Abacus Global Management (NASDAQ:ABL) more than doubled its revenue and adjusted earnings in the first quarter of 2025, driven by increased capital deployment and rising demand for alternative assets, the company said on Thursday.
The New York-based asset manager posted total revenue of $44.1 million for the quarter ended March 31, up from $21.5 million a year earlier, fueled by gains in its Life Solutions business and a full quarter of fees from acquisitions completed late last year.
“We delivered exceptional results... while strengthening our market position,” CEO Jay Jackson said in a statement. “Our unique business model continues to demonstrate its resilience and appeal in today’s uncertain market environment.”
Adjusted net income rose 158% to $17.3 million, or $0.18 per share, compared with $6.7 million, or $0.11 per share, a year earlier. Adjusted EBITDA more than doubled to $24.5 million, with a margin of 55.6%.
The company, which offers liquidity solutions to policyholders and uncorrelated alternative assets to investors, said newly launched funds attracted $122.8 million in capital inflows during the quarter.
Origination capital deployment reached $124.9 million, more than twice the $54.6 million recorded in the prior-year period, while the number of policies held rose to 753 from 322.
GAAP net income was $4.6 million, reversing a year-ago loss of $1.3 million.
As of March 31, Abacus held $43.8 million in cash and cash equivalents, $448.1 million in balance sheet policy assets, and $238 million in long-term debt.
The company reiterated its full-year 2025 forecast for adjusted net income of $70 million to $78 million, representing growth of 51% to 68% over last year.