Abacus Global Management Inc (ABL) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Abacus Global Management first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Robert Phillips. Thank you. You may begin.

您好，歡迎參加 Abacus Global Management 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人羅伯特·菲利普斯。謝謝。你可以開始了。

Thank you, operator, and thank you, everyone, for joining Abacus Global Management's First Quarter 2025 Earnings Call. Here with me today are Jay Jackson, Chairman and Chief Executive Officer; and Bill McCauley, Chief Financial Officer. This afternoon at 4:15 PM Eastern Time, Abacus Global Management released its first quarter 2025 results. This afternoon's call will allow participants to ask questions about our results.

謝謝接線生，也謝謝大家參加 Abacus Global Management 2025 年第一季財報電話會議。今天與我一起在場的還有董事長兼執行長傑伊傑克森 (Jay Jackson) 和財務長比爾麥考利 (Bill McCauley)。美國東部時間今天下午 4:15，Abacus Global Management 發布了其 2025 年第一季業績。今天下午的電話會議將允許參與者詢問有關我們結果的問題。

Before we begin, Abacus Global management refers participants on this call to the Investor web page, ir.abacusgm.com for the press release, the investor information and filings with the SEC for a discussion of the risks that can affect the business. Abacus Global management specifically refers participants to the presentation furnished today on Form 8-K with the Securities and Exchange Commission and to remind listeners that some of the comments today may contain forward-looking statements and as such, will be subject to risks and uncertainties, which, if they materialize, could materially affect results. For more information on the risks, uncertainties and assumptions relating to forward-looking statements, please refer to Abacus Global management's public filings.

在我們開始之前，Abacus Global 管理層請本次電話會議的參與者訪問投資者網頁 ir.abacusgm.com，以獲取新聞稿、投資者資訊和向美國證券交易委員會 (SEC) 提交的文件，以討論可能影響業務的風險。Abacus Global 管理層特別請與會者參考今天向美國證券交易委員會提交的 8-K 表格中的演示文稿，並提醒聽眾，今天的一些評論可能包含前瞻性陳述，因此會受到風險和不確定性的影響，如果這些風險和不確定性成為現實，可能會對結果產生重大影響。有關前瞻性陳述的風險、不確定性和假設的更多信息，請參閱 Abacus Global 管理層的公開文件。

During the call, we will reference certain non-GAAP financial measures. Although, we believe these measures provide useful supplemental information about our financial performance, -- they are not recognized measures and do not have standardized meanings under US generally accepted accounting principles or GAAP. Please see our public filings for additional information regarding our non-GAAP financial measures, including references to comparable GAAP measures. With that, I'd now like to turn the call over to Jay Jackson, Chief Executive Officer.

在電話會議中，我們將參考某些非公認會計準則財務指標。儘管我們相信這些指標為我們的財務表現提供了有用的補充信息，但它們並不是公認的指標，也沒有美國公認會計原則或 GAAP 規定的標準化含義。請參閱我們的公開文件以獲取有關我們的非 GAAP 財務指標的更多信息，包括可比 GAAP 指標的引用。現在，我想將電話轉給執行長傑伊傑克森 (Jay Jackson)。

Thanks, Rob, and thank you to everyone joining us today for your interest in Abacus Global Management, and welcome to our first quarter 2025 earnings call. After Bill and I conclude our prepared remarks, we'll open it up to your questions. We are pleased to kick off the New Year with a record first quarter of profitable growth while continuing to execute our strategic initiatives to scale and diversify our business. For the first quarter of 2025, we more than doubled total revenue year-over-year to $44.1 million and recorded strong adjusted earnings, more than doubling adjusted net income to $17.3 million and adjusted EBITDA to $24.5 million year-over-year. Our strong performance was driven by robust demand for policyholder liquidity.

謝謝，羅布，也感謝今天加入我們的所有人對 Abacus Global Management 的關注，歡迎參加我們的 2025 年第一季財報電話會議。在我和比爾結束準備好的發言後，我們將開始回答大家的問題。我們很高興在新年伊始就取得了創紀錄的第一季獲利成長，同時繼續執行我們的策略舉措，以擴大和多樣化我們的業務。2025 年第一季度，我們的總營收年增一倍以上，達到 4,410 萬美元，並錄得強勁的調整後收益，調整後淨收入同比增長一倍以上，達到 1730 萬美元，調整後 EBITDA 同比增長至 2450 萬美元。我們的強勁業績得益於對保單持有人流動性的強勁需求。

Our excellent first quarter performance positions us very well to achieve our full year 2025 outlook for adjusted net income to be between $70 million and $78 million, which implies another strong year of growth between 51% to 68%. Bill will be along shortly to discuss our first quarter financial performance in further detail. While the macro environment remains uncertain in the near term, we strongly believe Abacus remains well positioned to successfully navigate through any challenges posed by the current market volatility. Abacus' unique business model provides us with clear strategic advantages. During times of market volatility, policyholders and their financial advisers often look for different ways to access liquidity.

我們第一季的出色表現使我們很有可能實現 2025 年全年調整後淨收入在 7,000 萬美元至 7,800 萬美元之間的預期，這意味著另一年強勁成長，成長率在 51% 至 68% 之間。比爾很快就會來進一步討論我們第一季的財務表現。儘管短期內宏觀環境仍不確定，但我們堅信 Abacus 仍能成功應對當前市場波動帶來的任何挑戰。Abacus獨特的商業模式為我們提供了明顯的策略優勢。在市場波動時期，保單持有人及其財務顧問經常尋找不同的方式來獲取流動性。

Abacus specializes in helping clients unlock the value from their life insurance policies, driving more business opportunities. Market uncertainty also drives increased investor demand for uncorrelated alternative assets to diversify their portfolios from traditional market performance. Abacus' specialized investment products continue to attract increased interest from registered investment advisers looking for differentiated yield products for their clients.

Abacus 專門幫助客戶釋放人壽保險單的價值，從而帶來更多商業機會。市場不確定性也推動投資人對不相關另類資產的需求增加，以分散其投資組合對傳統市場表現的依賴。Abacus 的專業投資產品繼續吸引越來越多的註冊投資顧問的興趣，他們正在為客戶尋找差異化的收益產品。

Meanwhile, our expanded private fund offerings through our longevity funds have generated strong demand from advisers seeking alternative investment options. By serving both consumers seeking liquidity and investors pursuing uncorrelated assets, we have established a durable business model that we believe can succeed in any market cycle.

