS COMBINATION - Pro Forma Financial Information (Details) - LMA and Abacus - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Proforma revenue	$ 18,263,455	$ 34,769,650
Proforma net income	$ 6,432,047	$ 13,373,444

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

The following table shows a summary of the unvested restricted stock under the 2023 Long-Term Equity Compensation Incentive Plan as of June 30, 2024 as well as activity during the year:


	Number of shares	Weighted Average Grant Date Fair Value
Restricted stock units, unvested, December 31, 2023	2,429,500	$	6.16
Granted	108,000	$	12.37
Vested	—	$	—
Forfeited	(1,500)	$	6.16
Restricted stock units, unvested, June 30, 2024	2,536,000	$	6.42

Restricted Stock activity relative to the CEO as of June 30, 2024 is summarized as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023	4,569,922	$	10.03
Granted	—	$	—
Vested	—	$	—
Forfeited	—	$	—
Outstanding at June 30, 2024	4,569,922	$	10.03

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

Black-Scholes option-pricing model assumptions and the resulting fair value of options are presented in the following table:


	Stock Options on Grant Date
Dividend yield	—		%
Expected volatility	23.00		%
Risk-free interest rate	3.98		%
Expected option life	5.81 years
Weighted average fair value of stock options	$	3.91

Share-Based Payment Arrangement, Option, Activity

The following table shows the status of, and changes in, common stock options:


	Number of Options	Weighted Average Exercise Price
Options outstanding, December 31, 2023	—	$	—
Granted	345,263	$	3.91
Exercised	—	$	—
Expired or cancelled	—	$	—
Options exercisable, June 30, 2024	345,263	$	3.91

Share-Based Payment Arrangement, Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stock-based compensation expense	$	4,583,632	$	—	$	9,167,264	$	—

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies, at fair value	$	—	$	—	$	207,571,413	$	207,571,413
Available-for-sale securities, at fair value	—		—		1,165,575		1,165,575
Equity securities, at fair value	4,008,225		—		—		4,008,225
Total assets held at fair value	$	4,008,225	$	—	$	208,736,988	$	212,745,213

Liabilities:
Current portion of long-term debt, at fair value	$	—	$	—	$	17,589,514	$	17,589,514
Long-term debt, at fair value	—		—		81,640,478		81,640,478
Private placement warrants	—		—		6,363,500		6,363,500
Total liabilities held at fair value:	$	—	$	—	$	105,593,492	$	105,593,492


	Fair Value Hierarchy
As of December 31, 2023	Level 1		Level 2		Level 3		Total
Assets:
Life settlement policies, at fair value	$	—	$	—	$	122,296,559	$	122,296,559
Available-for-sale securities, at fair value	—		—		1,105,935		1,105,935
Equity securities, at fair value	2,348,998		—		—		2,348,998
Total assets held at fair value	$	2,348,998	$	—	$	123,402,494	$	125,751,492

Liabilities:
Current portion of long-term debt, at fair value	$	—	$	—	$	13,029,632	$	13,029,632
Long-term debt, at fair value	—		—		55,318,923		55,318,923
Private placement warrants	—		—		6,642,960		6,642,960
Total liabilities held at fair value:	$	—	$	—	$	74,991,515	$	74,991,515

Fair Value Measurement Inputs and Valuation Techniques

If the discount rate increased or decreased by two percentage points and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of June 30, 2024, would be as follows:


As of June 30, 2024	Fair Value		Change in Fair Value
Rate Adjustment
+2%	$	194,281,144	$	(13,290,269)
No change	207,571,413
-2%	224,830,721		17,259,308

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			—%

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 June 30, 2024:


Carrier	Percentage of Face Value		Percentage of Fair Value		Carrier Rating
John Hancock Life Insurance Company (U.S.A.)	20.0	%	13.0	%	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 six months ended June 30, 2024:


Fair value at December 31, 2023	$	122,296,559
Policies purchased	135,265,141
Matured/sold policies	(71,331,990)
Realized gain on matured/sold policies	23,549,473
Premiums paid	(5,547,086)
Unrealized gain on held policies	21,341,703
Change in estimated fair value	39,344,090
Realized gain on matured/sold policies	(23,549,473)
Premiums paid	5,547,086
Fair value at June 30, 2024	$	207,571,413

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

The following table provides a roll forward of the fair value of the outstanding debt for the six months ended June 30, 2024:


Fair value at December 31, 2023	$	68,348,556
Debt issued to third parties	26,946,891
LMA Income Series, LP excess return accrual	235,231
Unrealized loss on change in fair value (risk-free)	3,912,090
Unrealized loss on change in fair value (credit-adjusted) included in OCI	59,003
Unrealized gain on change in fair value (credit-adjusted) included in equity of NCI	18,927
Change in estimated fair value of debt	3,990,020
Deferred issuance costs	(290,706)
Fair value at June 30, 2024	$	99,229,992

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets and Accumulated Amortization (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Intangible Assets [Line Items]
Gross Value	$ 29,300,000		$ 29,300,000
Accumulated Amortization	(6,728,333)		(6,728,333)
Net Book Value	22,571,667		22,571,667
Intangible assets, net	26,352,123		26,352,123		$ 29,623,130
Amortization expense	1,682,083	$ 0	3,364,167	$ 0
Other intangible assets	180,456		180,456		$ 87,297
Trade Name
Schedule of Intangible Assets [Line Items]
Indefinite Lived Intangible Assets	900,000		900,000
State Insurance Licenses
Schedule of Intangible Assets [Line Items]
Indefinite Lived Intangible Assets	2,700,000		2,700,000
Finite-Lived Intangible Assets Excluding Other Insignificant Amount \| Indefinite-Lived Intangible Assets Excluding Other Insignificant Amount
Schedule of Intangible Assets [Line Items]
Accumulated Amortization	(6,728,333)		(6,728,333)
Gross Value	32,900,000		32,900,000
Intangible assets, net	26,171,667		26,171,667
Customer Relationships - Agents
Schedule of Intangible Assets [Line Items]
Gross Value	12,600,000		12,600,000
Accumulated Amortization	(2,520,000)		(2,520,000)
Net Book Value	10,080,000		10,080,000
Customer Relationships - Financial Relationships
Schedule of Intangible Assets [Line Items]
Gross Value	11,000,000		11,000,000
Accumulated Amortization	(1,375,000)		(1,375,000)
Net Book Value	9,625,000		9,625,000
Internally Developed and Used Technology—APA
Schedule of Intangible Assets [Line Items]
Gross Value	1,600,000		1,600,000
Accumulated Amortization	(800,000)		(800,000)
Net Book Value	800,000		800,000
Internally Developed and Used Technology—Market Place
Schedule of Intangible Assets [Line Items]
Gross Value	100,000		100,000
Accumulated Amortization	(33,333)		(33,333)
Net Book Value	66,667		66,667
Non-Compete Agreements
Schedule of Intangible Assets [Line Items]
Gross Value	4,000,000		4,000,000
Accumulated Amortization	(2,000,000)		(2,000,000)
Net Book Value	$ 2,000,000		$ 2,000,000