同時，我們透過長壽基金擴大的私募基金產品引起了尋求另類投資選擇的顧問的強烈需求。透過服務尋求流動性的消費者和追求不相關資產的投資者，我們建立了一種持久的商業模式，我們相信這種模式可以在任何市場週期中取得成功。

Additionally, our balance sheet and liquidity position has never been stronger with cash and cash and equivalents of $43.8 million and balance sheet policy assets of $448.1 million as of March 31, 2025. While we continue to monitor the macro environment closely, we are poised to take advantage of any opportunities that may be caused by any market dislocations. In the first quarter, our asset management offerings continued to gain strong traction with new AUM inflows of $151 million due to our expanded offerings, geographic reach and the growing institutional interest of private funds that are being stood up specifically to allocate to life insurance policies.

此外，我們的資產負債表和流動性狀況從未如此強勁，截至 2025 年 3 月 31 日，現金及現金等價物為 4,380 萬美元，資產負債表保單資產為 4.481 億美元。在我們繼續密切關注宏觀環境的同時，我們已準備好利用任何可能由市場混亂引起的機會。第一季度，由於我們擴大了產品範圍、擴大了地理覆蓋範圍，以及專門用於配置人壽保險單的私募基金的機構興趣日益濃厚，我們的資產管理產品繼續獲得強勁增長，新的 AUM 流入量達到 1.51 億美元。

Our expanded private fund offerings that launched in late February this year are off to a strong start with approximately $123 million in new capital inflows in just the first month since launch. Further, our ETFs also saw a positive increase in asset flows in the first quarter with the real assets ETF increasing net new inflows by $44 million.

我們今年 2 月底推出的擴大私募基金產品開局良好，推出後僅第一個月就吸引了約 1.23 億美元的新資本流入。此外，我們的 ETF 在第一季的資產流量也出現了正成長，其中實體資產 ETF 的淨新流入增加了 4,400 萬美元。

As we highlighted on our prior call, we recently rebranded our company to Abacus Global Management to reflect our evolution and our expanded global market presence. The feedback we received and continue to receive has been extremely encouraging. To that end, in the months ahead, you will see us expand our new brand recognition, including via the launch of a new ad campaign that will focus on all of Abacus Global Management's distinct yet complementary business verticals, namely Abacus Life Solutions, which provides premium liquidity solutions for life insurance assets, helping thousands of clients maximize the value of their life insurance assets.

正如我們在先前的電話會議上所強調的那樣，我們最近將公司更名為 Abacus Global Management，以反映我們的發展和不斷擴大的全球市場影響力。我們收到的以及繼續收到的回饋非常令人鼓舞。為此，在未來的幾個月裡，您將看到我們擴大新的品牌知名度，包括透過推出一項新的廣告活動，該活動將重點關注 Abacus Global Management 所有獨特但互補的業務垂直領域，即 Abacus Life Solutions，它為人壽保險資產提供優質的流動性解決方案，幫助成千上萬的客戶最大化他們的人壽保險資產的價值。

Since 2004, Abacus has purchased over $10 billion in face value of life insurance policies. Abacus Asset Group, which serves institutional investors and select private clients with specialized uncorrelated and longevity-based assets and investment strategies, fixed income replacement strategies and free cash flow-based investment solutions.

自 2004 年以來，Abacus 已購買了面額超過 100 億美元的人壽保險單。Abacus Asset Group 為機構投資者和精選私人客戶提供專門的非相關和基於長壽的資產和投資策略、固定收益替代策略和基於自由現金流的投資解決方案。

The platform uses proprietary analytics to identify unique investment opportunities that deliver consistent results across market cycles while maintaining strict risk asset management. Abacus Wealth Advisors, which redefines wealth management through our 20-plus years of proprietary data and algorithms that create truly customized financial plans based on health, longevity and overall financial well-being; and ABL Tech, which leverages our decades of experience and proprietary data to revolutionize the life planning industry through innovative technology solutions, serving pensions, insurance companies and asset managers.

該平台使用專有分析來識別獨特的投資機會，這些機會可在整個市場週期中提供一致的結果，同時保持嚴格的風險資產管理。Abacus Wealth Advisors 透過我們 20 多年的專有數據和演算法重新定義財富管理，根據健康、長壽和整體財務狀況制定真正客製化的財務計畫；ABL Tech 利用我們數十年的經驗和專有數據，透過創新的技術解決方案徹底改變生活規劃產業，為退休金、保險公司和資產管理公司提供服務。

The division has developed platforms that conduct real-time mortality verifications, locate missing participants and service the secondary life insurance market with unprecedented speed and accuracy. Looking ahead, we are building on our momentum as our growing brand recognition is leading to greater policy originations, increased interest in our asset management offerings and our expansion into wealth management. As a result, we remain well on track to achieve our full year financial targets.

該部門開發了可進行即時死亡率驗證、尋找失蹤參與者並以前所未有的速度和準確性為二級人壽保險市場提供服務的平台。展望未來，我們將繼續保持良好勢頭，因為我們不斷增長的品牌知名度將帶來更多的保單發起、人們對我們的資產管理產品的興趣增加以及我們在財富管理領域的擴張。因此，我們仍有望實現全年財務目標。

We remain committed to executing our growth strategy to firmly solidify Abacus as a leader in the alternative asset manager and wealth management space. Our differentiated business model, along with our offerings of uncorrelated assets position us well to successfully navigate the current uncertain environment and come out even stronger than before. With that, I'll now hand it over to our CFO, Bill McCauley, to discuss the specifics of our first quarter results.

我們將繼續致力於執行我們的成長策略，鞏固 Abacus 在另類資產管理公司和財富管理領域的領先地位。我們的差異化商業模式以及我們提供的非相關資產使我們能夠成功應對當前不確定的環境，並變得比以前更強大。現在，我將把時間交給我們的財務長比爾麥考利 (Bill McCauley)，討論我們第一季業績的具體情況。

Thanks, Jay, and hello, everyone. As Jay mentioned, we had another strong quarter of top line growth and profitability. Total revenue in the first quarter 2025 more than doubled to $44.1 million compared to $21.5 million in the prior year period. Our revenue increase was primarily driven by greater Life Solutions, formerly active management and origination revenues as well as significant contributions from asset management fees. The key driver of our Life Solutions performance continues to be our highly efficient origination platform as capital deployed increased 128% to $124.9 million in Q1 2025 compared to $54.6 million in the prior year.

謝謝，傑伊，大家好。正如傑伊所提到的，我們又度過了一個營業額成長和獲利能力強勁的季度。2025 年第一季的總營收較去年同期的 2,150 萬美元成長了一倍多，達到 4,410 萬美元。我們的收入成長主要得益於人壽解決方案（以前稱為主動管理和發起收入）的增加以及資產管理費的大量貢獻。我們人壽解決方案業績的關鍵驅動力仍然是我們高效的發起平台，因為 2025 年第一季部署的資本增加了 128%，達到 1.249 億美元，而去年同期為 5,460 萬美元。

With the growth in policy origination and capital deployment, as of March 31, 2025, Abacus holds 753 insurance policies with a value of $448.1 million on the balance sheet. We're very excited about the contributions from the asset management business as this is the first full quarter of asset management fees from our acquisitions that closed in late 2024. Q1 2025 had $7.8 million in revenue in that business segment. Turning to expenses. Total operating expenses, excluding unrealized and realized gains and losses on investments and the change in fair value of debt for the first quarter 2025 were approximately $19.6 million compared to $15 million in the prior year.

隨著保單發起和資本部署的成長，截至 2025 年 3 月 31 日，Abacus 持有 753 份保單，資產負債表上的價值為 4.481 億美元。我們對資產管理業務的貢獻感到非常興奮，因為這是我們在 2024 年底完成的收購所產生的資產管理費的第一個完整季度。2025 年第一季該業務部門的營收為 780 萬美元。談到費用。2025 年第一季的總營運費用（不包括未實現和已實現的投資損益以及債務公允價值變動）約為 1,960 萬美元，去年同期為 1,500 萬美元。

The increase from the prior year period was primarily due to the incorporation of operating expenses of the companies that were acquired in Q4 2024, greater depreciation and amortization and higher investments in SG&A and marketing to support our growth profile. The company typically realizes the benefit of marketing spend within 90 to 120 days.

與去年同期相比的成長主要歸因於納入了 2024 年第四季度收購的公司的營運費用、更大的折舊和攤銷以及更高的銷售、一般及行政費用 (SG&A) 和行銷投資，以支持我們的成長前景。公司通常會在 90 到 120 天內實現行銷支出的收益。

On an adjusted basis, excluding noncash stock compensation, business acquisition costs, amortization and change in fair value of warrant liability, adjusted net income for the first quarter of 2025 more than doubled to $17.3 million compared to $6.7 million in the prior year, which represents a 158% increase over the prior year. Adjusted EBITDA for the quarter also more than doubled to $24.5 million compared to $11.6 million in the prior year. Adjusted EBITDA margin was 55.6% for the quarter compared to 53.9% in the prior year.

經調整後，不包括非現金股票薪酬、業務收購成本、攤銷和認股權證負債公允價值變動，2025 年第一季的調整後淨收入較上年的 670 萬美元增長一倍多，達到 1730 萬美元，比上年增長 158%。本季調整後的 EBITDA 也成長了一倍多，達到 2,450 萬美元，而去年同期為 1,160 萬美元。本季調整後的 EBITDA 利潤率為 55.6%，去年同期為 53.9%。

GAAP net income attributable to stockholders for the quarter was $4.6 million compared to a GAAP net loss of $1.3 million in the prior year, primarily driven by higher revenues, partially offset by increased operating costs from our acquisitions. Now, turning to our balance sheet metrics. For the first quarter of 2025, annualized adjusted return on equity was 16% and an annualized adjusted return on invested capital was 16.7%, both reflecting our highly profitable business model.

本季歸屬於股東的 GAAP 淨收入為 460 萬美元，而去年同期的 GAAP 淨虧損為 130 萬美元，這主要由於收入增加，但被收購帶來的營運成本增加部分抵銷。現在，轉向我們的資產負債表指標。2025 年第一季度，年化調整後股本報酬率為 16%，年化調整後投資資本報酬率為 16.7%，均反映了我們高利潤的商業模式。

As of March 31, 2025, the company had cash and cash equivalents of $43.8 million, balance sheet policy assets of $448.1 million and outstanding long-term debt of $238 million. As Jay mentioned in his remarks, despite current market volatility, we remain confident in our ability to achieve our full year 2025 outlook for adjusted net income to be between $70 million and $78 million.

截至 2025 年 3 月 31 日，該公司擁有現金和現金等價物 4,380 萬美元、資產負債表保單資產 4.481 億美元、未償還長期債務 2.38 億美元。正如傑伊在演講中提到的那樣，儘管當前市場波動，但我們仍然有信心實現 2025 年全年調整後淨收入在 7000 萬美元至 7800 萬美元之間的預期。

The range implies growth of between 51% to 68% compared to full year 2024 adjusted net income of $46.5 million. In summary, we are off to a strong start to the year as we delivered record growth on our top line as well as significantly growing profitability on an adjusted basis. We expect to maintain our momentum and execute our growth plans to capture the growth opportunities ahead of us. I will now turn it back to our CEO, Jay Jackson, for our closing comments.

該範圍意味著與 2024 年全年調整後淨收入 4,650 萬美元相比，成長率將達到 51% 至 68%。總而言之，我們今年開局強勁，實現了創紀錄的營收成長，調整後的獲利能力也顯著提高。我們希望保持發展動能並執行成長計劃，以抓住未來的成長機會。現在我將把話題交還給我們的執行長傑伊傑克森 (Jay Jackson)，請他發表最後評論。

Thanks, Bill. In conclusion, our record first quarter performance further validates our resilient and differentiated business model. We are well positioned to successfully navigate the current uncertainty as we deliver on our unique value proposition to policyholders and investors seeking uncorrelated assets. We remain very excited about the vast market opportunity in front of us, and we're committed to building on our two-decade track record of financial success to deliver long-term profitable growth. Again, thank you all for joining us today, and we appreciate your interest in Abacus Global Management. With that, we look forward to your questions.

謝謝，比爾。總之，我們第一季創紀錄的業績進一步驗證了我們具有彈性和差異化的商業模式。我們已做好準備，成功應對當前的不確定性，為尋求非相關資產的保單持有人和投資者提供獨特的價值主張。我們對眼前的巨大市場機會感到非常興奮，並致力於在二十年的財務成功記錄的基礎上實現長期盈利增長。再次感謝大家今天的參與，我們也非常感謝您對 Abacus Global Management 的關注。我們期待您的提問。

Patrick Davitt Autonomous Research.

帕特里克·戴維特自主研究。

Hey. Good evening, everyone. Theoretically, there's an argument for policyholders to potentially be looking for more liquidity in uncertain times. So I'd be curious to hear your thoughts on or any noticeable uptick in inquiries since Liberation Day.

嘿。大家晚上好。從理論上講，保單持有人在不確定的時期可能會尋求更多的流動性。因此，我很想聽聽您的想法，或自解放日以來問詢量是否有任何明顯的增加。

Hey, Patrick. It's interesting. The answer is that, yes, we have seen noticeable upticks related to interest -- what's interesting is that how do we correlate that then with the amount of advertising that we're already doing. And I think the way that we're starting to see that is that the advertising that we're doing is potentially having a larger impact with the potential, I would argue, uncertainty that's been developing in our markets post Liberation Day.

嘿，派崔克。這很有趣。答案是肯定的，我們已經看到與興趣相關的顯著上升——有趣的是，我們如何將其與我們已在做的廣告量聯繫起來。我認為，我們開始意識到，我們所投放的廣告可能會對解放日後市場中出現的不確定性產生更大的影響。

So we've seen a positive impact from the position of inquiries, interest. And as we've talked about in the past, the other side to this is that we've certainly seen a very significant interest from investors seeking a less correlated asset -- these assets are traditionally -- from an origination point of view, we're one of the few places that they can get these assets in.

因此，我們從詢問和興趣的角度看到了正面的影響。正如我們過去所討論的，另一方面，我們確實看到投資者對尋求相關性較低的資產表現出濃厚興趣——這些資產傳統上是——從起源的角度來看，我們是他們可以獲得這些資產的少數地方之一。

And so in the launch of our funds, and we had added additional follow-on offerings in mid-February or late February in just that short amount of time, you saw in the release, we were able to raise from investors $123 million, which was certainly impressive from our perspective, considering that was even before Liberation Day. So I think that just investors in general are certainly seeking this kind of uncorrelated yield that we've talked about in the past. And in addition to that, we have seen certainly a rise in inquiries from policyholders who are interested in learning more about what the market value of the policy might be.

因此，在推出我們的基金時，我們在 2 月中旬或 2 月底增加了額外的後續發行，在短短的時間內，正如您在新聞稿中看到的，我們能夠從投資者那裡籌集 1.23 億美元，從我們的角度來看，這當然令人印象深刻，因為那是在解放日之前。因此我認為，一般投資者肯定都在尋求我們過去談到的這種不相關的利益。除此之外，我們也看到來自保單持有人的諮詢數量增加，他們希望進一步了解保單的市場價值。

Great. And then as a follow-up, on the new repurchase authorization, -- how do you think about using that to take advantage of the low stock valuation versus not wanting the stock to be more illiquid?

偉大的。然後作為後續問題，關於新的回購授權，您如何考慮利用它來利用低股票估值，而不是希望股票流動性更差？

Yeah. When we looked at that, it's from a repurchase option. And obviously, if you kind of look at the numbers, the way we positioned it over an 18-month time period, it wasn't a significant amount of -- a very large amount of total dollars. But what we were optically looking at was when we went to the Board to have that discussion was that post kind of tariff conversations, the overall market had sold off quite significantly. And the math that we looked at was based on a valuation basis, was our stock significantly more discounted than what we felt like we had on ROE against policies that we were acquiring.

是的。當我們看到它時，它來自回購選擇權。顯然，如果你看一下這些數字，我們將其放在 18 個月的時間內進行定位，你會發現它的總金額並不大。但我們實際看到的是，當我們去董事會進行討論時，關稅談判結束後，整個市場已經大幅拋售。我們所研究的數學計算是基於估值基礎的，即我們的股票相對於我們所收購的政策的 ROE 的折扣是否明顯高於我們的估值。

And when the math falls in the favor that the stock appears like it was at a higher discount than what we might receive on an ROE, it made sense to consider what that plan looks like. I think that it was a very thoughtful decision on our end, and we think that it was successful and continues to be a successful plan. Now, as we're seeing some results and we continue to see the performance of the stock, certainly, that math equation starts to flip. But it always comes down to it has to be more accretive than the asset we're buying.

而當數學計算顯示股票的折扣似乎高於我們在 ROE 上可能獲得的折扣時，考慮該計劃是有意義的。我認為這是我們經過深思熟慮的決定，我們認為這是一個成功的計劃，並將繼續是一個成功的計劃。現在，隨著我們看到一些結果並繼續看到股票的表現，當然，那個數學等式開始改變。但最終結果總是它必須比我們購買的資產更具增值性。

Thank you.

謝謝。

Crispin Love, Piper Sandler.

克里斯賓·洛夫，派珀·桑德勒。

Thank you and good afternoon, everyone. You deployed nearly $125 million in the first quarter, which I think has to be a record. Following the capital raise and debt raise late last year, would you consider Abacus to be fully deployed today? And then as you recycle capital, what do you think a run rate level could be for capital deployed in the coming quarters?

謝謝大家，下午好。您在第一季部署了近 1.25 億美元，我認為這必須創下紀錄。繼去年年底籌集資金和債務之後，您是否認為 Abacus 今天會全面部署？然後，當您回收資本時，您認為未來幾季部署的資本的運作率水準會是多少？

Sure. We've certainly built into this, and you're correct, this was a higher level of capital deployment, particularly in Q1 than we had seen historically. And a lot of that's driven to a couple of factors. Certainly, our origination efforts are certainly coming into play here where we're able to deploy capital in a very successful way. But in addition to that, with the increased investor demand in -- for the asset, what we're seeing is that we're also able to put those policies either back into market or into other investment products that then frees up more capital on the balance sheet to continue to purchase policies.

當然。我們當然已經考慮到了這一點，而且您說得對，這是一個更高水準的資本部署，特別是在第一季度，比我們歷史上所見的還要高。其中很大一部分是由幾個因素造成的。當然，我們的發起努力肯定會在這裡發揮作用，我們能夠以非常成功的方式部署資本。但除此之外，隨著投資人對資產的需求增加，我們看到的是，我們也能夠將這些保單重新投放到市場或其他投資產品中，從而釋放資產負債表上的更多資本來繼續購買保單。

So I think that we're very much in a very strong position here that as we look into '25 and we think about how we either recycle capital or continue to add capital to the balance sheet, specifically through policy sales or any other activity days that we may be able to take advantage of, we're just in a really good spot right now. And I think that, that trend will continue.

因此，我認為我們目前處於非常有利的地位，當我們展望 25 年並思考如何回收資本或繼續向資產負債表增加資本時，特別是透過保單銷售或我們可以利用的任何其他活動日，我們現在處於一個非常好的位置。我認為這種趨勢將會持續下去。

When we looked at our guidance for this year, there's a reason why we didn't make any adjustments to it just because I think we're well positioned from a cash perspective. Yes, we put a lot of money to work in Q1, but we still have, what, $43 million, $44 million of cash on the balance sheet to put to work. and plus the success of the capital raise in the longevity funds for Q1 gives us a lot of flexibility and puts us in a really strong position for the rest of the year.

當我們審視今年的指引時，我們沒有對其進行任何調整是有原因的，因為我認為從現金角度來看我們處於有利地位。是的，我們在第一季投入了大量資金，但我們的資產負債表上仍然有 4,300 萬美元、4,400 萬美元的現金可供使用。再加上第一季長壽基金的成功融資，這給了我們很大的靈活性，並使我們在今年剩餘時間內處於非常有利的地位。

Great. THanks. And then just second question from me. Can you share some of your latest thoughts on the carrier buyback program? Was it active in the first quarter? And then what are the opportunities for potentially new relationships through 2025?

偉大的。謝謝。這是我的第二個問題。您能分享一些關於承運人回購計畫的最新想法嗎？第一季它活躍嗎？那麼到 2025 年，有哪些潛在新關係的機會呢？

Sure. Yes, we still saw activity in Q1. We noted some of that activity. That activity could be a little bit chunky in the sense of depending on the size of the transaction and kind of whether they're looking at a larger block or individuals. But what we're seeing is that this is continuing to evolve in different types of structures and strategies.

當然。是的，我們在第一季仍然看到活動。我們注意到了一些這樣的活動。這種活動可能有點龐大，取決於交易的規模，以及他們是否在關注更大的區塊或個人。但我們看到，這種情況正在不同類型的結構和策略中不斷發展。

And we're continuing to engage with and have conversations with both carriers and reinsurers where this is suitable for them. And as this kind of concept continues to grow, we think as we look into 2025 that the carrier buyback program or the policy buyback program will only continue. And the other way that we're looking at this as well is that there's also such investor demand for the asset. To be quite frank, the carriers themselves are potentially having more competition for the asset than they've had in the past.

我們將繼續與承運商和再保險公司進行接觸和對話，以找到適合他們的方式。隨著這種概念的不斷發展，我們認為，展望 2025 年，承運人回購計畫或保單回購計畫將會繼續下去。我們從另一個角度看待這個問題，那就是投資人對該資產也有需求。坦白說，承運商本身在資產方面的競爭可能比過去更加激烈。

Great. Thank you, Jay for taking my questions.

偉大的。謝謝傑伊回答我的問題。

Randy Binner, B. Riley.

蘭迪·賓納、B.萊利。

Good evening. Thanks. I guess I just -- I have a couple of follow-ups to the prior questions. I guess on -- just on your kind of carrier buyback, but more, I think, kind of a broader relationship with insurers and reinsurers, Jay, as you said. Is that -- was that -- I think you said it was engaged in the quarter, but was that kind of a notable item in Life Solutions? Is there a way to kind of quantify that versus third parties?

晚安.謝謝。我想我只是——我對之前的問題有幾個後續問題。我想 - 不僅僅是關於您的那種承運人回購，但更重要的是，我認為，與保險公司和再保險公司建立一種更廣泛的關係，傑伊，正如您所說。那是——那是——我想您說過它在本季度投入使用，但這在 Life Solutions 中是一個值得注意的項目嗎？有沒有辦法與第三方進行量化？

Sure. The way that we look at the carrier program versus selling the policies outright is that from our perspective, it's important that, obviously, that area will continue to grow. But beyond that, we're looking at this from who can pay the most for the contract, right? And so in this example, we're looking at this, and we're seeing pretty strong investor demand, and it's going to be a little more competitive process than it was in the past, whether it was a carrier or a reinsurer. With that said, the growth potential and opportunity is significant and continues to grow as we continue conversations and add more relationships.

當然。我們看待承運人計劃與直接出售保單的方式是，從我們的角度來看，顯然，該領域將繼續增長，這一點很重要。但除此之外，我們還是在考慮誰能為合約支付最多的錢，對嗎？因此，在這個例子中，我們看到了非常強勁的投資者需求，無論是承運人還是再保險公司，它的競爭過程都會比過去更加激烈。話雖如此，成長潛力和機會是巨大的，隨著我們繼續對話和建立更多關係，這種成長潛力和機會將繼續增長。

And the first part of your question was, I think, a little bit more about how are our relationships growing with carriers and how do they stand with carriers and reinsurers. We have multiple solutions for them. It's not just the buyback. Some of the things that we're able to offer them is, for example, our mortality verification program, where we've built, I think, a very competitive program there, and we're signing up -- continue to sign up significant pension funds. You'll see in our public deck how that business has -- which will be out shortly, has continued to grow.

我認為，您問題的第一部分更多的是關於我們與承運人的關係如何發展，以及他們與承運人和再保險公司的關係如何。我們為他們提供了多種解決方案。這不僅僅是回購。我們能夠為他們提供的一些服務包括我們的死亡率核查計劃，我認為我們已經建立了一個非常有競爭力的計劃，而且我們正在簽約——繼續簽署重要的退休基金。您將在我們的公開演講中看到該業務如何持續成長—該演講即將發布。

And we're adding reinsurers and carriers. So it's really interesting is that even beyond the buyback, we're growing into a service provider for them. They're looking at us for other alternative asset solutions that they might be able to invest in. So when we think about our ETF strategies and other things that we're doing, we're able to potentially source several types or several areas of revenue from the same carrier beyond just buyback. And I think that's what I'm really absolutely thrilled about is that we are what I believe to be very good partners. And because of that partnership has evolved into other revenue opportunities.

我們正在增加再保險公司和承運人。因此，真正有趣的是，除了回購之外，我們正在成長為他們服務提供者。他們正在向我們尋求其他可能值得投資的替代資產解決方案。因此，當我們考慮我們的 ETF 策略和我們正在做的其他事情時，我們有可能從同一家營運商那裡獲得幾種類型或幾個領域的收入，而不僅僅是回購。我認為真正讓我感到興奮的是，我相信我們是非常好的合作夥伴。並且由於這種合作關係已經發展成為其他創收機會。

All right. That's very helpful. I appreciate that. And then I'll jump to maybe the smallest line item, but it's interesting. So it's Technology Solutions is on line item. in this new reporting. So that's great. Can you give any update just like on the number of clients you have there and kind of where that is in its life cycle?

好的。這非常有幫助。我很感激。然後我會跳到最小的項目，但它很有趣。因此，它的技術解決方案是在線專案。在這份新報告中。這太棒了。您能否提供任何更新信息，例如您在那裡擁有的客戶數量以及其生命週期的哪個階段？

Sure. The way that we tend to track this, and you'll see this in our deck as an ongoing KPI is the number of lives, right? Like because ultimately, this is a business that's charged for life. So we're seeing that grow pretty significantly. And the number of lives that we have is just under 1 million as it stands today.

當然。我們傾向於追蹤這一點，您會在我們的簡報中看到它作為持續的 KPI，那就是生命數量，對嗎？因為從根本上來說，這是一項需要終身收費的業務。因此，我們看到其成長相當顯著。而目前我們的生命總數已接近 100 萬。

We've got another 700-plus thousand in trial, which means that those are clients that we're in process of potentially bringing on. And so that business will continue to evolve and grow very, very quickly. I think that as you add larger clients, which we've done, you tend to catch by word of mouth through other opportunities with other large pension clients, reinsurers and even carriers. But again, what I'd point out about that business, which also gets me very excited, it can also be an entry point to other revenue sources for us, meaning asset management. So now we're having asset management conversations with some of our mortality verification clients.

我們還有 70 多萬名客戶正在試用，這意味著我們正在努力爭取這些客戶。因此，業務將繼續快速發展和成長。我認為，隨著您增加更大的客戶（我們已經這樣做了），您往往會透過與其他大型退休金客戶、再保險公司甚至承運商的其他機會獲得口耳相傳的機會。但是，我想再次指出的是，關於這項業務，它也讓我非常興奮，它也可以成為我們其他收入來源的切入點，也就是資產管理。因此，現在我們正在與一些死亡率核實客戶進行資產管理對話。

And that's why we're -- this is the first time that you're starting to see that breakout. Thank you for noticing it, where you'll see the ABL Tech or the ABL Technologies separated from the asset management, separated from, of course, the active management. And this is all in our overall goal to be able to show you how we're diversifying our revenue. We're growing substantially. We're meeting all of the targets that we put out to do, and we'll continue that process.

這就是為什麼我們——這是你們第一次看到這種突破。感謝您注意到這一點，您會看到 ABL Tech 或 ABL Technologies 與資產管理分開，當然也與主動管理分開。我們的總體目標是向您展示我們如何實現收入多元化。我們正在大幅成長。我們正在實現我們設定的所有目標，並且我們將繼續這一進程。

Right. Appreciate it. Thank you.

正確的。非常感謝。謝謝。

Andrew Kligerman, TD Securities.

道明證券的安德魯‧克里格曼 (Andrew Kligerman)。

Hey. Thanks a lot. Good afternoon. I guess a few follow-ups as well. On the capital deployed for policy originations, $125.9 million, similar to the number last quarter. How should we -- Jay, you kind of talked a bit in depth about it and seem very excited. Should we see that start to come up? Or do you kind of want to keep it level? Like how do we see that playing out for the next several quarters?

嘿。多謝。午安.我想還會有一些後續行動。用於政策發起的資本為 1.259 億美元，與上一季的數字相似。我們該怎麼做——傑伊，你對此進行了深入的討論，而且看起來非常興奮。我們應該看到它開始出現嗎？或者您想保持其水平？我們如何看待未來幾季的發展？

Sure. I mean there's a couple of drivers, right? From a crystal ball basis, I'm not sure how that looks, right? But what I can share with you is that I think that we're starting to find consistency within our balance sheet. And $125.9 million in this case kind of puts us at kind of how we're fully deployed and then we're able to recycle that capital and continue from there.

當然。我的意思是有幾個司機，對吧？從水晶球的角度來看，我不確定它看起來怎麼樣，對嗎？但我可以與你們分享的是，我認為我們開始在資產負債表中找到一致性。在這種情況下，1.259 億美元使我們達到了完全部署的狀態，然後我們能夠回收這筆資金並繼續前進。

As policyholder demand continues, meaning that policyholders are still seeking more liquidity, and we have more policies to purchase, which we think that we'll continue to see in '25 and '26. We expect growth there. And when that happens, we're matching capital alongside that growth. And that's where I think that the asset management has been really important, and that's why we broke it out for you. So as you see these numbers begin to increase, it's going to be demand-driven and also investor-driven.

由於保單持有人的需求持續存在，這意味著保單持有人仍在尋求更多的流動性，並且我們有更多的保單可供購買，我們認為這種情況將在 2025 年和 2026 年繼續出現。我們預計那裡會出現成長。當這種情況發生時，我們會隨著成長而增加資本。這就是我認為資產管理真正重要的地方，這就是我們為您分解它的原因。因此，正如您所看到的，這些數字開始增加，這將是由需求驅動的，也是由投資者驅動的。

And that's why I keep kind of bringing us back to this market that we're in today. I don't know of very many companies that are as well positioned as Abacus is in 2025 for this potentially volatile markets that we're going to continue and certainly remain in for the remainder of the year.

這就是為什麼我不斷帶我們回到我們今天所處的市場。我不知道有多少公司能夠像 Abacus 一樣，在 2025 年為這個可能波動的市場做好如此充分的準備，而我們將繼續在這個市場中發展，並且肯定會在今年剩餘時間裡保持這種勢頭。

Got it. And maybe a little color on Carlyle since you've acquired it. How many months has it been on board now? And how do you see assets growing within Carlyle over the next couple of years? Like what do you think the opportunity is there?

知道了。既然你已經收購了凱雷，那麼它或許會為凱雷增添一些色彩。現在已經上船幾個月了？您認為未來幾年凱雷的資產將如何成長？您認為那裡有什麼機會？

Sure. We obviously think the opportunity is significant, but for a number of reasons. We did close on that transaction in the first week of December. So now we're -- through May now, we're approximately 6 months in. But if we're talking about Q1, that would have been December and then the first quarter of '25 is what this reporting period is.

當然。我們顯然認為這個機會很重要，但原因有很多。我們確實在十二月的第一周完成了那筆交易。到現在為止，已經過了大約六個月。但如果我們談論的是第一季度，那應該是 12 月，而 25 年第一季就是本報告期。

And over that time frame, we were quite pleased with a couple of things related to that acquisition. First is the integration. We were and have successfully begun to integrate what I think is pretty seamlessly a number of the synergies that we spoke about from servicing to valuation, et cetera. And we've seen that in now our first earnings -- with those funds included. Secondly, they've been incredibly active out having this conversation and raising capital globally.

在這段時間內，我們對與此次收購相關的一些事情感到非常滿意。首先是整合。我們已經並已成功開始整合我認為相當無縫的我們所談論的許多協同效應，從服務到估值等等。現在我們已經在第一筆收益中看到了這一點——包括這些資金。其次，他們非常積極地進行這種對話並在全球範圍內籌集資金。

The thing to remember, they're based in Luxembourg, but predominantly, their assets are from investors all overseas. And so they've been traveling the world in several different locations from Asia and all over Europe, telling this story, and they've begun to have, I think, some significant success. I'll add one additional piece to this. A number of their investors are also interested in the stock, right? Whereas before, they might have been limited to a single discussion just on to invest in the individual funds.

要記住的是，他們的總部設在盧森堡，但他們的資產主要來自海外投資者。因此，他們從亞洲到歐洲各地，在世界各地講述這個故事，我認為，他們已經開始取得一些重大成功。我將在此添加一個附加內容。他們的許多投資者也對該股票感興趣，對嗎？而之前，他們可能僅限於就投資單一基金進行一次討論。

And now they're saying, gosh, we should maybe even add to our position or add to a larger position and not just the investment within their funds, but also an investment in the stock. So I think that is part of the compelling reasons why that asset manager, Carlyle specifically is going to continue to have success. As we continue to tell our story, this is a synergy business that not only do we have additional revenue sources, but on top of that, the story itself has become far more streamlined and it's made it easier for investors to invest both in Abacus as well as in their funds.

現在他們說，天哪，我們甚至應該增加我們的持倉，或者增加更大的持倉，不僅是在他們的基金內進行投資，還要在股票上進行投資。所以我認為，這是資產管理公司（特別是凱雷）將繼續取得成功的令人信服的原因之一。隨著我們繼續講述我們的故事，這是一個協同業務，不僅我們有額外的收入來源，而且最重要的是，故事本身變得更加精簡，並且使投資者更容易投資 Abacus 以及他們的基金。

Got it. And Jay, the stock, I mean, you've had a couple -- you've been stringing together a bunch of very strong quarters. And the stock is not reacting as one would expect. Given that, do you get inquiries on M&A that companies might want to acquire you for the very reasons why these noncorrelated assets are attractive to investors. But maybe just some thoughts on the stock performance, because your operating performance warrants a lot more upside in the stock.

知道了。傑伊，我的意思是，股票，你已經有幾個季度表現非常強勁。但該股的反應並不像人們預期的那樣。有鑑於此，您是否收到有關併購的詢問，公司可能正是因為這些非相關資產對投資人具有吸引力而想要收購您。但也許只是對股票表現的一些想法，因為您的經營業績保證了股票還有很大的上漲空間。

Well, thank you for saying that. We believe that as well, and we're going to continue to tell our story. That's what I believe is the secret to this. And one of the things you heard that we announced in this call is that, one, the rebranding is working. And as you begin to tell that story and people have a better understanding of what Abacus does on not just our Life Solutions division, but our asset management, our technology and as we're taking a good look at what we can do in our upcoming wealth division, as those segments of the business continue to grow and we continue to diversify that revenue, we believe that would be reflected in the stock price.

嗯，謝謝你這麼說。我們也相信這一點，我們將繼續講述我們的故事。我相信這就是事情的秘密。大家在這次電話會議上聽到的一件事是，首先，品牌重塑正在發揮作用。當你開始講述這個故事時，人們會更好地了解 Abacus 不僅在我們的生活解決方案部門，而且在我們的資產管理、我們的技術方面所做的事情，並且我們正在仔細研究我們可以在即將推出的財富部門中做些什麼，隨著這些業務部門的持續增長和我們繼續實現收入多元化，我們相信這將反映在股價上。

And over time, we think that, that's definitely going to occur. And I would say in the short term or in the near term, over the last like, let's just say, 30 days, the stock has performed quite well against the Russell 2000, the S&P and almost every index out there. So, I've actually been quite pleased the way investors have viewed our company as the type of company that is well positioned and performs well in this type of volatile environment. So where we sit today as a stock price, I agree with you, there's certainly a lot of room to go. And I think that, that's going to be realized, right?

我們認為，隨著時間的推移，這肯定會發生。我想說的是，在短期內，或者說在近期，比如說過去 30 天，該股的表現相對於羅素 2000 指數、標準普爾指數以及幾乎所有指數來說都相當不錯。因此，我很高興看到投資者認為我們公司是一家在這種動盪的環境中處於有利地位且表現良好的公司。因此，就我們今天的股價而言，我同意你的觀點，肯定還有很大的上漲空間。我認為，這會實現的，對嗎？

What I know, and you've been in the market a long time, you start to string these quarters together. And ultimately, what happens is that the market is incredibly efficient. And as we continue to tell our story with an efficient market over time, the stock, I think, will be potentially much more what you and I both agree would be fairly valued based upon the earnings and the company that we have. So we're doing -- we will and we'll continue to do everything we can to tell this story and get this story out. But the great news for us right now in these volatile markets gosh, shareholders and investors are looking for stories like ours.

據我所知，你已經在市場上待了很長時間，你開始將這些季度串聯起來。最終，市場變得極為有效率。隨著我們繼續用高效的市場講述我們的故事，我認為，根據我們的收益和公司情況，股票的價值將有可能遠遠超過你我雙方都同意的合理估值。所以我們正在做——我們將並將繼續盡一切努力來講述這個故事並傳播這個故事。但對我們來說，在這些動盪的市場中，好消息是，股東和投資人正在尋找像我們這樣的故事。

And we're going to get on the front of this, and we're going to start running advertisements in relationship to this, whether that's television, et cetera, really talking about our rebranding, and it's going to continue to have an impact. So thank you for that question.

我們將站在這個最前線，開始播放與此相關的廣告，無論是電視還是其他什麼，真正談論我們的品牌重塑，它將繼續產生影響。謝謝你的提問。

Yahs. So it sounds like then no urgency for any M&A. It sounds like you're going to continue to execute. Is that the right read?

是的。因此聽起來似乎沒有必要進行任何併購。聽起來你還要繼續執行。這樣讀對了嗎？

I think that's the -- yes, we -- it's our job to continue to execute. What I can't control is M&A and inquiries and those kinds of things, like who knows what that means, right? Like from our perspective, the best thing we can do for our shareholders is to continue to deliver quarters like we just did. That's what matters, right? And I think as we continue to execute all the other things will take care of themselves.

我認為那是——是的，我們——我們的工作就是繼續執行。我無法控制的是併購、調查和諸如此類的事情，誰知道這意味著什麼，對吧？從我們的角度來看，我們能為股東做的最好的事情就是繼續像剛才那樣實現季度業績。這才是最重要的，對吧？我認為，隨著我們繼續執行，所有其他事情都會迎刃而解。

And I believe that's going to happen in the near term. I think from our perspective, we're more interested in M&A on our end, meaning that are there opportunities we should be taking advantage of, right? We're -- we've got great earnings. One of the things I'm most proud of is that our EBITDA margin actually increased Q4 to Q1. We're up to 55% EBITDA margin.

我相信這將在短期內實現。我認為從我們的角度來看，我們對併購更感興趣，這意味著我們應該利用機會，對嗎？我們——我們的收益很高。我最自豪的事情之一是我們的 EBITDA 利潤率實際上從第四季度到第一季有所增加。我們的 EBITDA 利潤率高達 55%。

And so from that perspective, what are some great uses of the stock that we might have in our treasury as well as the cash we have on the balance sheet, assuming that they're very, very accretive. So we're on the flip side, Andrew, I would say that we're looking at opportunities.

因此，從這個角度來看，假設我們的庫存和資產負債表上的現金具有非常高的增值潛力，那麼它們有哪些很好的用途呢？因此，安德魯，我們處於另一面，我想說我們正在尋找機會。

And one last one, just to kind of get a sense of your inbound policies that you're acquiring. Jay, could you give a sense of the mix? What percent was direct-to-consumer versus advisers versus specialists?

最後一個問題，只是想讓您了解您正在獲取的入站政策。傑伊，你能描述一下這種混合嗎？直接面向消費者、顧問和專家的比例是多少？

Sure. And we've seen this adjust quarter-to-quarter. It just depends. But historically and kind of where we saw things in the first quarter, about 40% of our flow was in direct-to-consumer, approximately 40% was from our Financial Advisory division and about 20% was from what we call our brokerage division. And that continues to stay fairly consistent.

當然。我們已經看到這種情況逐季度進行調整。這取決於具體情況。但從歷史上看，根據我們在第一季看到的情況，大約 40% 的流量來自直接面向消費者，大約 40% 來自我們的財務諮詢部門，大約 20% 來自我們所謂的經紀部門。而這一趨勢一直保持相當一致。

We will occasionally see -- it depends on the quarter and the level of advertising we do, we'll see that direct-to-consumer increase. But between financial advisers and brokers and direct-to-consumers, ideally, that split is we'll kind of see this 50-50 blend, and we're basically there.

我們偶爾會看到——這取決於季度和我們做的廣告水平，我們會看到直接面向消費者的成長。但在財務顧問、經紀人和直接面向消費者之間，理想情況下，這種分割是我們會看到這種 50-50 的混合，我們基本上已經實現了。

Perfect. Thanks a lot.

完美的。多謝。

(Operator Instructions)

（操作員指示）

Mike Grondahl, Northland Securities.

北國證券公司的麥克‧格隆達爾 (Mike Grondahl)。

Hey. Thanks and congrats on a nice start. My first question, on the AUM, you mentioned $123 million. Did that relate only to the private funds and then you had an additional or incremental $44 million inflows on the ETFs. Could you just clarify that? Did I hear that right?

嘿。謝謝並祝賀你有一個好的開始。我的第一個問題是關於 AUM，您提到了 1.23 億美元。這是否僅與私募基金有關，然後您在 ETF 上獲得了額外或增量的 4400 萬美元流入。你能澄清一下嗎？我沒聽錯吧？

Yeah. So the longevity funds or the private funds brought in new assets in Q1 of -- just under $123 million. I think it's $122.8 million. And then in the ETF strategies, the real asset strategy increased in AUM by about $44 million, which if you consider the market conditions, I think some of that makes sense. And so the ETF strategies combined with what we did in the longevity fund assets, that totaled, I think we believe we have this in the release is around $150 million.

是的。因此，長壽基金或私募基金在第一季引入了近 1.23 億美元的新資產。我認為是 1.228 億美元。然後在 ETF 策略中，實際資產策略的 AUM 增加了約 4,400 萬美元，如果考慮到市場狀況，我認為其中一些是有道理的。因此，ETF 策略與我們在長壽基金資產中的操作相結合，總計，我認為我們相信我們釋放的資金約為 1.5 億美元。

Yeah, $160 million in net inflows.

是的，淨流入1.6億美元。

It's about $160 million in net inflows or just under -- part of that, when you look at the ETFs, even though the real assets was up 44%, there were a couple of the other funds that had some lighter redemptions, but it still left in positive net inflows for the quarter. And that's when you look at total net inflows, our total net inflows for the quarter was almost $160 million between all the assets.

淨流入約為 1.6 億美元或略低於其中的一部分，當您查看 ETF 時，儘管實際資產上漲了 44%，但也有一些其他基金的贖回量較小，但本季仍然保持正淨流入。當您查看總淨流入量時，我們本季所有資產的總淨流入量接近 1.6 億美元。

Got it. Great. And I see in the financials, the asset management revenue of $7.7 million in the first quarter. Did you guys disclose like a consolidated AUM balance at March 31? I didn't see that, like total AUM.

知道了。偉大的。我從財務數據中看到，第一季的資產管理收入為 770 萬美元。你們是否揭露了 3 月 31 日的合併 AUM 餘額？我沒有看到總 AUM 之類的數據。

Yeah. So that will be in our financial supplement that will be put out here shortly.

是的。這會包含在我們即將發布的財務補充資料中。

Okay. In the supplement. Okay. And then is there any updated timeline on ABL Wealth, kind of the adviser strategy you're implementing there?

好的。在補充中。好的。那麼 ABL Wealth 有沒有更新的時間表，您在那裡實施的顧問策略是什麼？

Hey, Mike, thanks for asking. And we've actually -- we're just worked through a recent name change on that from ABL Wealth to Abacus Wealth Advisors. And I think we put that in the press release, but it's now being titled Abacus Wealth Advisors.

嘿，麥克，謝謝你的詢問。事實上，我們剛剛完成了最近的名稱變更，從 ABL Wealth 更改為 Abacus Wealth Advisors。我想我們已經把它寫在新聞稿裡了，但現在它的名字是「Abacus Wealth Advisors」。

And from an update perspective, we are still in process, I think, of some pretty interesting opportunities that we look forward to sharing with you as soon as those come to fruition. But our target for this year is to have that continue to grow and have some significant opportunities there come to realization potentially Q3, Q4. And as we come into '26, our anticipation is that the Financial Adviser division will be a meaningful part of our revenue split.

從更新的角度來看，我認為我們仍在處理一些非常有趣的機會，我們期待在這些機會實現後立即與您分享。但我們今年的目標是繼續成長，並在第三季、第四季實現一些重大機會。隨著我們進入 26 年，我們預計財務顧問部門將成為我們收入分成的重要組成部分。

Okay, perfect. Thanks, guys.

好的，完美。謝謝大家。

Thank you. At this stage, there are no further questions. And I would like to turn the floor back over to Jay Jackson for any closing remarks.

謝謝。目前，沒有其他問題。最後，我想請傑伊傑克森做最後發言。

Thank you again, to everyone for joining our call. We are absolutely thrilled after a very strong and historic first quarter for us. And what I think that I feel even better about is that we're well positioned for the remainder of 2025. We are remaining and keeping our guidance intact at $70 million to $78 million of adjusted net income, which is a 51% to 68% increase year-over-year. So as we continue our process, Abacus is well positioned as a company to continue this growth, and we look forward to speaking to you next quarter.

再次感謝大家參加我們的電話會議。我們度過了一個非常強勁且具有歷史意義的第一季度，對此我們感到非常興奮。我認為更讓我感到欣慰的是，我們已經為 2025 年剩餘時間做好了準備。我們維持預期，調整後淨收入為 7,000 萬美元至 7,800 萬美元，年增 51% 至 68%。因此，隨著我們繼續我們的進程，Abacus 作為一家公司已做好充分準備來繼續實現這一成長，我們期待下個季度與您交談。

That concludes today's conference. Thank you for joining us. You may now disconnect your line.

今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。